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Minimum Payment question

LiquidStool
Posts: 89 Forumite


Hi all
My 0% deal runs out in the next 3 months so am looking for a move, I've several credit cards, with smallish balances that i'd like to move to the current MBNA 48 months @ 4.8% offer
I'm looking to move a total of £10500 to this card. The minimum payment here is 1% of the balance + interest (4.9%) Can somebody tell me what the monthly payment would be please.
I currently have £38,000 credit available to me on existing cards but this would be a new card and according to Experian, have a 95% chance of getting this card. Happy to provide more info if it helps, thanks all.
I also came across a virgin deal 30 months @ 0% but apparently have a zero chance of getting it. Why would that be? I do have a virgin cc but paid off the balance about 6 months ago, never missed a payment etc. Is it simply because I already have a virgin card that it's not being offered to me? IS it worth getting rid of a couple of cards now that they have zero balances?
My 0% deal runs out in the next 3 months so am looking for a move, I've several credit cards, with smallish balances that i'd like to move to the current MBNA 48 months @ 4.8% offer
I'm looking to move a total of £10500 to this card. The minimum payment here is 1% of the balance + interest (4.9%) Can somebody tell me what the monthly payment would be please.
I currently have £38,000 credit available to me on existing cards but this would be a new card and according to Experian, have a 95% chance of getting this card. Happy to provide more info if it helps, thanks all.
I also came across a virgin deal 30 months @ 0% but apparently have a zero chance of getting it. Why would that be? I do have a virgin cc but paid off the balance about 6 months ago, never missed a payment etc. Is it simply because I already have a virgin card that it's not being offered to me? IS it worth getting rid of a couple of cards now that they have zero balances?
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Comments
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The minimum payment would be in the region of £150 at the beginning.
Whether you should close cards depends on what cards you have, the limits and balances and your income - as well as you credit history.0 -
Thanks ZX81. That's a bit higher than i was expecting... Maybe i'll transfer the entire £10500 to an existing card with a shorter 0% offer rather than apply for a new one. Could you tell me the monthly minimum on a £10500, 0% interest transfer where the minimum payment is 2.25% of the balance? (zero balance). Thanks for your help in advance :-)0
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About £235.
You just need to calculate the min payment as a % of the balance.
The lowest you'll get is 1% plus fees and interest, which on a 0% card would be a straight 1% - £105.0 -
Deleted_User wrote: »
You just need to calculate the min payment as a % of the balance.
What's the formula for doing that? Sorry, crap at maths
£105 per month on a 10500 balance? Much more palatable!0 -
£10,5000 * 2.25% = £236.25
What was the balance at the start of the 0% BT rate?0 -
Thanks foxy-stoatfoxy-stoat wrote: »£10,5000 * 2.25% = £236.25
What was the balance at the start of the 0% BT rate?
Balance is/will be zero before transferring0 -
LiquidStool wrote: »Thanks foxy-stoat So i just multiply the balance by the minimum payment percentage?
Balance is/will be zero before transferring
Yes, the low interest deals ( the ones I have ) are generally 1% + interest, the 0% deals are 2-2.5% minimum monthly payments.
I meant what was the original BT amount, ie how much have you paid off in the 0% period?0 -
foxy-stoat wrote: »I meant what was the original BT amount, ie how much have you paid off in the 0% period?
Not made the transfer yet. I meant the card to which i will transfer to has a zero balance, the amount to be transferred will be 10400, thanks.0 -
You can make a simulation as much as you like.
Credit Card Calculator
http://www.whatsthecost.com/creditCard.aspx
For fix amount repayment for your own planning, obviously you need to meet the minimum payment requirement at very least imposed by the credit card company.
http://www.whatsthecost.com/loan.aspx
The below is for stoozing but it may be useful if you set gross saving interest as 0%.
http://www.whatsthecost.com/stoozing.aspx
Mr Martin Lewis helps us to use a practical Budget Planner as well, make a reasonable plan for debt repayment. Hope you will get the best deal (0% transfer etc) to pay less interest. Good luck
https://www.moneysavingexpert.com/banking/Budget-planning/0
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