Help hsbc

relse

Just got hsbc 0%Balance transfer offer for 32 months. Transferred balance and first statement just received. Minimum payment nearly double old credit card lender lender help!

[Deleted User]

It will depend on what percentage the minimum payment is.

What does it say on the statement?

[Deleted User]

If you want a lower min payment, you'll need to BT it again to an appropriate card.

MallyGirl

It is clearly shown before you apply -
Min repayment: Greatest of 1% of balance plus interest, 2.5% of balance, or £5

if you had gone for Santander it would have been
Greater of 1% of balance plus interest or £5

CakeCrusader

The higher the minimum payment the quicker you'll clear it off.

antrobus

relse wrote: »

Just got hsbc 0%Balance transfer offer for 32 months. Transferred balance and first statement just received. Minimum payment nearly double old credit card lender lender help!

See here
https://forums.moneysavingexpert.com/forumdisplay.php?f=76

PRAISETHESUN

Without knowing what your old card is it is hard to say, but I suspect it'll be the balance % minimum payment for HSBC is higher than the balance % minimum payment for your old provider (eg. 2.5% vs 1% as suggested above). You will clear the debt faster with a higher minimum payment, but if you are struggling you might want to check out the DFW board in the link posted above.

radoslaff

Higher minimum payment and 0% interest is way better than lower minimum payment and 26.9% (just an example) interest, isn't it? Besides, there isn't much you can do with this card already apart from balance transferring it to another one but with 32 months at 0% it will be quite difficult to find a good match.