Help

Ljones1991

Hello all

I have a credit card with around 3,000 to pay off with 59.99% Apr (I know its crazy). Recently my credit score is is improving month on month.

Ive been offered a 0% balance transfer for the first 9 months. However the limit on the card is £450. Just a few questions I need to clear up before making a descion.

1. If I transfered 300 per month would my original card see this as a minimum payment?

2. Would the 0% for the first 9 months apply if I did this monthly for the first 9 months.

My aim would be transfer 300 and pay this off everytime if my original card sees this as minimum payment has been made.

Willing2Learn

Hi Ljones1991 and welcome to the forum

I think you are confused about how the BT card works. You won't be able to BT £300/month as that would take you over you £450 credit limit.

The BT card gives you the option to reduce interest paid on your 3K balance, as you could reduce the balance by £350, so that you have £2,650 balance remaining at 59.99% APR.

[Deleted User]

Transfer what you can and make minimum payment on the 0% debt.

Continue to pay as much as you can to the other debt. Check the terms of your card to see whether the initial BT would cover the minimum payment, but even if it does, continue to pay much as you can.

mattvolatile

Even if possible (which it likely isn't, as most BT offers will give you 0% for the qualifying period on transfers made in the first 30 or so days), why would this save you any money?

If you're wanting to pay the first card with the BT card, and then pay the BT card off with cash, all you'd be doing is adding an extra step to the repayment process. You'd not be reducing the interest-bearing balance on your first card by any greater than you would do simply by paying it off directly...