Balance transfer help

Richard17

Hi everyone, I have a quick question about a balance transfer.

I have a credit card debt of £8500 and my 0% has just expired so I need to do a balance transfer but I am unable to get a card with a 0% transfer fee for that large amount but here are my options I have available on an existing card i have

- 0% transfer fee at 3.9% pa
- 4.5% transfer fee at 0% pa for 20 months.

Any help would be greatly appreciated

Thanks guys

MallyGirl

do you mean £0 transfer fee at 3.9% pa?

not a huge amount of difference - one off transfer fee is a bit cheaper over the 20 months but it depends on how long it is going to take you to pay it off. The 0% for 20 months will jump up to standard rate after that expires and you may not have other offers available to you when that happens

Richard17

If I take the 3.9% pa offer and pay off £100 each month will I be paying £103.90 each month?

Thanks for helping me

[Deleted User]

No. pa means per annum. Interest will be around 0.3% per month and is calculated on your balance, not your payments.

Richard17

Oh I see, thank you very much