Credit card with low monthly repayment & low or 0% balance transfer fee?

FilledWithLight

I'm looking for a credit card to hold a debt of just £380 for a few years - so just paying it off very gradually at around £5 a month or so. I was doing this with a Lloyds credit card, which had a no interest period for 22 months. However that promotional period is now ending so I'm looking to transfer the debt to another card. Does anyone know of a credit card, preferably with a low or 0% balance transfer fee, which charges a low monthly repayment fee?

Retired_Mortgage_Adviser

If you don't want to pay more than £5 that rules out cards which have minimum payments of more than 1%.

For no-fee 0% BT cards, that leaves NatWest and Halifax.

FilledWithLight

Retired_Mortgage_Adviser said:

If you don't want to pay more than £5 that rules out cards which have minimum payments of more than 1%.

For no-fee 0% BT cards, that leaves NatWest and Halifax.

Is there a way I can find out what the minimum monthly payment would be before applying? Is this the APR?

eskbanker

FilledWithLight said:
Is there a way I can find out what the minimum monthly payment would be before applying? Is this the APR?

No, the APR is the total annual interest charge.  The minimum monthly payment is what you need to pay each month, which will typically involve a month's worth of interest plus repaying a small percentage of the balance - the calculation is specific to each product or institution and will be published on their websites in the product summary box.

yksi

I've never seen a card which has a minimum monthly repayment of less than 1%. Do they actually exist?

I'm also very curious why someone would want to hold such a small debt over such a long period of time. I'd probably suggest just finding one that does a 2.5% (very standard) and telling them to do £10 worth of surveys online each month to cover the repayment.

AndyPoll

Seems a lot of hassle to go through for £380. Are you able to pay it off more quickly without putting yourself into difficulty? If no, then try to get the longest 0% deal you can and set a DD to pay off the £380 by the final month of the interest free period.
If you can just pay it then I don't think it's worth the brainache of thinking about the best APR and searching for transfer deals. Value your time on this one.