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Best option?
MrsPorridge
Posts: 2,936 Forumite
in Credit cards
Can someone please help with the best option as I cannot work it out.
I want to borrow £6k on my credit card. The offer is a money transfer with 0% over 12 months and a 4% fee OR 4.9% interest over 48 months with a 0% fee. Which would be the better one to take?
Thank you
I want to borrow £6k on my credit card. The offer is a money transfer with 0% over 12 months and a 4% fee OR 4.9% interest over 48 months with a 0% fee. Which would be the better one to take?
Thank you
Debt free and Keeping on Track
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Comments
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The 0% over 12 months will cost you £240, the 4.9%APR over 48 months will cost you around £620 - which is best depends on whether or not you can afford to make the full repayments within 12 months or not, because it is likely the 0% will jump to a mid teen rate if you cannot.
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