Balance Transfer

bluespire2013

is it worth transferring  £1200 to 0.00 for 27 months 2.99 fee from a/c with lifetime rate of 0.4775% per month? I will be Ble to pay this off over 27 months. THANK you 

reliquit

bluespire2013 said:

is it worth transferring  £1200 to 0.00 for 27 months 2.99 fee from a/c with lifetime rate of 0.4775% per month? I will be Ble to pay this off over 27 months. THANK you 

0.4775% per month is approximately 5.9% APR. Beer-mat calculation means you would pay a total of about £75 interest on £1200 over 27 months (I think - but it's a long time since I was in school). £2.99 instead of £75.....hmmmm....

Or I am over-simplifying this?

bluespire2013

Thanks so i would save a little bit by doing it. 

SuperAllyB

reliquit said:

bluespire2013 said:

is it worth transferring  £1200 to 0.00 for 27 months 2.99 fee from a/c with lifetime rate of 0.4775% per month? I will be Ble to pay this off over 27 months. THANK you 

0.4775% per month is approximately 5.9% APR. Beer-mat calculation means you would pay a total of about £75 interest on £1200 over 27 months (I think - but it's a long time since I was in school). £2.99 instead of £75.....hmmmm....

Or I am over-simplifying this?

I'm pretty sure the fee will be 2.99% rather than £2.99 so just shy of £36 but still a reasonable saving.