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Which Credit Card am I better transferring to
ELeinster
Posts: 1 Newbie
in Credit cards
Hi
I owe £5600 on credit card and am paying 13.1%. I need to transfer. I have been declined for a 0%. However I have received two letters from cards I already have but have nil balances on them. Mint and Capital. Mint are offering me 5.9% for 12 months with 2% transfer fee and Capital are offering 5.94% for duration of the debt with a 3% fee. Or am I better going for a 3 year loan at 7% approx. I reckon it will take me 3 years to clear it so my point is do I go for mint and pay a 2% fee and hope I can get 0% in 12 months time or do I go for Capital at 3% fee for the duration of the 3 years.
Thanks
I owe £5600 on credit card and am paying 13.1%. I need to transfer. I have been declined for a 0%. However I have received two letters from cards I already have but have nil balances on them. Mint and Capital. Mint are offering me 5.9% for 12 months with 2% transfer fee and Capital are offering 5.94% for duration of the debt with a 3% fee. Or am I better going for a 3 year loan at 7% approx. I reckon it will take me 3 years to clear it so my point is do I go for mint and pay a 2% fee and hope I can get 0% in 12 months time or do I go for Capital at 3% fee for the duration of the 3 years.
Thanks
0
Comments
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Not a lot in it financially, but can you afford to pay off the debt in 12 months? Obviosly you need to stop spending more than your income.
You will pay interest charges of circa £277 on Mint if you pay it off with regular payments over 12 months and circa £298 interest on a loan @ 7% AER over 3 years."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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