a question about credit card intrest rates.

lukese

hi, i dont post much but love this site and the info/advise it offfers. keep up the good work.


my question is the following. i have a few credit cards all of which are out of there intrest free period, i recon i have about 5k on them. if i get a low intrest card on balance transfers, im looking at the gold fish one which is 4.9% untill 1st dec 2010, how much will my payments be each month on 5k?


Many thanks in advance and if possible coudl you show your workings? so i can fiddle the figures later on if i decide to do it.

thanks again.


Luke

rocking_horse

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

Its a calculator. Listed under tools on RH side ,Hope it is what you want

lukese

Thanks it does help a bit but its not what i asked, i wanted to know how to work out what my minimum payments would be.


My minimum payments at the minute are £100 on one card and 60 on the other, as i said i thnk the total debt adds up to about 5k. now the minimum payments are not a problem but id like to pay more and my budget is stretched at the minute as i have just taken on a new home and other such commitments. so i want to know if i put both the debts on one card that is 4.7% what will the minimum payment be? i would obviously continue paying the 160 a month but want to see how long it will take me to clear the debt. im confusing myselff now!

thanks anyway.





Lukese

rocking_horse

Just realised that. Sorry. It depends what Goldfish say is minimum required to payback. Based on a balance of £5000 1% would be £50 2% £100 3% £150 and so on. Their Terms and condits will tell you what % they will want

lukese

so i would be better of going there, even if its 150 i would put 160 and the intrest is lower. so more will go to the debt itself

rocking_horse

You might not be better off, It depends what rate you are currently paying and did you realise Goldfish will charge £150 to transfer the balance, You should try to find a card that will take some or all of the debt at 0% with no transfer fee.