Offer with Halifax

magpies79

Is it possible someone could help me out with some maths please I’m shocking lol
I currently have this offer available 

It’s also the same offer for money transfer I have £1000 left to pay on my closed Zable card that doesn’t except balance transfers currently paying £65 a month so my thinking is do the money transfer pay if off but what would my interest charge Be a month at 5.9% 

thanks as always 

sammyjammy

no it would be 5.9% divided by 12

magpies79

Oh right told you I was terrible lol so is that not far off 0% offer again sorry if these are stupid questions there’s a reason I work on the railway and not on anything that’s to do with maths or working out lol

eschaton

It depends on how long you need the money for. If 12m then go for the 4% fee, if longer go for the 5.9%. 

Worth looking at other banks. I’d never pay fees so only do BT’s on 0% fee free cards. 

Santander and NatWest are my usual destinations for 12m. Recently Virgin were doing 13m but I didn’t want to add another bank so went with Santander. Monthly payments are also only 1%. 

magpies79

Ok thank you for clearing that up for me 

saajan_12

How long do you need the money for? 
* If 6 months, then £1000 @ 5.9% pa x 6/12 = £29.50 interest, better than £40 fee. 
* If 8 months, then £1000 @ 5.9% pa x 8/12 = £39.33 interest, around same as £40 fee.
* If 12 months, then £1000 @ 5.9% pa x 12/12 = £59 interest, worse than £40 fee.
* If 12 months, then £1000 @ 5.9% pa x 24/12 = £118 interest. The 4% fee option would have terminated so depends on what offer you get at the time. 

magpies79

Wow really appreciate the working out I’ll have a look see where I’m at and at what length I can clear it 

FrugaiMacDugal

My rough calculations,

£1k 0% 12m 4% fee, £1040 = £86.66 p/m,

£1k 5.9% 30m 0% fee, £1059 = £35.30 p/m.

magpies79

Thank you it’s much appreciated I could do the 30months to be fair but pay more then the £35 a month as my Zable payments are around £60-65 so will do the same.

One last question my credit card statement is due on the card I want to use for the money transfer in like 5 days it has a balance of £80 which will be payed off but I think there is going to be some interest of like £7

I’m I best waiting till that all happens and clear the card so it’s at 0 so it doesn’t complicate things when I do the money transfer or can I do the transfer and just pay off everything when the statement is generated ie the potential £87 on it 

Nasqueron

magpies79 said:

Thank you it’s much appreciated I could do the 30months to be fair but pay more then the £35 a month as my Zable payments are around £60-65 so will do the same.

One last question my credit card statement is due on the card I want to use for the money transfer in like 5 days it has a balance of £80 which will be payed off but I think there is going to be some interest of like £7

I’m I best waiting till that all happens and clear the card so it’s at 0 so it doesn’t complicate things when I do the money transfer or can I do the transfer and just pay off everything when the statement is generated ie the potential £87 on it 

Normally when the card is paid (not payed which is an obscure nautical term) the money should be allocated to the balance which charges interest first (or highest cost if you like), the interest won't appear until the next statement so you might as well do it now

magpies79

As always thanks I’ll get on it now then thanks as always to everyone’s advice