Balance Transfer Credit Card - minimum payment 1% of balance

BillyBears

I hope someone can help. I have a credit card whose 0% offer is expiring in the next few days. I need to transfer the remaining balance (around £6500) on to a new Balance Transfer Credit Card. Currently the minimum payment is 1% of the balance, and I need a credit card that matches that. I got a long way through the application for a Virgin CC before it revealed that it would be a minimum payment of 2% a month. It would have been helpful to know that from the start. Is there any easy way of finding this out? Or does anyone know of any cards where 1% per month is the norm.  Thanks.

MEM62

Can you not read their T's and C's before commencing the application?  They should be on their website.  

born_again

Even 2% min would be better than the interest rate you are going to be paying on the old card. As well as the bonus of bringing the balance down quicker.
All of this is dependent that you get a card with the limit you require (income & current avaiable debt), as you need to be aiming to pay the balance within the 0% period.

If you can not afford a 2% min, then I suggest you explore the section linked below. Where you will get non judgemental advice on the best way forward. 

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

grumpy_codger

https://moneyfactscompare.co.uk/credit-cards/balance-transfer-credit-cards/
information on min. payment is in "View Further Details"

BillyBears

Thanks to all three of you for your help. Very useful. 

Nimbleberryfinn

Thanks for starting this thread, I’ve had Virgin credit cards since forever and was looking to take another one out next month. I have always paid 1% min repayments with them, so Googled it to check. and little did I know they changed it from 1% to 2% in October 2024!  

NatWest do 1% and so do Santander if that helps.