Balance transfer help

Dippygoose

Sorry if this sounds like a stupid question

i’m looking to do a balance to give me more time to pay and clear my debts .

I’ve received an offer from one of my cards of a 5.9% per annum over 30 months with 0% fee what does this mean?

Does this mean I can transfer the debt pay nothing to transfer it but if I don’t clear the debt by the 30 months I get hit by a 5.9% fee for the 30 months of what’s left ?

or I have to pay the 5.9% interest in exchange for the longer period to pay it off ?

My other offer was 12 months a day 3% fee

RhiBi

It means you’ll pay interest of 5.9% during the 30 month period then it’ll rise to the normal rate if you haven’t paid it off in that time.

RAS

What is the interest rate on your original debt?

ManyWays

My other offer was 12 months a day 3% fee

that is a short period. What will the interest go up to at the end of the 12 months? If it's more than you are paying now, this is not a good idea unless you are very sure you can clear the debt in 12 months. Also avoid Zable as their terms and conditions do not less you balance transfer away from them

Dippygoose

https://forums.moneysavingexpert.com/discussion/comment/81945379#Comment_81945379

it was a 0% introductory rate credit card which is about to expire what I’m doing is paying my debts off but I’m looking for ways to do it over a longer period.

I’m doing a lot of overtime and I’m able to get the funds in time but I’m killing myself trying to do it.

so I’m happy to exchange a little more money for .

Dippygoose

https://forums.moneysavingexpert.com/discussion/comment/81945425#Comment_81945425

Basically, it was a 0% introductory rate credit card I’ve got to the point where I will be able to clear the balance off in time but I’m doing a lot of overtime and it’s affecting my health so I’m looking to stretch it for a longer period to make it easier on me.

so I don’t mind paying a little extra exchange for health concerns.

RAS

So what does this 0% card revert to atthe end of the deal?

Dippygoose

https://forums.moneysavingexpert.com/discussion/comment/81945634#Comment_81945634

30%

Brie

A 3% fee for the 12 month period at 0% will cost you less than 5.9% APR for that 12 months.

The issue will be how much do you have left at the end of the 12 months and what would you do at that point? If there is another deal you could do another BT. Or maybe the 12 months is enough time for you to pay it off.

Either way you might want to set your DD at an amount that will clear the balance in full over the time of the deal you take. So clear it in 12 months or clear it in 3 years.

Dippygoose

https://forums.moneysavingexpert.com/discussion/comment/81945907#Comment_81945907

I could have the whole thing paid off by the end of January

Brie

https://forums.moneysavingexpert.com/discussion/comment/81945965#Comment_81945965

OK - so if you owe £1k and can pay that off at £103 a month from April to January then the interest charged is about the same - £30 for the 3% fee and about £27 for the 5.9% APR. But if you pay the minimum - I'm guessing 2% - with the 5.9% APR in that 10 months you'll pay about £46 interest and still owe £846 to pay off.

So basically it will come down to how much you want to/can pay off each month