How to Transfer Loan to Credit Card ?

resus

Dear All,

I am a student graduating this summer and I was hoping for some advice on how to handle my student loan. I currently owe £15000 to the bank payable at an interest of 1%+BLR.

1. My first question is, how do I calculate my interest rate. Taking 0.055*15000*12 doesn't seem to give me my interest per month. As the contract was produced on the 23rd of February the interest rate started at 5%. With that rate I needed to pay 221.74 for 83 months and a final payment of 221.78.

With the repayment info, I calculated my interest at 43.169 --> ((221.74*83+221.78) - 15000)/84

Now that my interest rate has changed to 5.5, I am not sure how to calculate them

2. I am interested in transfering my loan to a credit card at 3.9% for life. As of today, I realised that Texaco and CapitalOne Platinum offers this 3.9%. I contacted Texaco and was told that they only transfer from another credit cards ?

How then do I change my loan into a credit card loan at that rate. How high a credit limit will these banks give me ? I have always paid all my bills promptly. Hope for some advice. Thank you

resus

I thought I should add that the loan is to be repaid in 95 months -- ie, the repayment doesn't start immediately but the interest does

System

I have been looking through the internet on interest calculation and I have finally understood mine. The interest is compounded daily and there is a 11 month deferment. Anyway I hope someone can answer my other questions. thanks