anything better?

kragen_ironfist

I`m sorry for sounding as if I don`t understand.  What would I be required to pay each month on 15k.  with northern rock it was £162 a month

I couldn't say what your loan would charge you per month but lets look at the credit card option for a minute

Capital One charge me 3.9% interest for the life of my balance - when you get the card - destroy it but keep the account open.

now as to the repayments / interest

My card: 3.9% APR interest, min payment = 3% of balance
so on 5k I pay £17 interest per month with min paynebt of £150

Your £15k on a Capital One card would cost approx £49 per month in interest with min payment of about £450

other cards are available - i can only tell you about the car I own

Robert_Sterling_3

With most credit cards, the monthly payment is 2% or 3% of the balance.  So on £15,000 that would be £300 or £450.  Which is far higher than the repayments on a personal loan, but that's because the balance is coming down more quickly, not because you are actually paying more interest.

What you pay back each month can be spent on the credit card the next month if it is a 0% on purchases as well as 0% on BTs  ;D ;D ;D

MarkyMarkD

Yes, fair point, but we were talking about a 3.9% APR for life card, not a 0% card.

cityangel

so on 15k with capital one I would pay £49 per month, never reducing the balance. which one would you go for. northern rock 5.6% or capital one 3.9%

Robert_Sterling_3

I assume the "for life" means for the lifetime of the original £15,000 balance owed.

You need to pay the minimum each month which is about £450 per month.

I do not know what the interest would be on new purchases.

Without the terms & Conditions I can say no more.

Proceed with extreme caution.

Tr@cker

Im amazed anybody got an 8k limit with Cap one at 3.9% for life. I only got 3k and i dont think the 3.9 is available any more.
I am a recent former customer of N/Rock with a good payment record and the best they offered me on a nother loan was 7.9% APR.
These typical rates are a bit of a con, i dont know what i could have done to have a better credit history.
I'd like to hear from anybody who has got the Texaco 3.9% for life card and what limits they got.

kragen_ironfist

so on 15k with capital one I would pay £49 per month, never reducing the balance.  which one would you go for.  northern rock 5.6% or capital one 3.9%

no you mis read what I said - they would charge approx £49 interest per month your minimum payment would be about £450

correct me if i am wrong but to calculate your monthly interest you multiply your balance by the A.P.R and divide  by 12

in this case it would be £15k x 3.9% / 12

this is how the first years payments would look - providing my interest calculation is correct.

Month  Prev Balance  Min Payment  Interest  New Balance
-------------------------------------------------------
 1     £15,000.00    £449.98       £48.75   £14,598.77
 2     £14,598.77    £437.94       £47.45   £14,208.27
 3     £14,208.27    £426.23       £46.18   £13,828.22
 4     £13,828.22    £414.83       £44.94   £13,458.33
 5     £13,458.33    £403.73       £43.74   £13,098.34
 6     £13,098.34    £392.93       £42.57   £12,747.97
 7     £12,747.97    £382.42       £41.43   £12,406.98
 8     £12,406.98    £372.19       £40.32   £12,075.11
 9     £12,075.11    £362.24       £39.24   £11,752.12
10     £11,752.12    £352.55      £38.19   £11,437.76
11     £11,437.76    £343.12      £37.17   £11,131.82
12     £11,131.82    £333.94      £36.18   £10,834.05

kragen_ironfist

Im amazed anybody got an 8k limit with Cap one at 3.9% for life.  I only got 3k and i dont think the 3.9 is available any more.

I was surprised to be given an 8k limit too. I got the card in feb this year and when I applied I requested to transfer 5k form my abbey card and 1.2k from my HSBC card - I told them I was earning 16k - did it all online one of thes "we will tell you in 2 minutes if your accepted thingys" well id din't tell me, it said It had to refer me to thei underwriters or something - next thing i new was when the card dropped through my letter box