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House of Fraser Card
spendaholic75
Posts: 13 Forumite
in Credit cards
Hello, this is the 1st time I've posted on here, hope its in the right place!?! I have had a House of Fraser card for about 10 years & owe £800 on it. I'm wondering if it will work out better to get a credit card to pay it off, as the interst may be cheaper on a CC. What do people think?
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spendaholic75 wrote: »Hello, this is the 1st time I've posted on here, hope its in the right place!?! I have had a House of Fraser card for about 10 years & owe £800 on it. I'm wondering if it will work out better to get a credit card to pay it off, as the interst may be cheaper on a CC. What do people think?
Sounds like it. You need to look at your last HoF statement to see the interest they're charging you - current credit card from them is advertising 19.9%.
If you have a good credit rating and applied for the Virgin Money card you'd get 0% for 15 months. If you transferred the £ 800 to the Virgin card they'd charge you £ 23.84, you would then be paying this back at a minimum of £ 25 a month.
What's the maximum you can pay against the card? If you can pay £ 55 a month you'd clear it before the end of your 0% period and basically only have to pay the £ 23.84 balance transfer fee."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Thanks for that, I'll look into it!0
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