Useless at maths and need help.

Karen1980

OK i am totally useless at maths and need to work out something.

I have a balance of £4200 and need to transfer it to another card.

So £4200 Whats the transfer fee on that based at 3%

Then, the cards 6.9% for 18months, min payment 2% so what would the min payment be?


Please if someone could show me how to work these out as im totally confued thanks.:think:

YorkshireBoy

3% is the same as 0.03

Multiply your balance by 0.03 gives a BT fee of £4,200 x 0.03 = £126.00

6.9% APR is 0.5576% per month (doesn't matter why/how)

First minimum payment will be around...

(£4,326 + (£4,326 x 0.5576%)) x 2% = £87.00

Richard019

YorkshireBoy wrote: »

3% is the same as 0.03

Multiply your balance by 0.03 gives a BT fee of £4,200 x 0.03 = £126.00

6.9% APR is 0.5576% per month (doesn't matter why/how)

First minimum payment will be around...

(£4,326 + (£4,326 x 0.5576%)) x 2% = £87.00

Will the fees for the transfer not need to be paid in full on the first payment? When I did mine with MBNA (vary from company to company?) my minimum payment for the first month was £5 (I think their standard where there's no interest due so in this case it would be the 2%) plus the whole of the £76 transfer fee. If they didn't pay the fee up front wouldn't that effectively go down as a purchase and be charged at the normal rate like a late fee would?

YorkshireBoy

Richard019 wrote: »

(vary from company to company?)

Yes, but MBNA and Abbey are fairly unique in their approach with the fee I think

If they didn't pay the fee up front wouldn't that effectively go down as a purchase and be charged at the normal rate like a late fee would?

Some do, some don't. I've assumed (for worst case) it does in the calculation above.

Karen1980

Thanks for the answer xx