WHERE TO START WITH CREDIT CARD QUESTIONS

Galstonian

You probably don't have too much room for complaint - it sounds like the offer ran out and you still had a balance owing. If that is the case then I'm afraid they are within their rights to charge interest. I don't think Mint show the offer end date on statements but its highly likely the offer ended prior to you clearing the entire balance.

Gonzo1966

New to all this, but one question sticks in my mind....

If I do the credit card shuffle and reduce my interest payments via BTs, will I actually be reducing my monthly payment and the length of time I have to make repayments, or is it one or the other?

e.g.

MBNA CC balance £7754.60 @ 16.9%

Move this amount to Mint at 7.9% for life of balance..

Can anyone help, as I keep reading, if you reduce the interest paid you can pay off your debt much quicker by freeing up funds?

Can anyone clear this up for me

Thanks in advance

--Tony--

Link to my list of card providers, might be of use to some people, please let me have any updates (in the thread not here):

http://forums.moneysavingexpert.com/showthread.html?t=41676

Galstonian

Gonzo1966 wrote:

If I do the credit card shuffle and reduce my interest payments via BTs, will I actually be reducing my monthly payment and the length of time I have to make repayments, or is it one or the other?

The answer is probably 'it depends'. If you were already making minimum repayments it is unlikely they can be reduced further since they are normally a percenatge of the outstanding balance and are not related to the interest rate being charged. Paying the minimum is not usually wise if you are being charged interest. The shuffle depends on you setting a regular repayment amount rather than using minimums.

Gonzo1966

Thanks

Yes I am making minimum repayments, the length of repayments should surely reduce, shouldn't they?

I thought I would be paying more of the actual CC debt as opposed to paying off the debt plus a significantly higher interest payment which is loaded before the minimum payment is derived.

Or am I completely thick??

ifeanyi

lizastar wrote:

:)Hi Martin. Just to say that I work for Barclays & the new bcard deal until 27th Dec is....New Custs-0%for 6mnths on purchases & 5.9% on bal tfrs till bal paid off. Existing custs-I think are 2.9% for bal tfrs till bal paid off but with a 2%fee.That's for applics in branch anyway.Love your weekly e-mail & the site, it is really useful & very interesting!Thanks!

i feel flattered by reading this thanks.

ifeanyi

well i really feel nice after reading this piece

ifeanyi

well i really feel nice after reading this piece

ifeanyi

u can contact me if u wanna share ur credit card info and get some advise from me ok?

Reaper

OK, I've got to ask as I'm curious. Why do you keep saying you feel flattered and good about a Barclaycard post by lizastar?