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    • Markus251
    • By Markus251 9th Jan 18, 10:57 AM
    • 8Posts
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    Markus251
    Credit Card Calculator?
    • #1
    • 9th Jan 18, 10:57 AM
    Credit Card Calculator? 9th Jan 18 at 10:57 AM
    Hi all, I'm currently about 3.5k on a natwest credit card that is no longer interest free (started off as a 0% balance transfer for so many months).

    I am now only making a few pounds more than the minimum payment each month.

    I could try for another 0% balance transfer card but they never give enough of a limit to transfer the whole lot. So I'm thinking of a loan to cover it all. However, is there some sort of calculator out there which can tell me how long it would take to pay off my credit card I'd I only make the minimum payment, and how much I'd end up paying back? Just so I can see how much it differs to a personal loan etc

    Any help appreciated.
Page 1
    • A4445
    • By A4445 9th Jan 18, 11:07 AM
    • 769 Posts
    • 354 Thanks
    A4445
    • #2
    • 9th Jan 18, 11:07 AM
    • #2
    • 9th Jan 18, 11:07 AM
    There is a calculator at the bottom of this page.


    https://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card

    If the card is 18.9% Apr and he minimum payment is interest plus 1% your looking at a shocking 29 years to pay. Costing nearly 5k in interest.
    Last edited by A4445; 09-01-2018 at 11:10 AM.
    • MallyGirl
    • By MallyGirl 9th Jan 18, 11:24 AM
    • 2,740 Posts
    • 7,746 Thanks
    MallyGirl
    • #3
    • 9th Jan 18, 11:24 AM
    • #3
    • 9th Jan 18, 11:24 AM
    I could try for another 0% balance transfer card but they never give enough of a limit to transfer the whole lot. So I'm thinking of a loan to cover it all.
    Originally posted by Markus251
    I would get whatever you can at 0% and then throw every last penny at the interest incurring bit. Why pay interest on any that you don't have to?
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    Any views are mine and not the official line of MoneySavingExpert.com.
    • blitzboy
    • By blitzboy 9th Jan 18, 11:29 AM
    • 451 Posts
    • 248 Thanks
    blitzboy
    • #4
    • 9th Jan 18, 11:29 AM
    • #4
    • 9th Jan 18, 11:29 AM
    If it helps, I've always found Barclaycard to be quite generous with their credit limits and also deal lengths. Even if it wasn't to quite meet the limit required, something at 0% is better than nothing.


    Have you joined the MSE credit club to see what cards you would be likely to be accepted for?
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