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  • FIRST POST
    • KGRyder
    • By KGRyder 14th Mar 18, 6:01 PM
    • 4Posts
    • 0Thanks
    KGRyder
    Which card do I pay off?
    • #1
    • 14th Mar 18, 6:01 PM
    Which card do I pay off? 14th Mar 18 at 6:01 PM
    Hi, Ive never posted here so I apologise if this is in the wrong place.

    I've got two credit cards: Capital One and Vanquis. I have £500 in my savings account that I want to pay off one of my cards.
    My Cap 1 card has a balance of £589, my Vanquis has a balance of £3,500. My Cap 1 minimum payment is £20 (but I pay £50), and my Vanquis one is £170 something (but I pay £200).

    Is it better to just pay off my capital one card completely, or to pay a little off my Vanquis card?

    Personally I feel paying Vanquis is better as it brings down the monthly payment, but paying off Cap 1 would get rid of that card completely and give me more money to pay off Vanquis anyway

    Any help and advice would be greatly appreciated!
Page 1
    • zx81
    • By zx81 14th Mar 18, 6:03 PM
    • 16,816 Posts
    • 17,819 Thanks
    zx81
    • #2
    • 14th Mar 18, 6:03 PM
    • #2
    • 14th Mar 18, 6:03 PM
    The one with the highest APR.
    • KGRyder
    • By KGRyder 14th Mar 18, 6:17 PM
    • 4 Posts
    • 0 Thanks
    KGRyder
    • #3
    • 14th Mar 18, 6:17 PM
    • #3
    • 14th Mar 18, 6:17 PM
    They're both about the same (around 34%) so I'm not sure that will make much difference
    • zx81
    • By zx81 14th Mar 18, 6:18 PM
    • 16,816 Posts
    • 17,819 Thanks
    zx81
    • #4
    • 14th Mar 18, 6:18 PM
    • #4
    • 14th Mar 18, 6:18 PM
    Then whichever one you fancy.
    • SnowTiger
    • By SnowTiger 14th Mar 18, 8:31 PM
    • 3,271 Posts
    • 2,239 Thanks
    SnowTiger
    • #5
    • 14th Mar 18, 8:31 PM
    • #5
    • 14th Mar 18, 8:31 PM
    They're both about the same (around 34%) so I'm not sure that will make much difference
    Originally posted by KGRyder
    Are you still using the cards? If so, you're paying interest on purchases from the time they're made and missing out on up to 56 days interest-free credit.

    In such a case I would be minded to go the extra mile (£89) and pay off the Capital One card.
    • KGRyder
    • By KGRyder 14th Mar 18, 8:34 PM
    • 4 Posts
    • 0 Thanks
    KGRyder
    • #6
    • 14th Mar 18, 8:34 PM
    • #6
    • 14th Mar 18, 8:34 PM
    Iím no longer using the Capital One card as I wanted to pay it off, but I am using the Vanquis one
    • moatmeister
    • By moatmeister 15th Mar 18, 11:13 AM
    • 278 Posts
    • 48 Thanks
    moatmeister
    • #7
    • 15th Mar 18, 11:13 AM
    • #7
    • 15th Mar 18, 11:13 AM
    Assuming no other complications, I would pay off the cap 1 fully as recommended above.

    Also maintain overpayments on Vanquis

    Then if your strong willed enough, use cap1 sparingly in such a way you can afford to pay it IN FULL every month, ie for one small amount of shopping or £20 of petrol, and pay in full and by the due date without fail.
    This will continue to build your positive credit history at no extra cost or expense to you and you will work towards getting a mainstream card that you could do a 0% balance transfer on to pay off Vanquis in the foreseeable future
    • enthusiasticsaver
    • By enthusiasticsaver 15th Mar 18, 1:50 PM
    • 6,386 Posts
    • 13,114 Thanks
    enthusiasticsaver
    • #8
    • 15th Mar 18, 1:50 PM
    • #8
    • 15th Mar 18, 1:50 PM
    As you are paying almost £100 a month interest on the Vanquis I would put it to that one and stop using it. Paying for anything on cards with that sort of interest rate is very very expensive. I would not reduce the monthly payment though. Have you looked at cutting back elsewhere.
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    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • SnowTiger
    • By SnowTiger 15th Mar 18, 3:30 PM
    • 3,271 Posts
    • 2,239 Thanks
    SnowTiger
    • #9
    • 15th Mar 18, 3:30 PM
    • #9
    • 15th Mar 18, 3:30 PM
    As you are paying almost £100 a month interest on the Vanquis I would put it to that one and stop using it. Paying for anything on cards with that sort of interest rate is very very expensive. I would not reduce the monthly payment though. Have you looked at cutting back elsewhere.
    Originally posted by enthusiasticsaver
    As interest is about the same on both cards, it makes sense to to pay off the Capital Once card in full and use that for spending.

    Then pay the Capital One card balance in full every month and throw every spare penny at the Vanquis card.
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