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Which card do I pay off?
KGRyder
Posts: 11 Forumite
in Credit cards
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 :huh:
Any help and advice would be greatly appreciated!
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 :huh:
Any help and advice would be greatly appreciated!
0
Comments
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The one with the highest APR.0
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They're both about the same (around 34%) so I'm not sure that will make much difference0
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Then whichever one you fancy.0
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They're both about the same (around 34%) so I'm not sure that will make much difference
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.0 -
I’m no longer using the Capital One card as I wanted to pay it off, but I am using the Vanquis one0
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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 future0 -
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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enthusiasticsaver wrote: »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.
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.0
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