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# Minimum Repayments on Credit Cards

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Companies don't seem to tell you this upfront, but say I transfer a balance of £3000 to a 0% balance transfer card for 2 years, how would work out the monthly minimum repayments? Thanks Read More
9m, 3w agoPosted 9 months, 3 weeks ago
Companies don't seem to tell you this upfront, but say I transfer a balance of £3000 to a 0% balance transfer card for 2 years, how would work out the monthly minimum repayments? Thanks
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9m, 3w agoPosted 9 months, 3 weeks ago
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## All Responses

(15)
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[mod][Mod Team]#1
I'm sure they do tell you? It's usually something like £5 or x% of balance, whichever is greater.

Or are you asking what would the payments be to clear the balance within the 2 years 0%?
#2
you need to read the terms it will all be there
#3
It'll be based in a percentage of the balance. Ask the provider
#4
If for example you get a card with a 3% transfer fee it'll be £3,000 + 3% (£90) = £3,090 / 24 = £128.75. As long as you find out the balance transfer fee you can work it out by substituting 3% for whatever the cards fee is.
#5
bp2411
If for example you get a card with a 3% transfer fee it'll be £3,000 + 3% (£90) = £3,090 / 24 = £128.75. As long as you find out the balance transfer fee you can work it out by substituting 3% for whatever the cards fee is.

he is not asking that, asking the min repayment a month
#6
Beer drinker is right . It is a percentage of the outstanding balance subject to a minimum of £5 . The percentage is usually in the region of 3-5% . Say you had a balance of £3000 on 0% at 3% , the minimum repayment would be £90 . Assuming you did not redraw the balance would reduce the following month to £2910 making the minimum payment £87.30 . There are a hundred thousand permutations involving redrawing on the balance , fees , interest etc etc etc but that is the basic . All companies will provide this information in their terms and conditions or if you ask . They are legally obliged to . Hope that helps .
#7
it doesn't always work like this, I have had balance transfer cards before and they set the minimum payment low, in the hope that you don't repay it by the end of the term and then incur interest. For example, a virgin card I had, had a few grand on a balance transfer, the minimum payment was about £25, if there had been a percentage applied the minimum payment would have been over £100.
#8
Thanks everyone. Was hoping it wouldn't be something stupid like £300 a month!
#9
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!
#10
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!
Getting a card with a decent limit on (more than 1k ish) can be quite difficult compared to a loan. My rating shows as excellent on the usual credit sites yet the most recent card I signed up for only gave me a limit on 1.2k.
Despite that I have a loan on my car through my bank for around 14k which I had no trouble getting accepted for.

Edited By: Deaa on Sep 01, 2016 14:13
#11
Deaa
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!
Getting a card with a decent limit on (more than 1k ish) can be quite difficult compared to a loan. My rating shows as excellent on the usual credit sites yet the most recent card I signed up for only gave me a limit on 1.2k.
Despite that I have a loan on my car through my bank for around 14k which I had no trouble getting accepted for.

Yeah but isn't the interest horrendous?
#12
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!

Usually barclays have the highest min repayments @ 2.25%, so don't imagine it would be more £67.50/pm @ £3k on statement.
#13
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!

It's easier than fannying around moving funds from card to card each year. I'd happily pay the 2-3k interest to have the hassle.
#14
ChrisUK
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!

It's easier than fannying around moving funds from card to card each year. I'd happily pay the 2-3k interest to have the hassle.

then you're on the wrong website.
#15
adamspencer95
ChrisUK
superfreddy
I don't understand why people take loans out when you can just use a balance transfer offer on a credit card and transfer it again after a year!

It's easier than fannying around moving funds from card to card each year. I'd happily pay the 2-3k interest to have the hassle.

then you're on the wrong website.

You'd happy pay 2k interest?!

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