How can I work out a future credit card min payment?

[J35T3R]

Short story..... I need access to £5k quickly, rather than take a loan I have enough to stick this on to a credit card for 4/5 months tops. I'm currently remortgaging so I don't want to take a short-term loan so CC seems the best/quickest option.

I've got a promotion for a balance transfer still running which has about £2.2k and 21 months still on the promotion.

The APR is 24.9%, I need to add the £5k to that, what would be the minimum monthly payment? Would that just be on the £5k or would it be £5k with interest and £2k and a minimum cost?

Standard Balance (Purchases) rate is 1.876% per month - is that approx £93 a month plus more for the £2k interest free part?

 

[J35T3R]

Pretty sure mortgages take in to account credit card debt when you apply.

I already have money on the card, all I'm doing is adding to that but not taking out any fresh credit. Credit rating is pretty good and better/less outgoings and agreements when I last signed up 2 years ago. Just don't want a duff rate.

 

[J35T3R]

It's just until I get my deferred work bonus, then it's getting paid off.

Just wondering what the outgoing monthly payments will be till then?

 

[J35T3R]

*Sensible hat on*

Why not just wait to get the bonus?

I'm going to miss out on a deal for a car that I just cannot pass up, if I crap out just now I'll just kick myself for 5 months.

 

[J35T3R]

All this talk of mortgages, all 200Sols wants is to understand the minimum payment.



This is the correct answer. Who is your card with?

I got a little lost on your post, you have a card with some interest free balance/money transfer offers and have the available credit? If so - great, go ahead and do that. The minimum payment will be against the total balance of the card, even if say 50% isn't earning interest and 50% is. You will already be paying a minimum payment, even against the interest free part.

Hi, it's HSBC - they gave me a silly amount of credit that I thought I'd never use.

I do have about £40 from a shop that is showing 1.876% interest per month over the top of the interest free balance transfer, hence where I got the £5k purchase to £93 a month. Just wasn't sure if they would apply the interest to the total balance or just the purchase over the next few months.

 

[J35T3R]

Not as much as you'll kick yourself for spiralling into bad debt, lol.

Probably doesn't answer the question but you can just set the card payments to pay the minimum every month no?

It's the minimum I'm trying to work out