What's the best non-MBNA credit card in terms of lowest monthly repayment?

Hi, What's the best non-MBNA credit card in terms of lowest monthly repayment?

The MBNA credit card (Virgin / Abbey / Alliance & Leicester etc) offers a min repayment amount each month of just £5, together with a usual introdutory offfer of 0% on balance tranfers.... Which is just great!

But I'm not in a position where'd I'd like to start paying off my credit card (nearly £6,000) - recent personal cicumstances don't allow! so I'd love to repay the min amount each month if possible until I can get things sorted.

I'm at the end of the 9 month 0% interest free period and am looking to find the best deal to transfer to. But you can't transfer the balance to another MBNA backed card (clever guys huh!).

Looking around all the websites I can find - am I right in thinking every other credit card supplier asks you to pay at least 2% or 3% of the balance each month? So instead of just £5 each month on an MBNA backed card, it'll be around £120-£180 each month on a 0% balance transfer deal?

Any thoughts greatly appreciatted! :-)

Reply to
dazlad
Loading thread data ...

Try these sites:

formatting link
formatting link
formatting link

G.

The MBNA credit card (Virgin / Abbey / Alliance & Leicester etc) offers a min repayment amount each month of just 5, together with a usual introdutory offfer of 0% on balance tranfers.... Which is just great!

But I'm not in a position where'd I'd like to start paying off my credit card (nearly 6,000) - recent personal cicumstances don't allow! so I'd love to repay the min amount each month if possible until I can get things sorted.

I'm at the end of the 9 month 0% interest free period and am looking to find the best deal to transfer to. But you can't transfer the balance to another MBNA backed card (clever guys huh!).

Looking around all the websites I can find - am I right in thinking every other credit card supplier asks you to pay at least 2% or 3% of the balance each month? So instead of just 5 each month on an MBNA backed card, it'll be around 120-180 each month on a 0% balance transfer deal?

Any thoughts greatly appreciatted! :-)

Reply to
Badass Scotsman

One thing you could try is a card which is interest free for purchases as well (either the same card or another card). Then use the card for all your purchases and use the money you would have spent on food etc to pay the minimum monthly repayments. Remember that you will not be able to go on transferring forever - do not buy things you don't need just because you wont have to pay for it for 9 or 10 months.

Make sure you check the conditions of the card(s) for any nasty tricks.

Also be aware that applying for two cards at the same time may be bad for your credit rating.

Try keeping the MBNA card, then phone up to cancel it a few weeks before the introductory offer on your new card runs out - they may offer you a new 0 percent deal.

If you do have any spare cash, put it in a high interest savings account.

Good luck,

Gareth

Reply to
Gareth

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.