If I have a $8,850 balance on a credit card what would the min pavement be?
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I am think about moving a loan at a high interest rate to a no interest credit card, but before I do I need to know what the min payment will be.
If I have a $8,850 balance on a credit card what would the min pavement be?To transfer to a no interest card - first read the fine print - all of it! See if there is a transfer fee, how long your "no interest" will last, how much your interes rate will be after the "intro offer" etc. The minimum payment is usually 1%, which on a balance of $8850 would be $88.50 - but again, read the fine print and even call them to verify. Make sure you write down the date and everything you discuss - including who you speak with and their ID#.
If I have a $8,850 balance on a credit card what would the min pavement be?Oooh, right up my alley. My company, CreditCards.com, is a card comparison site. Compare all the low-rate cards you like there. It's free, and includes all the big card issuers.
(Disclosure: The company earns money whenever someone submits an accepted application.)
The minimum payment will depend on the interest rate, and the payment formula. Most set a minimum payment at 1 percent of the balance, plus interest, plus any fees.
Play with the what-ifs at this (totally free) calculator:
http://www.creditcards.com/calculators/m...
If I have a $8,850 balance on a credit card what would the min pavement be?the most important thing to factor in moving debt to a "lower interest rate" card is that once you transfer.....if you use the card....even for the annual fees....the rates skyrocket.....believe me.....try debt conselling first.....
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