Credit Debt Balance Transfer Card

Can I clear balance transfer card faster?

Laura Howard of the Ask an Expert section replies: It's a smart move to have transferred your balance to a 0% card, which literally means for the next 14 months, you won't pay a penny in interest.

You will almost certainly have had to pay a balance transfer fee of around 3% though, which on £6,000 amounts to £180. However, this is worth swallowing when you consider that interest is otherwise likely to be charged at between 17% and 18% APR .

Once you have paid for 'permission to land' on the new 0% card, any repayments you make towards your balance will come straight off the capital debt.

This means that if you double your repayments during the interest free period, as you are suggesting, the balance will be reduced a lot quicker. This is, of course, providing you don't continue to spend on the card.

You can work out how long it will take to clear your debt with different repayment levels, using the calculator linked to below.

Calculate: How quickly can you pay off your credit card

Overpaying on the £60 per month you have been quoted is also a good idea as it appears to be below the minimum repayment credit card providers typically set (the greater of 2.5% of the balance or £5 every month).

The £60 you have been quoted is just 1% of your £6,000 balance. According to Andrew Hagger of financial website Moneynet.co.uk, you may have been permitted this lower repayment as interest is not currently accruing.

To clear your entire balance within the 14-month interest-free period, you will need to pay around £430 every month. In the likely event that this is impossible, look at transferring the balance again when the current 0% deal is up.

The good news is 0% balance transfer deals are becoming a lot more competitive. The best balance transfer deals are now 20 months – find out more about them here .

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