0% credit cards - dumb questions.

[rfisher]

Does the minimum payment you have to pay each month come off the total amount that you owe?

So, for example, you transfer £3000.

You pay 3% fee (£90) presumably this has to be paid and isn't just added to the £3000.

You then pay £100 pcm for the duration of the deal (let's say 12 months).

You then need to either pay the remaining balance of £1800 or transfer that to a new card.

Ta.

[Sarnie]

If's it's 0% why would your payments be doing anything other than coming straight off the balance?

[rb5er]

The 3% or so is just added on to the balance.

[hyperblue]

Your initial balance will be £3090, set up a direct debit for the minimum payment(usually £25 or a percentage) so that you don't miss a payment. This is very important as if you a miss a minimum payment, the interest rate defaults to the normal rate!

[rfisher]

Sarnie said:

If's it's 0% why would your payments be doing anything other than coming straight off the balance?

I said they were dumb questions .

No me or for me - I clear my cc every month so just thought I'd check how these cards work.

Guess it wouldn't be much of a deal if the monthly repayment didn't chip away at the balance but you never know - plenty of people use payday loans with 4 figure apr.

Depends how desperate you are I guess.