Credit Card question

[marco79]

Lets say I have R30000 debt on my credit card all on a straight facility. My minimum monthly payment is 7% the outstanding balance, which is R2100 per month.

Can I transfer say R10000 over to a budget facility over 60 months? My payment on that R100000 @ 20%p.a. interest would be about R265 per month and the remaining R20000 would have a minimum payment of R1400. This would make the monthly payment R1665. Is it possible to do this?

 

[KSINGH]

I have not checked your numbers but yes. You will be better off with an overdraft or loan at a lower interest rate.

Also note that the interest charge goes on your account before your payment. That will put you over your limit and could affect your rating if you max your card.