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At the end of your first year, you’ll have made $274.58 in payments while only reducing your $1,000 balance by $113.63. If you continued to only make the minimum payment, it would take you over ...
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
For larger balances, your minimum payment amount will be either a flat rate or a percentage of your credit card balance -- whichever is higher. Example: The issuer's minimum payment is either $40 ...
These offers are often complex, requiring the cardholder to work to understand the terms of the offer, and possibly to pay off the sub-balance by a certain date or have interest charged retro-actively, or to pay a certain amount per month over the minimum due (an "interest free" minimum payment) in order to pay down the sub-balance.
Credit cards usually apply the whole payment during the current cycle. Once a debt is paid in full, add the old minimum payment (plus any extra amount available) from the first debt to the minimum payment on the second smallest debt, and apply the new sum to repaying the second smallest debt. Repeat until all debts are paid in full. [5] [6] [7]
Consider how long it will take to pay off your credit card debt compared to the promotional period so you don’t get stuck with a higher interest rate after the 0 percent intro APR period is over. 4.