Credit Card Loan

[endurance78]

What will be the total amount payable for a creditcard loan of £1800 in 6 and 12 months?
Its a Halifax Mastercard with an APR of 26.45%. What will be the minimum payment per month?

[ToraToraTora]

Too much, you can borrow that much cheaper than that. the minimum payment depends on the card, it is often 2% so £36 but the interest will be about £40 that so the debt wil only increase. If you want to pay that off in 1 year you would need to pay £173 per month. Incredibly expensive. Go to a comparison site for a much better deal.

[Postdog]

Don't even consider it. Borrowing money on a credit card, especially that amount, is extremely dangerous. Interest is charged daily, and any payments you make will go towards repaying that cash first. With the best will in the world you can soon get into trouble and without realising it you will have a debt beyond your control that will take many years to pay. I will let someone else do the maths if they want, but seriously, forget it.

[Tilly2]

As others have said. Don't do it. Shop around.

[factor-fiction]

Paying the minimum amount each month is only ever a good idea if it's one of those 0% APR cards and if you can afford to pay the whole balance off at the end of the period. I suppose it could also be worth doing if it's a balance transfer from a a card with an even higher rate and you have no means of paying back more than the minimum- but I'd look for a deal with a much lower APR

[factor-fiction]

Read Martin Lewis.
http://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card

Here is a calculator
http://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card#calc