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  • Just wanted to double check some maths...

    • I have credit card with 0% for 24 months.
    • I use it for purchases for 1 month and stop.
    • I have a direct debit paying off 4.17% of the total each month.

    After 24 months it will be paid off, correct?

    24 x 4.17 = 100.08

  • Is the amount you're paying a % of the total or a set amount which is 4.17% of the total now?

    If it's an ongoing 4.17% you'll be paying a diminishing amount each month rather than paying it off as calculated.

    Also, be aware that most credit cards require a minimum payment which is usually 5% of the outstanding balance each month. Your 4.17% would mean you receive a penalty charge each month.

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