My SIL isn't great with money, her and DB earn more than DH and I but also spend more.
About a week ago she said something about her credit card interest kicking in soon, it transpires she has a current 0% deal which expires tomorrow and has about £6000 on it, she has no savings to pay it off, DBs savings are mainly tied into a private pension as he's self employed and the rest went on getting them through Covid as he earns too much for them to have been eligible for any of the financial support, they have also just been on holiday and have booked to go again.
I spoke to her about a balance transfer (she had no idea what this was) and helped her to apply for a new card with 0% on balance transfers and zero fee for this. She got accepted but didn't receive the paperwork until yesterday, which she's signed and put back in the post today, the transfer won't be processed until she receives her card and activates or, likely to be around a week.
Does anyone know how much interest she'll have to pay for that week? Her interest rate is 16.9% on the old card.
I'm not justifying any of the above as I said they don't manage their finances well and have no reason not to, earning around 100k between them.
Please or to access all these features
Please
or
to access all these features
Use our Cost of Living forum to discuss budgeting and energy saving with other users.
Cost of living
When does the interest get added after an interest free period on a credit card
5 replies
KarlKennedysDurianFruit · 11/09/2020 12:07
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.