Credit Card Repayment Plan

• 0% Balance Transfer Cards
• 0% Purchase Cards
• 0% Balance Transfer and Purchase Cards
• Cashback Cards
• Long Term/ Life of Balance Transfer
• Low Standard Rate Cards
• Loyalty Reward Cards

Card	Rate	Duration	BT Fee	Typical APR
Capital One BT Exclusive	0%	Until 01/10/2009	3.0%	15.9%
Virgin Credit Card	0%	15 mths	2.98%	15.9%
Capital One Platinum	0%	Until 01/09/2009	3.0%	12.9%
Egg Card	0%	Until 01/09/2009	3.0%	16.9%
Barclaycard Platinum 'As on TV'	0%	14 mths	2.9%	14.9%

Card	Rate	Duration	BT Fee	Typical APR
Capital One Platinum	0%	Until 01/09/2009	12.9%
Capital One Platinum Exclusive	0%	Until 01/05/2009	11.9%
Halifax One Online Special	0%	10 mths	15.9%
Bank of Scotland	0%	10 mths	15.9%
Barclaycard Life of Balance	0%	10 mths	15.9%

Card	Rate	Duration	BT Fee	Typical APR
Capital One Platinum	Until 01/09/2009	Until 01/09/2009	12.9%
Capital One Platinum Exclusive	Until 01/05/2009	Until 01/05/2009	11.9%
Halifax One Online Special	10 mths	10 mths	15.9%
Bank of Scotland	10 mths	10 mths	15.9%
Capital One BT Exclusive	Until 01/10/2008	Until 01/10/2009	15.9%

Card	Rate	Duration	BT Fee	Typical APR
American Express Platinum	5% Moneyback for 3 months, up to 1.5% thereafter
Capital One Cashback	4% rebate until 01/09/08 on purchases, 1% thereafter
Shell MasterCard - Citi	3% rebate on Shell fuel spend, 1% on other purchases
Barclaycard Cashback	4% Cashback until 31/07/08, 0.5% until 01/01/10

Card	Rate	Duration	BT Fee	Typical APR
Barclaycard Life of Balance	6.5%	15.9%	Life of Balance

Card	Rate	Duration	BT Fee	Typical APR
Barclaycard Low Rate Special	8.8%	56
Capital One Platinum Exclusive	11.9%	56

Card	Rate	Duration	BT Fee	Typical APR
MBNA Platinum Rewards Card	1 point for every £1.00 spent

1. Prioritise credit cards

Arrange your cards in order of interest rates starting with the highest down to the lowest. If you are unable to pay a substantial amount on each credit card you should pay the minimum on the card with the lowest interest rate and pay the greatest amount on the most expensive card. The most expensive card is the card you should be seeking to eliminate first because the longer you have this card the longer you shall be in debt.

Whenever you pay less than the minimum amount, your credit card company will consider it a default. A late or inadequate payment will also be recorded on your credit report, making future credit harder to obtain. Always honour the minimum payment.

2. Get debt up-to-date

If you have missed repayments on any credit card you should plough every spare penny into getting your debt up-to-date. If your credit card company does not receive any payment for three to six months, they may hand the account over to a debt collection agency. Aside from the extra fees you will have incurred on the card, involvement of a debt collection agency is extremely detrimental to your credit rating.

3. Mind your limit

If you have exceeded the limit on any credit card you ought to bring it below the agreed cap as soon as possible. Over the limit fees can soar into orbit within a short space of time if left unchecked. In this instance you should contact your credit card provider and ask them to freeze penalties in exchange for a repayment plan. If you convince them you are serious about bringing your spending below the limit they may consent to a flat one off fee.

4. Zero makes you a hero

Your credit rating will be much improved if you demonstrate an ability to keep your balances close to £0. Future lenders will view you as someone who can manage credit and will offer you the best interest rate deals - on credit cards, mortgages and loans.

Keep an eye on credit cards that are starting to stray further from £0. Tighten the reigns on your spending and up your monthly payments in order to bring that balance down with a bang.

5. Transfer balances

Shop around for cheap credit card deals and get out of debt faster. Consider transferring your balance onto a low interest credit card and aim to repay your debt before the introductory period lapses.

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