A daft question

Josh_Milner · 5 December 2017 at 1:00AM

Hi All,

I currently have a 0% credit card but due to the loft extension and having to decorate a full house I was looking at balance transferring this with the 0% apr running out but I’m right in saying if I get another 0% apr and meet the minimum monthly payment will it still be 0% apr obviously I know I won’t clear it before the offer runs out but I’ll just transfer it again and up the payments it just with the mass amount I’m paying I need to free up a little extra cash monthly just to help with the cost of decorating etc

Thanks
Josh

Abbey1991 · 5 December 2017 at 1:12AM

You might have to pay a fee which would complicate the APR calculation, but broadly yes I think you can do what you suggest.

chattychappy · 5 December 2017 at 9:25AM

Yep. For 0% BT cards, a fee is added to the balance - typically 3%. You then pay off the new card in the usual way without incurring interest. APRs do not take account of any balance transfer fee (they should in my opinion, but that's for another thread).

Because of the 3% fee, it's not worth transferring anything you can pay off in a month or so, because standard interest is typically 1% to 3% a month.

techra02 · 7 December 2017 at 7:36PM

Can I ask if you continue doing that, and I am just about to do it myself. Does it not affect your credit rating as you are applying for more cards. I am concerned that I may shoot myself in the foot although I do hope to be able to pay this one off fairly quickly.

chattychappy · 8 December 2017 at 8:33AM

Don't worry.

In general if you will be OK if you're overall credit available is well above what you are using* and you pay more than just minimums (£1 more is enough to avoid a "minimum payment" market). And, of course, you don't miss any payments.

(* it will be if in the case of a BT, because the card you are clearing will have a zero balance.)

A daft question

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