Is this a good balance transfer?

gh123

http://www.moneysupermarket.com/Cards/CardDetails.asp?CardId=1624&CardAdvertId=&PathInfo=&intChannelPlusId=1020261&issponlink=False&feature=lifeofbalance&CardType=Credit%20Card&AnnualFee=1&Adverse=0&segmentid=0&EnquiryId=20743449&AnnualFee=Any&Adverse=No&BalanceTransferFee=1&CardType=Credit%20Card&CardTypeCC=&CardTypeGP=&CardTypeOL=&CardTypeER=

"Promotional RatesPurchasesNone Cash AdvancesNone Balance Transfers4.9% p.a. until repaid"


Dies this really mean that I will only be charged 4.9% interest for the duration of the deal if I transfer a balance? I will not use the card for anything else. Is that really true - 4.9% for ever,no tricks?

YorkshireBoy

gh123 wrote: »

no tricks?

Other than the 3% BT fee, which I assume you've seen?

tictax

these are the best type of cards if you never ever use the card for purchases.

i managed to get 3.9% capital one card years ago and it honestly was the best card ever! i suppose that you could save money if you transferred onto 0% every 6-9 months but i know that i would forge to that.

the only thing you must do is make your minimum repayment as otherwise they will take that promotional rate off you.

clio

Are Citi known for giving ok Credit Limits ??

DestroyingAngel_2

4.9% for the life of the balance ... yes, it really is for the life of the balance, provided you don't pay late, miss a payment, or go over your limit. If you do either, then you'll lose the promotion and go onto whatever standard APR the card is on.

A simple trick to ensure you never lose your promotional rate: set up a Direct Debit to pay the minimum on time each month. Normally, DDs take up to 4 weeks to start, so you might have to make a manual payment for the 1st month. Always check your statements to see if it says "payment by direct debit". If it gives you a "minimum payment due by" and a figure to pay, then assume that there is no DD in place, or your DD has been rejected. Make sure you have enough funds in your bank to cover the DD payments. If your DD is rejected and returned, and you don't make any additional payments that cover your minimum due, that counts as a late payment and you will lose the promotion.

The other trick is to NEVER use the card for any other transactions, EVER. Only keep it for balance transfers and NOTHING ELSE. You don't want to be caught by the payment allocation trap.

gh123

Thanks folks!