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Question about paying off a 0% card
sensiblesaver_2
Posts: 38 Forumite
in Credit cards
Hi
I love reading this site but have never posted before. I'm an amateur stoozer on a small scale. I usually apply for 0% cards, and for each pound I spend on the card, I put the same amount in my savings account. One of my 0% deals is due to end next month. My plan was originally to pay off the card with my savings (having netted the interest earned) close the card and apply for a new one. I don't see the point of applying for a balance transfer card. I'd prefer to just get another card and put all my usual spending onto it.
But my new plan... is there any reason why I can't apply for a new credit card (0% obviously) and make a payment from my new card to my old card, thus paying it off completely, just before I have to pay interest on my old card? Any advice appreciated
I love reading this site but have never posted before. I'm an amateur stoozer on a small scale. I usually apply for 0% cards, and for each pound I spend on the card, I put the same amount in my savings account. One of my 0% deals is due to end next month. My plan was originally to pay off the card with my savings (having netted the interest earned) close the card and apply for a new one. I don't see the point of applying for a balance transfer card. I'd prefer to just get another card and put all my usual spending onto it.
But my new plan... is there any reason why I can't apply for a new credit card (0% obviously) and make a payment from my new card to my old card, thus paying it off completely, just before I have to pay interest on my old card? Any advice appreciated
0
Comments
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That would be classed as a balance transfer.sensiblesaver wrote: »...is there any reason why I can't apply for a new credit card (0% obviously) and make a payment from my new card to my old card, thus paying it off completely, just before I have to pay interest on my old card?0 -
sensiblesaver wrote: »Hi
But my new plan... is there any reason why I can't apply for a new credit card (0% obviously) and make a payment from my new card to my old card, thus paying it off completely, just before I have to pay interest on my old card? Any advice appreciated
Yep that's a balance transfer. Just make sure you allow enough time for the new card to arrive and then for the transfer to take place. To be safe I would allow at least one month between making the application and having the transfer completed, maybe longer.0 -
Thanks both. That's kinda what I thought. The reason I got confused was because a while ago I paid the balance from my store card off in full (as I do with that particular card each month) only about £30 though, with another 0% credit card without thinking about it. Would that of counted as a balance transfer too? Because it just showed up on my statement as a normal payment and I've haven't been charged any fee's or anything. FYI the card I paid it off with was a Tesco clubcard credit card0
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