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My first balance transfer
jd87
Posts: 2,345 Forumite
in Credit cards
I want to completely pay off a credit card by balance transfer to a 0% card. I've never fully paid off a card or done a balance transfer before and I just want to double check a few things.
How much should I transfer to ensure there is nothing else left on the card? If I pay exactly the balance, will that be ok? Or will there still be interest for this month that I need to pay? If there will be interest, is it ok to transfer too much? Is it ok for the card to have a positive balance? If I then close the card, and it has a positive balance, how will I get this money back?
Also, I've heard about people still getting charged interest for two months or more after paying off the card. Residual interest perhaps? What is this?
Anything else I need to look out for?
How much should I transfer to ensure there is nothing else left on the card? If I pay exactly the balance, will that be ok? Or will there still be interest for this month that I need to pay? If there will be interest, is it ok to transfer too much? Is it ok for the card to have a positive balance? If I then close the card, and it has a positive balance, how will I get this money back?
Also, I've heard about people still getting charged interest for two months or more after paying off the card. Residual interest perhaps? What is this?
Anything else I need to look out for?
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