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balance transfer and bill payment on credit card

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  • td_007
    td_007 Posts: 1,212 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 10 July 2009 at 10:37PM
    Lashadey wrote: »
    Hm Td_007, i thought putting it on tesco would be like a new purchase not a balance transfer?

    You are absolutely right! If you pay for it using the Tesco it be will classed as purchase and you will have the advantage of 0% rate for 12 months. This will allow you to pay the minimum repayment each month and then clear the balance before your 12 months are up. Do not do any BT onto this card after making the purchase.

    On the other hand, if you first pay with Amex you will have to transfer the amount to your Tesco card (as described in my last post) and you will have 6 months of 0% rate on the BT amount. This will allow you to pay the minimum repayment each month and clear the balance before your 6 months are up. Do not make any purchases on the Tesco card till you have cleared off the BT (by end of month 6). After clearing your BT, you can use it for purchases taking advantage of the 0% purchase rate for the next 6 months.
  • Lashadey
    Lashadey Posts: 15 Forumite
    Ok! I think I'll stick with the 1st option - much simpler that way. You won't believe I was to pay the credit over 4yrs with 32%, paying like £25 per month! This way, I could up the amount of my repayments and clear the bill within 1year!

    Thanks for your help!
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