A little help please......?!

kikibellina

Hello, Ive got an existing credit card debt that I want to transfer onto a 0% credit card. Ive never done anything like this so was wondering if anyone would be kind enough to explain If I do a 0% balance transfer and a 0% purchases deal does this mean that I will only be paying back the debt I have each month with no interest until the 0% period expires or are there fees I should be aware of? Please Help! Thanks KiKi x:o

Moggles_2

Welcome to MSE!

There are no charges apart from balance transfer fees.
Martin's *Best Balance Transfers* article is the place to start

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Then come back here, if you have specific questions.

never-in-doubt

kikibellina wrote: »

Hello, Ive got an existing credit card debt that I want to transfer onto a 0% credit card. Ive never done anything like this so was wondering if anyone would be kind enough to explain If I do a 0% balance transfer and a 0% purchases deal does this mean that I will only be paying back the debt I have each month with no interest until the 0% period expires or are there fees I should be aware of? Please Help! Thanks KiKi x:o

Hi KiKi and welcome to MSE - regards to the question above, yes that is correct. If you get a 0% on BT's & Purchases then you only pay back the amount used plus any fees for the BT (i.e. 3% or whatever)....

So if you got the HSBC card with 15months @ 0% BT and 3 months at 0% on purchases, you'd pay no interest on BT's for the 15mths but after the 3 month purchase deal expires you would pay interest on that element alone.

However good practice is to keep a BT card separate from a spending card.... i.e. don't spend on a BT card!