Is this classed as a balance transfer or not?

discoball02

Hi - wondering if anyone could help me with this question please?
We intend to make a large purchase at the weekend and my husband has applied for an interest free credit card, He has been accepted but his card has not come through yet and cc provider say no chance by the weekend. I have a credit card that is outside interest free period now but believe I get charged no interest for first 56 days so long as balance is paid in full.
If i was to use my credit card for the purchase, the card is in my name only, and when my husbands card comes through he uses that to clear my credit card balance, would that be classed as a purchase as far as his cc company is concerned to qualify for his interest free rate on new purchases, or could it be considered as a balance transfer?
Thanks in advance for any advice on this one

CLAPTON

a balance transfer

discoball02

is that because it is one credit card to another - even though they are in different names? any suggestions on how to get round this at all? its so frustrating - he only applied for the card for this specific purchase and it wont be here on time
thanks for replying

CLAPTON

You can't in general pay off a credit card with another credit card; check the back of the CC statement for ways of paying the bill.

However balance transfer is an exception which effectively does just that.

What sort of purchase is it?

Why not delay the purchase?

discoball02

its a car. we need to collect saturday as our current car goes to new owner then. not to worry. thought we were being clever hahaha thanks for your help

CLAPTON

have you checked that the garage will accept a CC payment?

how much do you need... could you get a temporary overdraft?

and note that the CC doesn't really give 56 days free credit but it gives 'up to 56 days' free credit

discoball02

oh my days. so i need to check with my cc provider what my standard interest free period is then. cant get overdraft for amount we need

CannyJock

discoball02 wrote: »

oh my days. so i need to check with my cc provider what my standard interest free period is then. cant get overdraft for amount we need

No, the standard interest free period they'll quote will be "up to 56" days.

Imagine your statement is always produced on the 1st of the month.

I.e.

01/02/10
01/03/10

And your payment due date is 25 days after your statement date

i.e.

26/02/10
26/03/10

So if you make a purchase on the 02/02/10, it'll miss the statement on 01/02/10 and appear on the statement dated 01/03/10 which isn't paid until 26/03/10 - i.e. 55 days.

Whereas if you made a purchase on 28/02/10, it'll be on the same statement dated 01/03/10 which still has to be paid by 26/03/10 - i.e. 25 days.

Get it?

EDIT: And you only get the interest free period if you're paying the balance in full - carrying a balance forward from one statement to another means you don't get any interest free period on the "new" purchases.

discoball02

Yes I see - thank you very much for your help with this one