Balance Transfer Basic Info needed

juxta_3

Apologies in advance for my ignorance with the following basics questions regarding balance transfers.

Once a balance has been transferred, will there be regular monthly statements with a minimum amount to pay for the duration or does nothing happen until after the 12 or 15 month period whereby statements payments then kick in?

redpete

Yes, there will be a min monthly payment from the beginning. The amount of this min payment will vary between lenders.

juxta_3

Thanks redpete. Then I guess the trick is to at least keep up the minimum payments until it's paid off - ideally before the deal end date to make it worthwhile.

redpete

juxta wrote: »

Thanks redpete. Then I guess the trick is to at least keep up the minimum payments until it's paid off - ideally before the deal end date to make it worthwhile.

If you don't keep up the minimum payments you would have broken the agreement, they will end the 0% offer straight away and you will end up paying large amounts of interest.