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Balance transfers
dh74122
Posts: 1 Newbie
in Credit cards
I have offered a 0% balance transfer till spring 2012 by my mortgage company. I have very little on my existing credit cards. What's to stop me buying on my existing cards now an enjoying 0% credit for a year ?????
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Comments
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If you actually need to spend the money, and can transfer it before the window closes, nothing.
But what's your mortage company doing offering a BT? Presumably it then gets rolled into your mortgage and you'll be paying interest on it for several years, albeit at a reasonable rate, compared to a credit card.
If you usually pay off in full, I wouldn't bother. A year of 0% followed by 20 years of 5% isn't a great trade.0 -
Except, presumably, a circa 3% fee?Deleted_User wrote: »If you actually need to spend the money, and can transfer it before the window closes, nothing.0 -
Another good point.
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