0% balance transfer coming to an end

Sudders

I got a santander zero credit card a year ago and on the 15 May 2011 my 0% balance transfer will expire, i have £700 on it which i transfered a year ago, do i need to pay this back before the 15th May to not occur any interest or can i wait untill my next statement?

chattychappy

No, you must pay back by the 15th. If you don't you will get interest from then until when payment reaches them.

It is a little more complicated if you have also been using the card for purchases - I'm guessing this is not the case.

Fruit_and_Nut_Case

Sudders wrote: »

on the 15 May 2011 my 0% balance transfer will expire

I think this is a big clue. And don't forget to allow sufficient time for your payment to clear through the banking system.

diable

You really should have used the year to pay the £700 back instead of worrying about it when the 0% offer ends.

Fruit_and_Nut_Case

diable wrote: »

You really should have used the year to pay the £700 back instead of worrying about it when the 0% offer ends.

Sorry to disagree but I would have put any spare cash in a savings account. It wouldn't have generated much interest at today's rates but better than nothing.

fozmcfc

Sudders, as others have said by the 15th May.

If you cannot pay off the full £700 by the 15th or very shortly afterwards, it may be worth applying for and transferring to another card.

It will all depend on how long it will take to pay it off, it could be worth taking a a small interest 1% or 2% hit if paid by the date the payment is due on the May statement date or it may be worth paying a balance transfer fee of roughly 3% or 4% to transfer it away at 0% for xx amount of months.

I would imagine if the £700 is going to take longer than a few months to pay off, then it is definately worth transferring it away.

chattychappy

And once you're into the interest game, it's worth paying as much as you can as soon as you can. Statement dates/payment due dates become a bit irrelevant.

This is subject to the obvious priority that you must meet the minimums. (So don't pay a chunk just before a statement is generated if it risks your not having enough to pay the minimum shown by the due date.)

Sudders

Thanks everyone, will pay back all the money by the 15th. Was not sure of the rules so thanks.