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Balance transfer rules??
AMAZIN_2
Posts: 2 Newbie
in Credit cards
Hi, I transfered my balance from a credit card onto a 0% on balance transfer account... now my husband decided to buy something which has now meant we are paying interest again, are there any rules which means you have to stay with that provider for a certain length of time before u can transfer to another card. Or can I apply for a balance transfer to get 0% again at any time
0
Comments
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Is there something in the small print on the paperwork you got?
I'm gonna transfer my balance this week & intend on not suing the new card - just pay off the balace & keep the existing card in DH's wallet!!0 -
There are no "rules", but the chances are you'll be better staying where you are rather than jumping ship and paying another circa 3% BT fee, depending on...
The card?
The total balance on the card?
The size of the purchase made?
The number of months remaining on the 0% BT offer?0 -
How much was the purchase? If there was no 0% deal on purchases when the purchase was made then any repayments you make to the card will pay off the purchase first.
How long will it take you to pay off the amount of the purchase? It might work out cheaper to keep with this card then applying for another card.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
A credit card can always be paid off in full at any time without penalty.
However, as long as you have kept to the limit and other terms, your BT will still be at 0%; it's just the purchase that is being charged interest.
There is no need to incur another 3-4% fee, because the original offer is still there.
So just pay off the full value of the purchase (plus a little bit more to cover interest) as soon as possible and that will stop any future interest charges. There will be an interest charge from the last statement date to the date of the payment being received, but nothing after that.We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0 -
oh right thanks I didnt realise it would pay the purchase off 1st I thought they would make money by making that the last thing u pay off. so if i pay the 800 purchase it should stop the interest fee0
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He could return the item and buy it on a different card at a lower rate of interest?0
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