Balance transfer query

James129

Hello, just a quick question.

I have a credit card that has 12 months 0% balance transfer offer. At the moment the balance is nil. I have only made one transaction on it and then made a payment immediately.

Now I have read one shouldn't make any purchases on a card which is carrying any amount as result of balance transfer to avoid any interest.

So if I go ahead and balance transfer, will I be charged any interest? Do I need to wait for statement to confirm the balance is nil?

Ta

thenudeone

You will probably be charged interest for the day(s) that the purchase was shown as not yet cleared, if there are other transactions on the statement which you won't be paying off; but it shouldn't be much.

Purchases are only interest free if you pay in full; which you wouldn't be doing if you also do a balance transfer before the statement date.

ejc81

James129 wrote: »

Hello, just a quick question.

I have a credit card that has 12 months 0% balance transfer offer. At the moment the balance is nil. I have only made one transaction on it and then made a payment immediately.

Now I have read one shouldn't make any purchases on a card which is carrying any amount as result of balance transfer to avoid any interest.

So if I go ahead and balance transfer, will I be charged any interest? Do I need to wait for statement to confirm the balance is nil?

Ta

Interest is charged on purchases from the day of the purchase until the balance is clear. If you pay in full by the end of each month you usually won't be charged any interest.
In your case you shouldn't be charged any interest but if you are wanting to transfer a balance it is best to wait until the statement date to confirm that the balance is nil before you do the transfer.