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Transfer from credit to current account
triple_choc_chip
Posts: 1,135 Forumite
in Credit cards
I have a NW mastercard that has just ended a 0% interest period. It still has a £3k balance with £2k available credit. The future interest rate is 20%
They are offering a 0% transfer to my bank account. Please confirm if I have this right ....
If I transferred £1500 to my bank account and the following month use this to pay back to the card; apart from the small amount of fees payable would this reduce the balance attracting 20% interest and leave me with (approx) £1500 on 20% and £1500 on 0%?
It just seems a bit too easy!
Thanks for any help.
They are offering a 0% transfer to my bank account. Please confirm if I have this right ....
If I transferred £1500 to my bank account and the following month use this to pay back to the card; apart from the small amount of fees payable would this reduce the balance attracting 20% interest and leave me with (approx) £1500 on 20% and £1500 on 0%?
It just seems a bit too easy!
Thanks for any help.
0
Comments
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It should be the case as payments usually go to balances that attract the highest rate of interest first, however you would be best to check the t & c of your card.0
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Out of interest, is the NW NatWest or Nationwide in this case?0
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Hi guesswho2000, it's Nat West. I phoned to alert them to my travels in case I used the card abroad as I haven't used it for a couple of years and they took the opportunity to offer me a couple of deals. I was surprised because I thought these opportunities only came when the card was cleared. Now I'm back I'll have to give it some serious thought in case their offer expires.Debt Free 🍾 since 6.8.13 £31,997Saving for 🎄 🎁 2025 £273/£850 32.1%6 mth 🆘 fund £6kMortgage offset fund £23.6k/£43.2k 54.6%It turns out the answer to my problems wasn’t at the bottom of this tub of ice-cream, 🍨 but the important thing is that I tried...0
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triple_choc_chip wrote: »If I transferred £1500 to my bank account and the following month use this to pay back to the card
Don't wait til next month; do it straight away.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 -
Are you sure it was 0% interest and not a standard 'money transfer' (given at your purchase rate of interest) which has a 0% fee?0
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YorkshireBoy wrote: »Are you sure it was 0% interest and not a standard 'money transfer' (given at your purchase rate of interest) which has a 0% fee?
I was wondering that which is why I asked which co, I've got two Natwest cards, money transfers are fee free but never interest free, so make sure you double check it before you go ahead
If it is 0% interest to your current account that's pretty decent, I'd be interested to know as it might be handy in future!0
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