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Balance transfer and min payments
zerog
Posts: 2,478 Forumite
I want to make use of a 0% BT offer but only have a small balance of £500 to transfer at the moment.
The 0% on purchases ends after 3 months. After that, I guess I would be charged interest immediately on any purchases. To keep the balance at £500 but not pay interest, is it worthwhile to buy something for £6 every month and pay it off immediately? Will that count as the minimum payment, or does a statement have to be generated first?
The 0% on purchases ends after 3 months. After that, I guess I would be charged interest immediately on any purchases. To keep the balance at £500 but not pay interest, is it worthwhile to buy something for £6 every month and pay it off immediately? Will that count as the minimum payment, or does a statement have to be generated first?
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Comments
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Buying something small each month and paying the minimum payment will keep your balance @ £500. You have to wait for the statement date & pay the amount requested.
Not 100% sure it is materially the aggravation of doing though. Just set-up a direct debit and let the balance manage itself.0
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