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Balance Transfer Rate
andy3665
Posts: 12 Forumite
in Credit cards
Just been looking on Moneysupermarket, and have spotted a number of cards offering 5.9% BALANCE TRANSFER RATE for the life of the balance, what exactly does this mean?
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Comments
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Andy, I can't believe you asked that question; is it a wind up ?
How else can I describe it, without using the description you used yourself ?
It means that any transferred balance will attract an interest rate of 5.9% apr until that balance is paid off, providing you make the minimum monthly payments. It's effectively a loan at a rate of 5.9% for you.
However, any actual purchases you use the card for would probably attract a higher rate of interest.Karma is a wonderful thing.
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