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Interest rate on purchases or balance transfer
andreauk2009
Posts: 181 Forumite
in Credit cards
Hello there,
as I'm new to the UK (At least for this kind of things), I'd like to discover more and understand what exactly this mean.
While applying for a new credit card via moneysupermarket.com I've been offered a number of options.
It appears the balance transfer interest rate and the purchase interest rate are the elements people should look at the most.
As I've always set off my bills the month after, I can't understand how this may change my life.
Ok, if I purchase - let's say - a used car of £3000, ideally as it is a new purchase, I would probably be able to split the bill in three months at 0% internet if this is the offer.
I would expect to being able to decide how much to pay at the end of the month. Is this correct?
As for the balance transfer, I'd imagine this refers to transfer money from a previous credit card. But how this really works?
Let's say I'll buy the car with my current credit card, then what?
I apply for a new credit card ... but when should I or can I transfer the balance?
Is this something required during the set up process or can be done at any moment?
If I apply for a 22 month balance transfer, does this mean I have 22 month for transfering the balance from the opening date, or 22 months of free interest regardless the date of transfer?
Is the transfer supposed to happen in one solution?
And what about the balance transfer fee? It is stated normally a % value. I'd imagine this is calculated on the amount of money transfered to be paid as part of the service. Is this correct?
Many thanks
Andrea
as I'm new to the UK (At least for this kind of things), I'd like to discover more and understand what exactly this mean.
While applying for a new credit card via moneysupermarket.com I've been offered a number of options.
It appears the balance transfer interest rate and the purchase interest rate are the elements people should look at the most.
As I've always set off my bills the month after, I can't understand how this may change my life.
Ok, if I purchase - let's say - a used car of £3000, ideally as it is a new purchase, I would probably be able to split the bill in three months at 0% internet if this is the offer.
I would expect to being able to decide how much to pay at the end of the month. Is this correct?
As for the balance transfer, I'd imagine this refers to transfer money from a previous credit card. But how this really works?
Let's say I'll buy the car with my current credit card, then what?
I apply for a new credit card ... but when should I or can I transfer the balance?
Is this something required during the set up process or can be done at any moment?
If I apply for a 22 month balance transfer, does this mean I have 22 month for transfering the balance from the opening date, or 22 months of free interest regardless the date of transfer?
Is the transfer supposed to happen in one solution?
And what about the balance transfer fee? It is stated normally a % value. I'd imagine this is calculated on the amount of money transfered to be paid as part of the service. Is this correct?
Many thanks
Andrea
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