Money Transfers....


Quick question... I have a credit card that has a balance of £1000 on it and because I can't afford to pay it off at once am paying interest....

Now.. I've been offered a money transfer of upto £1500 at 0% until April 2014. If I transfer this money to my current account.. Can I then use it to pay off the balance I'm paying the interest on..

I've looked at the terms and it says payments are allocated to the higher rate of interest....

Then at least I've got until 2014 to pay off however much I transfer which wil probably be £1000 incurring £40 fee.

Any advice would be great :D


  • Herbalus
    Herbalus Posts: 2,634
    First Anniversary Name Dropper First Post
    When you say money transfer do you mean balance transfer? i.e. a credit card that offers £1500 at 0% for 12 months? If this is the case you can't transfer this into your bank account, but what you can do is get this card company to pay off your entire debt at and then you owe this new card instead.

    You then have 12 months to pay off this balance without any interest, although this will cost you 4% which is the £40 you mention.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
    Name Dropper First Post First Anniversary
    The answer to your question is yes.
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