VERY Basic help needed balance transfer...

JDMYOFAN

Hi there,

I have 2 credit cards at the minute.. Natwest = £450 and my Nationwide = £650. So all in all I have £1100 in credit card fee's.. (not to mention a 600 overdraft!)

I'm looking for a new card to transfer the two card balances to, as I'm paying quite high interest per month..(I haven't done this before)

I've heard the Bank Of Scotland is the best one to go fr (9months 0% balance transfer rate and 9months 0% purchase rate), im just unsure what this really means..??

What am I looking for? I'm not ever going to spend on this new card, im ONLY EVER using it to pay off the balances from the other two cards..

Does the 9 months 0% balance transfer mean that the balance I transfer is 0% interest for 9 months, or I have 9 months timeline to transfer any other balances to that card for free?

0% Purchase = if i buy anything on the card, and dont pay it off within a month, i don't get charged interest for the things i buy?

I'm looking to get a card today, so quick responses appreciated

Thanks peeps

thumshie

nj106 wrote: »

Does the 9 months 0% balance transfer mean that the balance I transfer is 0% interest for 9 months, or I have 9 months timeline to transfer any other balances to that card for free?

This means that for the first nine months, no interest will be charged on any balance transfers(BT Fee still applies). Transfer a balance same day as application and you'll effectivly get 9 months without interest being added. Transfer after 8 months, and you'll only get 1 month without interest..

nj106 wrote: »

0% Purchase = if i buy anything on the card, and dont pay it off within a month, i don't get charged interest for the things i buy?

Correct..

Obviously minimum payment has to be made each month..

emma396

how long do u think it will take u to pay off the £1100?? how much can u afford a month?

Pink.

Post by pinkmilady reported. Please don't click on the link.

absfabs

nj106 wrote: »

What am I looking for? I'm not ever going to spend on this new card, im ONLY EVER using it to pay off the balances from the other two cards..

If you aren't going to use card for purchases, look if you can find a card with longer than 9 months 0%

transfer any other balances to that card for free?

There usually is a transfer fee, varies with different cards, may be 3%.
Still a lot cheaper paying this once and then 0% for 9 months then the interest rates you are currently paying.

JDMYOFAN

I'll pay it off within 12 months.. Ok i've had a look around and now think Tesco is the best bet.. 13 months 0% balance transfer but a 2% transfer fee...

think that's pretty good then? I'll have paid it off by the time the interest kicks in, 2% is cheapest i can find

thumshie

Tesco Credit card is run by RBS, which also owns Natwest. You may find they will not allow a transfer from 'same company', i.e. you will not be allowed to transfer your natwest balance. read the small print...

JDMYOFAN

anyone had problems signing up to tesco card? My current account is with nationwide, yet they seem to think my account number or sort code is wrong and won't allow me to apply... i haven't even got to the point of asking them for a balance transfer!