Super Balance Transfer Question

markybhoy76

I think I know the answer here but I'll run this by those more in the know than I.

I currently owe £1500 on one of my cards and the 0% is coming to an end next month. The same card is offering me a transfer to my bank account for 4% fee which would be 0% till June 2014.

Am I right in thinking that if I transfer £1500 to my bank for a £60 fee and then make a faster payment of £1500 back to the credit card it would pay off the £1500 which would be due to pay interest soon and replace that debt with £1560 which would be interest free till June 2014?

Hope this makes sense,

Regards,

Mark.

Herbalus

Check the terms and conditions of your card carefully. You need to make sure that payments would go towards a balance transfer debt before a money transfer debt. That seems to me to be your only worry.

You'd be gutted if they paid off the money transfer debt with the money transferred to your bank and back - £60 for nothing.

StuC75

which card provider? Many have it where they will pay funds received to the balance with the highest rate regardless of when the original transaction was received.

You may need to wait until the old deal becomes interest bearing so that when the payment is received it goes to that balance..

Otherwise at the point the payment you made came through it would show £1,400 (old but Int free) + £1,400 (New But Int Free). So £1,400 may be split between them - since both have same rates...

Whereas - have the £1,400 in your bank waiting to transfer, and when it was received the card would have £1,400 interest bearing (deal ended) + £1,400 interest free... so the payment would count to the original..