0% balance transfer

Tintin100_2

Hi,

Can anyone help me understand what happens If I want to transfer my balance on a credit card (7150) to another 0% credit card.

Is there a penalty for the swap from the existing credit card?

And

What happens when the 0% runs out?

YorkshireBoy

Tintin100 wrote: »

Is there a penalty for the swap from the existing credit card?

1. The BT fee charged by the new provider, and
2. Watch out for residual interest on the old card's next statement.

What happens when the 0% runs out?

You start to pay standard rates of interest, or switch to a new BT card.

thenudeone

Tintin100 wrote: »

Is there a penalty for the swap from the existing credit card?

No.
A Credit card is designed as fully flexible. You can pay anywhere between the minimum payment and the full balance, and there is no penalty for "early repayment" because there is no fixed repayment period.
You will only ever be charged interest on what you actually owe on a daily basis.

Tintin100 wrote: »

What happens when the 0% runs out?

The new card company will start to charge interest on a daily basis from the end of the 0% deal, at your normal purchases interest rate; unless you pay it off or transfer it to another card.