Balance transfer advice

Pebbs87

Hi, I'm hoping someone will be able to give me some much needed info.

So i'm looking at taking out a new credit card, to transer the debt that I have on my current one before I run out of the interest free period. What with Christmas, unexpected events, my credit card has taken a bit of a hit, and i haven't been able to pay it off in the time I wanted to.

However, i'm not entirely sure I understand how balance transfers work. I have never had to do one as I normally pay off my debt and clear my credit cards.

So i get that I pay a %fee on the amount i transfer. But what I dont fully understand is the balance transfer interest free period..... some are a lot longer than others. For example, I have seen a Tesco one that has 12 months 0.0% balance transfer and the same on purchases. Does this mean I wont pay interest on that balance transfer or any other spending on the card for 12 months??

Thank you in advance for any help

grumbler

Pebbs87 wrote: »

...However, i'm not entirely sure I understand how balance transfers work. I have never had to do one as I normally pay off my debt and clear my credit cards.

• Balance Transfer Credit Cards

So i get that I pay a %fee on the amount i transfer. But what I dont fully understand is the balance transfer interest free period..... some are a lot longer than others.

It's an introductory offer and it would be strange if it was the same for all cards. In fact most don't offer any interest free period on BTs.

For example, I have seen a Tesco one that has 12 months 0.0% balance transfer and the same on purchases. Does this mean I wont pay interest on that balance transfer or any other spending on the card for 12 months??

On both - for this card - if you don't fail to make minimum payments on time.