why do i need balance transfer ?

dirkster

hi
I have a 0% card that is coming to the end of it,s grace period and intend to apply elsewhere and pay it off on another 0% card.
I was wondering what is the advantage of having a card with balance transfer over simply taking out the money on the card at the bank and manually paying it off the old card.

thank you for any replies

dirk

CLAPTON

dirkster wrote: »

hi
I have a 0% card that is coming to the end of it,s grace period and intend to apply elsewhere and pay it off on another 0% card.
I was wondering what is the advantage of having a card with balance transfer over simply taking out the money on the card at the bank and manually paying it off the old card.

thank you for any replies

dirk

if you take cash out
a. you pay a cash withdrawal fee
b. you pay high interest until you clear the full debt


with a 0% BT card you usually pay a BT fee but no interest during the promotional period

dirkster

thanks for the reply

to avoid the cash withdrawal fee can i not simply pay off the card with the new card or is this not possible.

cheers

dirk

CLAPTON

dirkster wrote: »

thanks for the reply

to avoid the cash withdrawal fee can i not simply pay off the card with the new card or is this not allowed by the banks.

cheers

dirk

no, you can't use a CC to pay off another CC except by BT

(see list of acceptable ways to pay your bill)