Balance transfer credit cards

pigby

My credit card with Tesco has crept up and am tempted by the 0% balance transfer offers around at the moment - some are 33 months at 0% although they have fees for transferring also - some are saying that they are doing refunds on the fees for transferring - most are around 3% - but for me that means a charge of about £100 (seems steep!) yet some with the 'refund' are 0.8 and 0.7% which will be less than £30 - a big difference - must be a catch somewhere.


It seems like a minefield out there - I have over £3000 on my card - not too bothered about how long the 0% on purchases is - what would you consider the best deal?


Also if the 0% on purchases is for 6 months and you are paying the minimum off your card each month - at the end of the 6 months does the amount you pay in come off the part of your balance that's attracting interest or off your balance - that's the part I don't quite get.


Thanks for any input.

[Deleted User]

pigby wrote: »

must be a catch somewhere.

Not particularly. You just need to figure out how long it will take you to clear the debt, so what length of offer you might want.

Then get one with the lowest fee that you might be accepted for.

Your payments will always come off the balance with the highest interest rate.