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Balance Transfer Help
Simon7685
Posts: 1,117 Forumite
in Credit cards
After a lot of wondering which of my cards to put a small BT on for 2 or 3 months while I pay it off, I opted in the end for my Tesco CC as that has the lowest limit on it.
Am I correct in thinking that I can't use that card now for making purchases, or I will incur interest on it?
My understanding is;
If I bought something for say £50 and used the card, then paid the £50 off at the end of the month, the money would be used to pay towards clearing the BT first. So I wouldn't in fact be paying the purchase off.
Or am I wrong? The BT is 0% for the next 2 years valid on any BT made during that time. It was 29 months when I got it 5 months ago. I did double check with Tesco and all BT's are definately 0% regardless of when made, as long as its within the lifespan of the offer.
Thanks in advance
Am I correct in thinking that I can't use that card now for making purchases, or I will incur interest on it?
My understanding is;
If I bought something for say £50 and used the card, then paid the £50 off at the end of the month, the money would be used to pay towards clearing the BT first. So I wouldn't in fact be paying the purchase off.
Or am I wrong? The BT is 0% for the next 2 years valid on any BT made during that time. It was 29 months when I got it 5 months ago. I did double check with Tesco and all BT's are definately 0% regardless of when made, as long as its within the lifespan of the offer.
Thanks in advance
0
Comments
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Was it your old card that offered 0% on BTs?After a lot of wondering which of my cards to put a small BT on for 2 or 3 months while I pay it off, I opted in the end for my Tesco CC as that has the lowest limit on it.
Yes, if the offer was on BTs only, not on purchases.Am I correct in thinking that I can't use that card now for making purchases, or I will incur interest on it?
No, if the BT is at 0%, it will be used towards the purchases, but as you don't pay the balance in full the interest on purchases isn't waived.My understanding is;
If I bought something for say £50 and used the card, then paid the £50 off at the end of the month, the money would be used to pay towards clearing the BT first. So I wouldn't in fact be paying the purchase off.0 -
It should say in the terms what order they put your money towards when you make a monthly payment. Normally the interest free bit is last, which is why you should not buy anything with a BT card as you will pay interest on that purchase until such time as you get another card or pay it off in full. At least that is what happened with mine.0
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You can use it for new purchases, but not the interest rate will be different than what you are charged on the balance transferred.0
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