Monthly payment on balance transfer?

andyw1987

I have applied for a new credit card for a balance transfer. Successfully accepted etc.


I am just wondering if I will still need to pay the monthly payment on my existing card even if the balance is transferred before?


My payment is due on the 9th with my existing provider, and I was accepted on the 1st for my new card.


The balance transfer hasn't been made yet.

Ebe_Scrooge

You'll need to pay any outstanding balance on your old card. Even if you transfer the full amount, you may well find that on the next statement there is a small amount of "trailing interest" - interest calculated between the previous statement and the time you transferred it. It will be shown on your next statement, just be aware of it.

grumbler

A balance transfer is a big payment from the new CC company to the old.
If this payment is made before the due date it counts as any payment.
If it isn't, you must make a minimum payment before the due date.
Also, beware of the trailing interest that you have to pay after the BT.