balance transfer cards?

myright

What's the difference between balance transfer card to a standard credit card? Do balance transfer promotions apply to existing credit cards?

grumbler

myright wrote: »

What's the difference between balance transfer card to a standard credit card?

The only difference is an introductory offer for BTs.

Do balance transfer promotions apply to existing credit cards?

No, introductory offers are for new customers only.
However, some (many?) cards are known to offer shorter deals to existing customers: Existing custs credit card deals

myright

Ok so once you go for a balance transfer card. Then you just use it as a normal credit card? And is the BT offer only the balance that's been transfered? Or does it include any purchases within that term?

SnowTiger

myright wrote: »

Ok so once you go for a balance transfer card. Then you just use it as a normal credit card? And is the BT offer only the balance that's been transfered? Or does it include any purchases within that term?

There seems to be an assumption by credit card companies and comparison websites that everyone is carrying a balance on their card. Balance transfer cards are usually simply cards that offer a good deal on balance transfers, but they can be used as other credit cards.

Some cards provide an additional interest-free period on new purchases: http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards.

Paully232000

myright wrote: »

Ok so once you go for a balance transfer card. Then you just use it as a normal credit card? And is the BT offer only the balance that's been transfered? Or does it include any purchases within that term?

They are two different offers, 0% on balance transfers, transferred within the first (usually) 60-90 days of opening, and 0% on purchases for a set amount of months. It will state on the application documents which, if not both, the card offers.

Also, if you do a balance transfer on a card which only offers BT 0%, I would not use it for anything other than getting the balance down as if you use it for normal everyday spending, and only pay the min payment, the normal spending will be paid first and so you could end up at the end of the BT months not having made a dent in the balance transfer as the amount incurring the highest interest (ie the purchases) will be paid first.

Cycrow

Also if you do a balance transfer then spend on that card, the spending will incur interest from day 1 (unless you also have 0% on purchases).

So even if you clear the spending on each statement, it will still cost you some in interest