Need help Understanding my Credit Card

CCnoob

Hi guys, thanks for helping. complete newbie here when it comes to Credit Cards and need some help understanding the following things. The credit card i have is a MBNA Platinum Credit Card which is for money transfer. it comes with:

0% on balance transfers for up to 36 months
from the date your account is opened (2.48% handling fee, £3 min). Offer only applies to transfers made within the first 60 days.

So my 1st question is, if i transfer £1000 to my current account i have 36 months to pay interest free? so technically £28 for 36 and im done? +£24.80p for the 2.4% fee?

2nd, do i have to do all the transfers that i want within 60 days. like if borrow the £1000 now but my credit limit is £2000 i cant transfer another £1000 after 60 days?

these are the two biggest questions i have right now but if theres any more info you can tell me tht would be great. ive searched the web and watched some vids on mss but still a little confused . really dont want to mess up and get into debt. T

Thanks.

[Deleted User]

Yes, if you clear in full before the end of the promo period you'll pay no interest, subject to making minimum payments.

You can carry out later BTs but only those within the first 60 days will attract the 0% rate.

cakeforbrains

Question 1) Yes, if it is money transfer, as you say, then you can put the £1000 into your account now and pay it off over the next 36 months. Check what the minimum payment will be. If you miss a minimum payment they can rescind the offer and change you full interest.

Question 2) Yes, you have to do the transfers within 60 days.

If your credit limit is £2000 you won't be able to balance transfer the whole amount. It'll be 95% or thereabouts (depends on the credit card) to leave room for the fee and make sure you don't go over limit.

bengal-stripe

Don't forget MBNA has a minimum payment of £25 per month (most other cards have a minimum of £5 per month). This is for some people more than they want (or can) pay during the interest-free period.

Also bear in mind, once you have done the balance transfer, it is not a good idea to use the card for purchases. Even if you clear the amount owed to purchases every month, you will still have to pay interest on those purchases as you do not clear the card every month.

grumbler

CCnoob wrote: »

...The credit card i have is a MBNA Platinum Credit Card which is for money transfer. it comes with:

0% on balance transfers for up to 36 months
from the date your account is opened (2.48% handling fee, £3 min). Offer only applies to transfers made within the first 60 days.

So my 1st question is, if i transfer £1000 to my current account i have 36 months to pay interest free?

https://www.mbna.co.uk/compare-credit-cards/balance-transfer-credit-cards/mbna-platinum

What I see is 36 months and 2.48% for balance transfers.
For a money transfer it is 20 months and 4%.

CCnoob

thanks again. cant believe i did not notice it was 20 months for money transfer and 36 for balance transfers.
i have been doing some more research and am i right in thinking balance transfers are basicly ways of extending interest free period when the time is up on your current card?
also what is the interest added if you do still have money left after the free period is up. say i still had 1000 to pay what would the added interest be?

grumbler

CCnoob wrote: »

i have been doing some more research and am i right in thinking balance transfers are basicly ways of extending interest free period when the time is up on your current card?

In fact most people transfer the balances that they are paying high interest on. Nobody would offer 0% deals if all people kept transferring balances without paying any interest.

also what is the interest added if you do still have money left after the free period is up. say i still had 1000 to pay what would the added interest be?

Interest on 1000 starting from the day when 0% ends.