Money Transfer offer from credit card

batches66

Hi - A quick question. I have a credit card that is offering me 0% interest till January 2017 (1.9% fee) for a money transfer. I need some money to pay for some work to my house and was going to use my bank overdraft.
Is going for the money transfer option a better way and is this like a payday loan (that would effect your credit score)? or just like a balance transfer.
Thanks if anyone could answer.

20aday

Hello there.

I would imagine it'll be cheaper to use the Money Transfer offer in terms of Interest payable once you've factored in the banks' fees.

I've used two Money Transfer offers from one of my credit card providers; it's reported on my credit files as a promotional rate and not as a Payday Loan.

Just be aware of the standard rate for Money Transfers once the period finishes as this is typically higher than the card's (variable) standard APR for purchases and may cost you more in the longer term.

Tony147

Also,be aware - read the terms and conditions. I used a Barclaycard Money Transfer and didn't realise "Until you repay your transferred balance in full, you will incur interest on all your purchases at your standard purchase rate. This applies even if you repay your monthly spend in full each month." meant that I will be charged interest on any purchases FROM THE DATE OF PURCHASE until fully paid. Even if you do as I did and pay off your purchases in full plus something off the transfer. It may not seem much, but it will depend on how much you spend on average. I'm thinking about just not using the card until I've paid off the transfer amount (before the 0% offer ends).

beckyc18

hi, I have a credit card which I was going to pay off using a balance transfer to a different card offering 0% for 30+ months. as at the moment I am paying so much interest. I also have a loan and an overdraft, I am wondering if can I pay off both the loan and my overdraft using this balance transfer option? Any help would be appreciated

JimmyTheWig

beckyc18 wrote: »

hi, I have a credit card which I was going to pay off using a balance transfer to a different card offering 0% for 30+ months. as at the moment I am paying so much interest. I also have a loan and an overdraft, I am wondering if can I pay off both the loan and my overdraft using this balance transfer option? Any help would be appreciated

No.
To do this you need a card that allows "Money Transfers". Not many do allow this.