Balance transfer card

halkineso

Hello guys, I just wanna make sure I understand balance transfer card correctly. I'll be very grateful if someone can explain me all about it. ‎

If I'll be accepted for balance transfer card 0% interest for 30 months and 3% transfer fee that's mean I can transfer my balance to my current account and then just pay more than minimum payment each month until debt will be cleared (of course before 0% ends). !Am I right? ‎

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And what happens if I transfer balance after 90 days after opening credit card? I'll have to pay interest right?

So the best option is to transfer 30% of balance immediately after opening account?‎
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molerat

You need a super balance transfer / money transfer card to be able to transfer to your current account. The majority of cards only allow you to transfer from another credit card.

grumbler

halkineso wrote: »

If I'll be accepted for balance transfer card 0% interest for 30 months and 3% transfer fee that's mean I can transfer my balance to my current account

No, that means that you can transfer money to another CC to pay the debt off. To get money to your current account you need a card offering money transfers along with balance transfers.

and then just pay more than minimum payment each month until debt will be cleared (of course before 0% ends). !Am I right? ‎

Yes - about the minimum payments.

And what happens if I transfer balance after 90 days after opening credit card? I'll have to pay interest right?

What's special with 90? Depends on the T&C of the introductory offer of this CC.

So the best option is to transfer 30% of balance immediately after opening account?‎

:huh:
Why 30%?
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halkineso

grumbler wrote: »

Why 30%?
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As I know it's better to use less than 30% of limit.

grumbler

I've heard of 50%, and it's for the total unsecured debt and total available unsecured credit. And only if you want to apply for more credit. However, if it's promotional rate it's save to borrow more than 50%.