Credit card Balance Transfer

cheeky-virgin

How Balance transfer works ?

I have a Barclay's card with 19.9% and my limit is £1000 and i still have 20 pounds left on this card.. but i did not miss any payment and paying minimum amount every month and it doesn't seems to be finish.

Now i have got a new credit card with Asda and they offering 0% of balance transfer for 9 months.

so what and how should i manage to give less interest every month so i can pay the money as soon and i can and please describe me about this thingy in detail.

Thanks.

CLAPTON

If you simply pay the minimum payment each month on a credit card it will take you about 20 years to clear it and you will pay an enormous amount of interest.
So you need to find extra money to always pay more than the minimum.

You can reduce the interest by doing a balance transfers to your 0% Asda card... they will probably charge you a BT fee... phone them up and ask for the BT.. you will need to have your Barclaycard number handy and how much you want transferred.

DONOT use the Asda card for normal purchases as you will be charged interest on the purchases.

However at the end of 9 months the interest rate will revert to their standard rate ...(.what is it). You need to aim to clear the entire balance before then to avoid interest in the future.

cheeky-virgin

CLAPTON wrote: »

If you simply pay the minimum payment each month on a credit card it will take you about 20 years to clear it and you will pay an enormous amount of interest.
So you need to find extra money to always pay more than the minimum.

You can reduce the interest by doing a balance transfers to your 0% Asda card... they will probably charge you a BT fee... phone them up and ask for the BT.. you will need to have your Barclaycard number handy and how much you want transferred.

DONOT use the Asda card for normal purchases as you will be charged interest on the purchases.

However at the end of 9 months the interest rate will revert to their standard rate ...(.what is it). You need to aim to clear the entire balance before then to avoid interest in the future.

So thats mean i should ring Asda and ask them to transfer my all balance with them from barclays , would it be charge any interest for the ist 9 months ?

and how this thing will work , i mean to say that after doing bt do i still have to pay to barclays ?

Little_John

If you transfer the ballence from the barclay card to the Adsa card then there is nothin left to pay on the barclay card so why would you carry on paying them? You then make your payments to the asda card.

During the intrest free period Asda do not charge you any interest, If you only have £20 left to pay on the Barclay card can you afford to pay it all off? If you can it would be better than transfering it to the asda card it isnt worth the effort to transfer £20.

Bloke_with_a_simple_life

cheeky-virgin wrote: »

So thats mean i should ring Asda and ask them to transfer my all balance with them from barclays , would it be charge any interest for the ist 9 months ?

and how this thing will work , i mean to say that after doing bt do i still have to pay to barclays ?

YEs - I expect there would be a balance on your barclays card relating ot the unpaid interest you would pay between the last statement and the date the payment is received (assuming you ask Asda GE to transfer the balance as at your las statement date). This will have to be paid by you. This, I expect, would be a one-off payment to clear you balance down on the barclays card.