Money transfer cards

cb122

Are there any common catches with money transfer cards? Im looking to move approx 4500 from a 19% approx apr card to something 0%. On uswitch many say 0% transfer fee and 0% interest on the balance for approx 2 years. This seems to go to be true and what do they benefit from by offering such a deal if people pay their balance off within the 24 months?

[Deleted User]

Many people don't.

Plus money transfer have associated fees.

cb122

Many people dont what?

[Deleted User]

Pay their balance off.

cb122

So in answer to the question if you did pay the balance in 24 months there is no catch?

[Deleted User]

As long as you make at least min payments, there is no catch.

Nebulous2

You don't need a money transfer card to move a balance from another credit card. They are for putting cash in your bank account.

A balance transfer card will work to transfer a balance. They usually have lower charges than money transfer cards.

The catches are if you miss payments, don't pay it off within the time and then don't transfer it again. You are also likely to pay interest if you spend on it as well after transferring a balance.