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Balance Transfer meaning; Definition of "BALANCE"
Ijan
Posts: 1 Newbie
in Credit cards
I have £18,000 facility on my Credit Card. I have only spent £1,000 out of it, so i can still spend £17,000. If I want to do Balance Transfer from this credit card to another credit card that has 0% interest , how much will be able to transfer? the £1,000 that i have spent? the £17,000 i haven't spent? or the whole £18,000?
0
Comments
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how can you balance transfer money you haven't spent.
The reason behind a balance transfer is to clear the CC with the interest bearing balance to another with 0% for the period stated.
You want to put 17k to another card, that would mean you are 17k in debt to 1 card and 17k in credit to another, no that's not how it works.
You transfer the 1k for the 0% interest period.0
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