APR

Claribelle

Hello everyone.

Please accept my apologies for being naïve however I really don't know what I'm doing I'm afraid.   I'm looking to reduce my payments on 3 credit cards so looking at balance transfer.  I'm looing at Nat West 28 months 0%  however it says APR 23.9% which has confused me.  Is the APR just for purchases?  

I don't intend to make any purchases on the new card.   

Thank you in advance. 

la531983

Yes.

....

Brie

It may be the APR listed is if you still owe money on the card when the 28 months are up.  It is a standard thing to go from 0% to whatever the listed rate is for cash advances though generally that rate is higher than the one for purchases.  If you intend to pay the transfer off in full before the end of the 28 months and never intend to make purchases it's not a problem.

Just stating the obvious here - do ensure you set up a DD for at least the minimum on the new card so you don't lose your BT deal prematurely.  And you've said you won't be using it for purchases but if you did you would likely be paying their APR from the date of purchase rather than after the "free" period as you won't have cleared the balance in full due to running a 0% transfer.

eskbanker

Claribelle said:

I'm looking to reduce my payments on 3 credit cards so looking at balance transfer.  I'm looing at Nat West 28 months 0%

Just in case you haven't already done this, there's more to seeking balance transfer deals than picking from 'best buy' lists, so start by checking your credit files to ensure that everything there is accurate, and then use one or more eligibility checkers to form an approximate view about which lenders are likely to offer you credit:

https://www.moneysavingexpert.com/loans/check-free-credit-report/
https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_BALTRANSFERV2
https://www.natwest.com/credit-cards/longer-balance-transfer.html#apply