Balance transfer CC

RandomNamehuh

Hi everyone. I'm new to balance transfer CC, could someone please confirm if I understand it correctly?

I've got 2 regular credit cards always paid in full every month! This month due to some unexpected circumstances I had to spend around £6000 on them (£15000 combined limit). I can't just pay that at the due date but also I'm not gonna pay the crazy interest rate that come with them, so I decided to take another credit card 15 months 0% APR with 0.99% fee on balance transfer. I got approved for £8700.

So, now waiting for the card to arrive, Internet banking, etc. to kick in. What I understand is: I can now transfer the debt from my 2 credits cards to this new card pay 0.99% fee therfore £60 one off. No interest will be due in any of the 3 CCs! Pay the minimum balance every month to this new CC or whatever I'm comfortable with until the 15 months period and just before that clear the balance with nothing else to pay whatsoever?

MorningcoffeeIV

Assuming the transfer is made before the due dates on your other cards and also assuming you don't mix payments in with the BT on the new card, and also assuming you don't miss any payments on the new card, then yes. 

Nasqueron

Check your payments for your old cards too, they may be set to take the full balance and some don't adjust the DD if you make an interim payment. I know with my Lloyds card for example, they adjust the DD to take the full balance after any payments are made e.g. statement value of £1000, pay £500, DD is taken at £500. I was once caught out with a BT where it was done late, close to the payment DD and it was paid off and the DD was taken too putting the card heavily in credit which I had to get refunded