Purchases Cards and 0% Balance Transfer Cards

Touser

Hi,

I was thinking of getting a Purchase Credit Card with 15 months 0% interest free and use this to make the majority of my purchases throughout the 15 month period.

The question I have is can I after the 15 month 0% interest free period transfer all the debt I have accrued onto a 12month 0% Balance Transfer Card or will the Company who I have the Purchase Credit Card with 15 months 0% interest free refuse to allow me to do this or charge me a fee?


Thanks

gt94sss2

Touser wrote: »

The question I have is can I after the 15 month 0% interest free period transfer all the debt I have accrued onto a 12month 0% Balance Transfer Card or will the Company who I have the Purchase Credit Card with 15 months 0% interest free refuse to allow me to do this or charge me a fee?

Yes, you can do this provided you find a suitable card to do this with in 15 months time.

Also, that card should be run by a different provider to your 15 month card - as the 'new card' is unlikely to accept balance transfers from other cards owned by the same bank.

Regards
Sunil

Touser

Thanks gt94sss2,

Is this something you have experience in doing because I just wanted to know if with a Purchase Credit Card with 15 months 0% interest free you have to payback a monthly minimum amount or if you just pay off the full amount accrued on the card before the 15 month period has ended?


Thanks

gt94sss2

Touser wrote: »

Is this something you have experience in doing because I just wanted to know if with a Purchase Credit Card with 15 months 0% interest free you have to payback a monthly minimum amount or if you just pay off the full amount accrued on the card before the 15 month period has ended?

You would need to pay the minimum payment due each month even during the 0% period - depending on the card issuer this is usually somewhere between 2-5% of the outstanding balance.

Setting up a direct debit for the minimum payment is a good way of ensuring you don't forget a payment. If you do forget a payment, providers may stop your deal and start charging interest..

What you propose to do has been called 'slow stoozing' and you may find the website/forums at http://www.stoozing.com/ useful as well as the Stoozing: Free Cash from Credit Cards forum on this site.

Regards
Sunil

Touser

Thanks gt94sss2 for all your help on this topic, I'll read through your recommended links.