Balance Transfer question

truthseeker_4

Hiya

I've got a Sainsburys card with 0% on purchases for a while longer. It's in my mum's name, however I'm additional cardholder. My mum wants to transfer money from other, higher interest credit cards, onto this 0% card. However if you 'balance transfer' on it the interest is no longer 0%.

So here's my theory--I have free overdrafts in my bank account, if I pay off her old cards with my overdrafts, and then she writes a cheque (Sainsburys credit card cheques) to me for the money so it goes onto the Sainsburys card....then does that class as a purchase and not a balance transfer so it will remain 0%???

Bearing in mind I am additional cardholder and we share the same surname.

Hmm...

YorkshireBoy

truthseeker wrote: »

...then does that class as a purchase and not a balance transfer so it will remain 0%???

No. It'll go down as a cash advance/cheque transaction and immediately start to incur interest at 19.95% or 20.95% APR (although there doesn't appear to be the customary 3% fee charged, according to the Sainsbury's Summary Box).

truthseeker_4

:eek: thanks for the heads-up!

...wait, that box is different to mine, mine is 0% on purchases for about 12 months, but not 0% on balance transfers.

I *think* checking my box, it's better to just balance transfer...goes up to around 5% interest, but that's better than 20%!