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  • FIRST POST
    • Josh_Milner
    • By Josh_Milner 5th Dec 17, 12:00 AM
    • 27Posts
    • 10Thanks
    Josh_Milner
    A daft question
    • #1
    • 5th Dec 17, 12:00 AM
    A daft question 5th Dec 17 at 12:00 AM
    Hi All,

    I currently have a 0% credit card but due to the loft extension and having to decorate a full house I was looking at balance transferring this with the 0% apr running out but Iím right in saying if I get another 0% apr and meet the minimum monthly payment will it still be 0% apr obviously I know I wonít clear it before the offer runs out but Iíll just transfer it again and up the payments it just with the mass amount Iím paying I need to free up a little extra cash monthly just to help with the cost of decorating etc

    Thanks
    Josh
    Debt Free Wanabe #StartSmallDreamBig £8419/£8419
Page 1
    • Abbey1991
    • By Abbey1991 5th Dec 17, 12:12 AM
    • 95 Posts
    • 11 Thanks
    Abbey1991
    • #2
    • 5th Dec 17, 12:12 AM
    • #2
    • 5th Dec 17, 12:12 AM
    You might have to pay a fee which would complicate the APR calculation, but broadly yes I think you can do what you suggest.
    • chattychappy
    • By chattychappy 5th Dec 17, 8:25 AM
    • 6,771 Posts
    • 3,666 Thanks
    chattychappy
    • #3
    • 5th Dec 17, 8:25 AM
    • #3
    • 5th Dec 17, 8:25 AM
    Yep. For 0% BT cards, a fee is added to the balance - typically 3%. You then pay off the new card in the usual way without incurring interest. APRs do not take account of any balance transfer fee (they should in my opinion, but that's for another thread).

    Because of the 3% fee, it's not worth transferring anything you can pay off in a month or so, because standard interest is typically 1% to 3% a month.
    • techra02
    • By techra02 7th Dec 17, 6:36 PM
    • 19 Posts
    • 8 Thanks
    techra02
    • #4
    • 7th Dec 17, 6:36 PM
    • #4
    • 7th Dec 17, 6:36 PM
    Can I ask if you continue doing that, and I am just about to do it myself. Does it not affect your credit rating as you are applying for more cards. I am concerned that I may shoot myself in the foot although I do hope to be able to pay this one off fairly quickly.
    • chattychappy
    • By chattychappy 8th Dec 17, 7:33 AM
    • 6,771 Posts
    • 3,666 Thanks
    chattychappy
    • #5
    • 8th Dec 17, 7:33 AM
    • #5
    • 8th Dec 17, 7:33 AM
    Don't worry.

    In general if you will be OK if you're overall credit available is well above what you are using* and you pay more than just minimums (£1 more is enough to avoid a "minimum payment" market). And, of course, you don't miss any payments.

    (* it will be if in the case of a BT, because the card you are clearing will have a zero balance.)
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