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BlueCorsa
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posted on 4th Jan 09 at 20:44 |
Which is why I said:
quote:
Originally posted by BlueCorsa
Unless either card has a 0% deal (in which case you'd only transfer once), then I think you get the interest charged from the date when the balance transfer is done?
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Twiggy
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posted on 3rd Jan 09 at 12:33 |
quote:
Originally posted by BlueCorsa
^^ Worthwhile if you're transferring it one-time to a 0% deal, but not to transfer the balance backwards and forwards every month between cards!
?
but if you on 0% you wont need to transfer every month?
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BlueCorsa
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posted on 3rd Jan 09 at 07:40 |
^^ Worthwhile if you're transferring it one-time to a 0% deal, but not to transfer the balance backwards and forwards every month between cards!
Unless either card has a 0% deal (in which case you'd only transfer once), then I think you get the interest charged from the date when the balance transfer is done?
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Twiggy
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posted on 2nd Jan 09 at 12:50 |
quote:
Originally posted by CorsaB4ever
quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
care to enlighten me?
sure, its worth while because.....
http://uk.virginmoney.com/virgin/credit-cards-v3/
Using the above card as example and £1000 balance and that std rate of 16.6% apr....
2.98% balance transfer fee = £29.80
interest per month @ 16.6% = £12.92 x 16mths = £206.66 Saved in interest - £29.80 bt fee
=====
Total Saving £176.86
[Edited on 02-01-2009 by Twiggy]
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ash_corsa
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posted on 2nd Jan 09 at 12:16 |
quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
there isnt anywhere that will transfer a balance without a fee so technically you're wrong.
i managed to haggle with my credit card company and got it halved (1.25%)
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Toby
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posted on 2nd Jan 09 at 11:03 |
quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
care to enlighten me?
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Aaron
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posted on 2nd Jan 09 at 09:16 |
Ah :)
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ash_corsa
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posted on 2nd Jan 09 at 00:49 |
No, you cant use a credit card to pay off another credit card like that.
You can transfer a balance, which incurs a handling charge.
If you read the back of your statement, it should tell you, i know mine does.
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Twiggy
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posted on 1st Jan 09 at 22:59 |
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
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Toby
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posted on 1st Jan 09 at 22:24 |
yes its called a balance transfer, most places charge 3% so its not really worthwhile
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Aaron
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posted on 1st Jan 09 at 17:59 |
Scenario:
You have credit card A which has a current balance of lets say....£200. The date for it to be paid before incurring interest is 18th Jan 09
You also have credit card B (which is with a different bank). Could you use this credit card to pay the balance of credit card A?
It doesnt stop there either....
Providing the above can be done.....
When the statement for credit card B (which currently has a £0 balance) turns up...for £200 of course....could you use credit card A again (which by now should have a 3) balance) to pay it? and so on and so on....
I'm not in the situation by the way....i just had the thought last night :lol:
[Edited on 01-01-2009 by Aaron]
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