How does balance transfer with credit card & zero percent interest work?
| Author | Message |
|---|---|
|
Written on: 08.11.2009 [19:41]
|
|
|
Bailey
Bailey
Topic creator
Posts: 4
|
I need a good deal for transferring my old balance to a new credit card: zero percent on the new card is a must. How does the transfer work and what is the catch? Do I need to tell my previous card provider? |
|
Written on: 15.11.2009 [03:15]
|
|
|
Maxi
Maxi
Posts: 5
|
As long as you pick a good provider for your new credit card, they should make the entire process easy for you. A lot of different cards now offer zero percent transfer deals, and you should be able to find one that allows you to transfer your balance for a small fee but keeps the interest at zero percent for several months. Essentially, your new card simply takes on your old balance (almost like a 'purchase') and does not charge you any interest on this balance for a certain period of time (usually around nine months). Your old balance on the old card is gone, and this card can be cancelled if you wish. I think most credit card companies will transfer the balance on your behalf, but you may have to fill out the paperwork... Has anyone out there done this? |
| Also very interesting: | |
