0% Credit card balance transfer

[bluetoff]

If I transfer my credit card balance to a 0% for 9 months offer,is it only the amount I transfer that is interest free for that period..

 

[ClubMan]

You'd need to check the terms & conditions of the specific offer to be sure. In many cases the 0% applies to the balance transferred and any subsequent transactions while there is any of the transferred balance outstanding incur immediate interest charges at the normal rate. Some offers may be different but I believe that this applies to many of these. So basically the 0% balance transfer is only of use if you are not going to use the card at all until the balance is cleared. Caveat emptor.

 

[fobs]

I have applied for an ulster bank on the basis that they are 0% on balance transfers and purchases for 6 months but maybe I am missing something. would I be better to transfer my current balance and pay this off over the 9 months and use my regular card in the meantime ( of course paying that off every month too)
I have a balance of 3000 on an AIB visa that I would like to clear over a few months as my husband just started a new business and money was tight for a few months but fine again now and so this sounded ideal.

http://www.ulsterbank.com/ulster/ri/Personal_Banking/Credit_Cards/default.htm

 

[ClubMan]

I have applied for an ulster bank on the basis that they are 0% on balance transfers and purchases for 6 months but maybe I am missing something.

No - maybe not. I just checked the best buys and it seems that some of the 0% balance transfer offers do also offer 0% on further transactions. However if you are availing of such an offer in order to deal with a large outstanding balance then you most likely do not want to rack up further debt using the credit card until the balance is cleared first. If you are not already on a 0% rate for your balance then you should transfer to such an offer now and try to address the spending habits/issues that caused you to rack up the debt in the first place while clearing the balance within the 0% offer period. Good luck.

 

[fobs]

THanks for That advice. We had a temporary glitch in our finances after my husband became self-employed but are not back on track and now want to clear the short-term credit card debt that was incurred during this time over the 9 months to give some breathing space. You are correct in so far as I will not need to use the card over the period other than to clear the balance but was just confused as to the terms & conditions of the Ulster Banks card after the warning given. Thanks....