Cash Transfer - Avant

[OrangeLavender]

If someone was to avail of the 0% 12 month cash transfer from Avant, assuming that the money will definitely, 100% be fully paid in 12 months, are there any negatives that could be foreseen? Just curious as I have a couple of thousand left on a loan which I have been overpaying and it might be an interest-free way to get it closed off even earlier. I understand that they are banking on the fact that not everyone will pay back the money within the interest-free window but take that out of the equation.

 

[ClubMan]

Deleted - ignore.

 

[Fire away]

If someone was to avail of the 0% 12 month cash transfer from Avant, assuming that the money will definitely, 100% be fully paid in 12 months, are there any negatives that could be foreseen? Just curious as I have a couple of thousand left on a loan which I have been overpaying and it might be an interest-free way to get it closed off even earlier. I understand that they are banking on the fact that not everyone will pay back the money within the interest-free window but take that out of the equation.

No downside once you make the 1% monthly payment. One thing to note you can't really make any other transactions on the credit card. If you do you will have to repay full balance back or else incur charges on full balance. I had a big loan about 4 years ago which I have been switching between An Post and Advantcard every 12 or 9 months so essentially a 4 year interest free loan if I ignore the €30 gov levy.

 

[OrangeLavender]

I was wondering alright whether I could use the card so that's good to know. Thanks for the insight.

 

[OrangeLavender]

Thank you, that is solid advice in relation to the possible impact of taking on new debt. I still haven't made a final decision on what to do.

Assuming you are able to repay the 0% 12 month cash transfer from Avant in full within the given time frame, there should not be any negative consequences. However, it is important to read the terms and conditions carefully, including any fees or penalties that may apply for early repayment or late payments. Also, keep in mind that taking on additional debt, even if interest-free, can have an impact on your credit score and overall financial situation, so make sure to weigh the pros and cons before making a decision.

 

[Protocol]

IGNORE, sorry.

 

[nest egg]

Avant also have a feature called "Money Transfer", as distinct from "Balance Transfer", which seems to be a form of a 0% loan for 12 months. Does anyone have any experience with this?

"Money transfer - Transfer funds from your credit card to your bank account when you need it. Give yourself the freedom and flexibility to cover all your payment needs."

Transfers

www.avantmoney.ie

One card. One year. Zero interest.

With 0% for one year on money transfers, it’s like having an interest free loan in your pocket. Zero in on real savings by transferring money from your One credit card to your bank account when you need it with no interest for 1 year. You also get 0% interest on Balance Transfers for 9 months &...

www.avantmoney.ie

 

[qwerty5]

Avant also have a feature called "Money Transfer", as distinct from "Balance Transfer", which seems to be a form of a 0% loan for 12 months. Does anyone have any experience with this?

"Money transfer - Transfer funds from your credit card to your bank account when you need it. Give yourself the freedom and flexibility to cover all your payment needs."

Transfers

www.avantmoney.ie

One card. One year. Zero interest.

With 0% for one year on money transfers, it’s like having an interest free loan in your pocket. Zero in on real savings by transferring money from your One credit card to your bank account when you need it with no interest for 1 year. You also get 0% interest on Balance Transfers for 9 months &...

www.avantmoney.ie

Yep. I could avail of 6 months interest free. When you apply (a phone call) the money appears in your account the next day.
You just have to pay the minimum each month and pay it off 100% before the 6 months are up.
The lady I dealt with said not to use the card as then I'd start paying interest. Not a problem for me as I've 2 cards. So I've locked the Avant for the 6 months.

Obviously if you will have an issue paying it off within 6 months don't do this. Once your free term is up it reverts to credit card rates.