Cash Transfer - Avant

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OrangeLavender

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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.
 
OrangeLavender said:
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.
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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.
 
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.
samanthawatson1 said:
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.
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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 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 www.avantmoney.ie
 
nest egg said:
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 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 www.avantmoney.ie
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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.
 
For Money Transfer, I assume staying underneath the overall credit limit is not really an issue after the first month's payment?
Avant are running a 9 month interest free option at the moment.

Can anyone who has used the Money Transfer say how the balance is presented each month?
e.g.
Money Transfer minimum payment €2000
Retail transactions minimum payment €5.40

or just
Minimum payment €2005.40
 
Okokokoknic said:
Avant are running a 9 month interest free option at the moment.
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Isn't it 12 months for money transfers and 9 months for balance transfers on their One Card?

Credit Cards with Cashback & Award Winning Rewards

Choose between €100 cashback with Reward+ card or 0% for 1 year on Money Transfers with One card. Plus access 300+ rewards with our award winning loyalty programme. Our credit cards don't follow the herd. They lead the pack.
www.avantmoney.ie www.avantmoney.ie

  • 0% interest on credit card money transfers for 12 months†
  • 0% interest on credit card balance transfers for 9 months†
Click to expand...
 
Hi ClubMan,
I'm on an older rewardplus card from 2019 that gives a max of €12/month cashback.
At the moment this card is offering the following:

As summer winds down, new routines and expenses like the back-to school shop, can start to pile up, we have a limited-time offer** to help you stay ahead.

You can enjoy 0% interest on money transfers for 9 months* – giving you fast, flexible access to funds when you need them most.
  • Transfer from €100 up to 95% of your available credit limit
  • Funds in your account as soon as the next working day (when requested before 2:30pm on weekdays)*
  • 0% interest for 9 months*
    ** Offer ends 30th September 2025
Click to expand...
 
I'm on the same card as you Okokokoknic. When I check my offer I'm getting the reduced rate of 12.9% a month for 6 months. Yay.

I took them up on the offer a few years ago for th 0% so maybe they only offer it once. I found it grand at the time. I just paid it off before the final date so it worked as expected.
 
Interesting. I have the same card as Okokokoknic and qwerty5 (max of €12/month cashback) and on 14 Aug I got an email with this money transfer offer:
  • 5.9% interest for 6 months
  • Offer ends 30th September 2025
When I rang today I was told the same. They also advised to ring monthly to see what the current offer is, rather than waiting for the very sporadic "offer" emails.

So, 3 different money transfer offers for 3 customers with the same card...
 
A carefully set trap is how some might describe it :)
You can ask for 95% of your credit limit to be transferred to your nominated bank account.
There is 0% interest on this over the agreed period - varies 6/9/12 depending on the customer and card it seems.
You have to make the minimum payment each month.
If you continue to use the card for retail spending, you may go over your limit and your 0% period ends immediately.

Worst case - an average consumer ends up with a 11K credit card bill paying 16-20something % interest.
Best case - an AAM power user invests the 11K in the best buy fixed term interest account and pockets ~€100.

Somewhere in between, you can spread an 11K expense over 6/9/12 months interest free.
 
Ah there's better cases than that. In ours I used it to pay off a loan we had and then didn't use the card for the term of the interest free term (we have two cards which we rotate so as not to pay an interest ever). So I got an loan paid off early and paid no interest.
 
It requires discipline but we have taken advantage twice. Once to buy furniture we could have waited for i guess. Another time to part finance a car....we also leveraged the vrt time to pay as it was an import :)
 
Let's assume a person with a credit limit of €12,000 pays off their purchases in full every month. What happens in the following scenario?

Person takes promotional money transfer €5,000 @ 0%
Person makes purchases €1,000
Bill comes in - total balance outstanding €6,000... minimum payment is say €60
Person pays off the purchases as usual for €1,000

Does the €1,000 definitely get allocated entirely to the "purchases"? As opposed to it getting split in some way and interest being charged on the purchases?
 
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