Bank of Scotland Credit Card Cheque offer

Could you get a 0% interest card and xfer all the 800 to it and thus pay it off quicker?

Just received in the post an offer from BoS, I have one of their credit cards.

The offer is to use one of the enclosed cheques to transfer an existing balance, with 6.9% APR for the lifetime of the balance.

Well, my balance with RBS is 800 ish and I am not making massive payments each month to clear it, can't afford to at the moment.

As the APR will be a lot higher on the RBS card, seems logical to make use of one of the cheques and transfer my balance.

There are Terms and Conditions, but none of them affect me, the amount I want to transfer is within my limit with BoS.

Anyone see any pitfalls?

Andy

Well others are doing the same type of thing - Barclaycard for example (I had a similar offer a week or two ago). So shop around and obviously, read all the small print.

One thing: the first thing to be repaid by your normal monthly repayments will probably be the low-interest balance transfer. So if you use your credit card a lot, you could very quickly be back to the normal (exhorbitant) rates on your previous balance and all the new stuff you've spent after the transfer date - which will probably increase if you stop using the "paid off" credit card!

Will do Dave, thanks.

Luckily, I'm not spending any more on any of my cards, just struggling to pay what's left off!

So, I'll look around at other offers before deciding, I have a few weeks to decide on the BoS offer.

Andy

Clear off the BoS balance before transferring the money.

Use the RBS card for all purchases from now on and pay that off in full every month.

Otherwise, it is likely that payments to BoS will go to clear the balance transfer leaving with you with interest on the more expensive part of the balance.

Cheers Jonathan, BoS balance is zero already.

Thanks for the info.

Andy