I see that egg card have a special offer of 5.9% APR on transferred balances. Seeing as my main credit card balance is already on the card I'm not going to benefit from this offer. So I was thinking about transferring the balance to my Royal Bank of Scotland Visa card and then back again to get the lower rate. Does anyone foresee any problems that might arise? TIA.
James
Isn't it 5.9% pa and about 13.9% APR. I transfered mine to natwest current account and then back again. seemed to work.
Hmm. I don't think I understand APR. If I do what I detail above I will save money won't I?
APR stands for Annual Percentage Rate which is what should always be compared when dealing with financial organisations. It is a benchmark comparison which these companies must quote, it takes into account charges. Switching between credit cards is sensible look for the one with the longest
0% interest term eg Halifax are doing this for 9 months and is only available if you apply during September. *I am not a financial adviser and anything which is said is not meant as financial advise as I could be incorrect*
I'v e just got an MBNA wich also has a 9 month 0% rate - I've taken the 13K credit limit as a balance transfer and slammed it into an ISA and a savings account. Nice!
8-)
Barcaycard have interest free for ever on balance transfers (you must use the card for 50 per month) at
Check small print then. Usually any repayments to the card are applied to the balance transfer first. So any balance resulting from purchases will may accrue interest at a 'normal' rate.
I keep my balance transfer cards seperate from my main 'day-to-day' purchase card, which I pay off each month.
Si
In message , financefan writes
Dont forget that the APR should include the period after the special offer rate has ended so in this case it is valid to also compare the special monthly rate as well.
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