Wednesday, July 28, 2010

Can you advise on 0% credit card transfers please?

Friend took out a Barclay Oyster credit card when she was working. It had six months 0% interest free on purchases. The time is almost up and she wants to transfer it to Abbey or Tesco or some other 0% credit card and start paying off the debt.





However, she's not working at the moment though has a very tiny regular income coming in - about 拢200 a month. Would anyone accept transfer on this basis? (she's about to start work again soon.)





Advise much appreciated.Can you advise on 0% credit card transfers please?
Read the fine print on those card transfers.


If a balance can be paid off in the zero interest period, great.


But, if a balance is carried beyond that time, interest is generally through the roof.





Also, when a balance is transferred, and any new charges are applied, ALL PAYMENTS will be applied to the lowest interest balance.





This means that the new charges receive no payments until the zero unterest balance is paid off.


The new charges accumulate interest, compounded daily.





If any payments are late or missed, the trouble is compounded by even higher interest.

No comments:

Post a Comment