Hi,
Is it possible to take out a 0% Balance Transfer offer credit card and transfer to a personal loan, i. e. pay off the loan and take advantage of the 0% interest? This would be for about 10K.
If yes, which credit card would be recommended? Preferably for at least 12 months interest free and no annual fee or low.
Yes it is possible.
Citibank only allow you 80% of your total credit limit. You will still need to pay off the monthly minimum payment.
I am confuse, by paying ff the month repayment do we need to pay extra on the interest?
What interest at that stage? It's zero.
So it is zero interest for 12 months not 0% on balance transfer?
I've been trying to do that, apparently only Virgin & Citibank offer this option through issuing a cheque to yourself. However most cards come with a hefty annual fee apart from the most basic ones where i've learnt they will offer you a $1000 limit. Still it might still be worth switching.
http://www.creditcardfinder.com.au/balance-transfer-a-person…