Hi Guys,
I just did a balance transfer with 12 months 0% interest …. IF i use my credit card now - lets say I buy something for $100….. Then pay $100 within 55 days.. Does this mean interest rate going back to 0% or that $100 will be charged interest rate until I pay all my credit
having done a few of these transfers i can advise the following:
BankWest, Citibank
If you transfer $5000 at 0% and then spend $200 you would need to pay $5200 by the end of the statement date or the ENTIRE AMOUNT WOULD INCUR INTEREST
ANZ, NAB, Bank of Melb/ST George
the Transferred amount is set aside with a 0% rate, any purchases you make would be under the standard agreement and you would only need to pay the $200 to avoid incurring interest.
but as was said above.. CALL YOU BANK.. and be SPECIFIC in your questions.
My experience with ANZ says otherwise. I paid up and cancelled the card straightaway.
If you have a balance transfer on the card, and you use it for a purchase, interest will be charged immediately. You will have no interest free days until the card if completely paid off.
Don't use it.
just put it away and pay it down.
Also if there is a Annual fee , be sure you have PAID that already as they will charge you that as well and interest.
So posters can give a better answer , please name the bank and card product.
Hi it is the American express card - Platinum Edge —- Got it with first year free
To be safe do not buy anything.
Their billing process is so complex.
I have one of those as as well and 3 months later still have not been able to get a direct debit set up.
On the one side their website says I am set up yet, have emails from them to thay effect yet can never seem to transfer.
Gave up after speaking to 7 customer service people.
Dumping them after the 11th month
First hand experience - DO not use it unless you pay anything you incur off on the SAME DAY!
I am on the phone to Amex for the 3rd month in a row where their system keeps charging me interest on a transaction I incurred and paid off back in month 1. Seems when I paid it off, their system had already calculated some interest and because I paid it off to the cent, the interest is still outstanding and accruing?!?
Their system keeps applying interest ($4.00 in this case) month after month. They've been good in helping me to reverse the interest charges but now they've found the issue and are asking me to pay an extra $160 once off to eliminate their system dating interest calc glitch and then still continue my direct debit monthly payments to keep it 0% also?!? WTF?
Anyway I got the $50 credit which always helps, and will pay it off in the next few months hen maybe just hold onto it as an emergency card for future.
We had a NAB on 12 months free purchases interest free…
we had a small residual amount left when it came up to renewal
We got a coles mastercard . rego's , rates etc were put on the new card and cash was put on the Nab to pay it off in its final month.
Just a better way to do a balance transfer and have interest free on all further purchases.
I could stand correct. check with the credit card issue company to be final.
In general, think you will be fine. Just make sure you don't spend on this new credit card until the credit transfer is completed, As the money you pay would go towards the new debt first before the old ones. Otherwise, you will get charge max interest rate for this purchase till you pay off the balance transfer and then this.