| Credit Card question 11:36 - May 31 with 1641 views | King_of_Portman_Rd |
Apologies for a (probably) daft question, but a day or so of googling hasn't made it any clearer.
I am looking for a new credit card to transfer an existing balance from an other card as my introductory offer is expiring.
I have purchased X amount on my current card which will start charging interest next month.. If I transfer all my balance to a new card, do I need one with a low purchase rate or does it get lumped in with the overall amount.
In summary does purchased credit always remain 'purchased credit' or does it all become one amount once you transfer the balance? |  | | |  |
| Credit Card question on 11:42 - May 31 with 1600 views | wkj |
Also be ready for the self righteous lectures that will now probably follow |  |
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| Credit Card question on 11:46 - May 31 with 1580 views | King_of_Portman_Rd |
Indeed. Looking at 0% Balance transfer cards. The crux of my question is based on me making purchases on my current card, which will start charging interest soon.
Therefore I have a card with a mix of 'Balance' and 'Purchased' credit. If I transfer that to a new card does that simply become 1 sum as if it has all been reset? Or do my 'purchases' still run the risk of still being considered being 'purchases' on a new card? | | | |
| Credit Card question on 11:48 - May 31 with 1569 views | J2BLUE |
| Credit Card question on 11:46 - May 31 by King_of_Portman_Rd |
Indeed. Looking at 0% Balance transfer cards. The crux of my question is based on me making purchases on my current card, which will start charging interest soon.
Therefore I have a card with a mix of 'Balance' and 'Purchased' credit. If I transfer that to a new card does that simply become 1 sum as if it has all been reset? Or do my 'purchases' still run the risk of still being considered being 'purchases' on a new card? |
Any balance transferred to a new card will be considered a balance transfer.
I have done this myself plenty of times in the past as it allows me to keep a bigger matched betting bank where I can make a lot more money. |  |
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| Credit Card question on 11:50 - May 31 with 1562 views | bluefunk |
It makes no difference how the balance arose, purchased or otherwise - once you transfer a balance it is charged at the advertised rate, so as J2 says, if you were to transfer to a 0% card then for the period of the 0%rate you would pay no interest |  | | |
| Credit Card question on 11:51 - May 31 with 1557 views | King_of_Portman_Rd |
| Credit Card question on 11:48 - May 31 by J2BLUE |
Any balance transferred to a new card will be considered a balance transfer.
I have done this myself plenty of times in the past as it allows me to keep a bigger matched betting bank where I can make a lot more money. |
Great news.
It's amazing how googling this doesn't really clarify it that much as every site just tried to flog you a different card.
Much appreciated and I shall ensure that I make all efforts to pay off the balance as quickly and efficiently as possible as I am aware that 'making only the minimum payment each month, will take longer and cost you more to clear your balance' | | | |
| Credit Card question on 11:56 - May 31 with 1544 views | Guthrum |
| Credit Card question on 11:42 - May 31 by wkj |
Also be ready for the self righteous lectures that will now probably follow |
More a matter of being careful than disapproval. I got myself into an awful lot of trouble with credit cards that way (trying to run a business during a recession), transferring balances back and forth on 0% deals until there was no credit left. |  |
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| Credit Card question on 12:48 - May 31 with 1393 views | J2BLUE |
| Credit Card question on 11:56 - May 31 by Guthrum |
More a matter of being careful than disapproval. I got myself into an awful lot of trouble with credit cards that way (trying to run a business during a recession), transferring balances back and forth on 0% deals until there was no credit left. |
Agree, have to watch the liquidity or the system falls down quickly | |
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| Credit Card question on 13:14 - May 31 with 1344 views | Argyle_blue |
As far as I understand yes transferred debt becomes purchase credit. You can't transfer cash that you have taken out on your credit card the same way. It's so important to look at the transfer fees not just the APR. You may be better off getting a personal loan as some of the transfer rates can be higher than personal loan rates.
No judgement here and it definitely makes more sense than paying the ridiculous interest on your existing card.
Good luck. |  | | |
| Credit Card question on 13:15 - May 31 with 1342 views | SpruceMoose |
| Credit Card question on 11:48 - May 31 by J2BLUE |
Any balance transferred to a new card will be considered a balance transfer.
I have done this myself plenty of times in the past as it allows me to keep a bigger matched betting bank where I can make a lot more money. |
Here comes a thirty pager! |  |
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"Imagine being a heterosexual white male in Britain at this moment. How bad is that. Everything you say is racist, everything you say is homophobic. The Woke community have really f****d this country." | | Poll: | Selectamod |
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| Credit Card question on 13:16 - May 31 with 1338 views | wkj |
| Credit Card question on 13:15 - May 31 by SpruceMoose |
Here comes a thirty pager! |
I try not to eat debt if it has happy eyes | |
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