OK so I have had 2 credit cards ever, each time using the 0% period to 'borrow' a (rental) house deposit and then pay it back when the old deposit is returned.
I have never bought things on a credit card. I say this only to indicate my little knowledge about the 'day to day' rates and charges, as have never used it regularly
I have a balance on my credit card at present which is 0% until March 17. I pay a dd monthly to get this cleared by end of year.
I also have a 0% deal on cash/balance transfers until the end of 2017/beginning 2018 (will check exact details before making decision) and am considering borrowing a few hundred more on cc which will be interest free (except 2.5/3% fee of course) for some costs which I will definitely be able to repay in oct/Nov pay packet.
If I borrow say £300 and then pay off £300 when I'm paid in October, will the remaining balance 0% deal end in march 17, except the £300 which I will have until end 2017/early 2018 to repay (at 0%) - is that correct?
Obviously I'll check with cc company but they are not open until tomorrow and am playing with figures on spreadsheet now
I guess its because it seems as long as I have the limit left on my card (currently only using about 15%) it seems an 'easy way to extend 0% deadline' for much longer
I mean I'm not doing it for that, just short term borrowing, but I guess they don't care as they still get the 2.5/3% transfer fee, and I guess if I kept doing it to extend when I repay by they would stop offering the 0% rates
DISCLAIMER - I don't intend to take over a year to repay it, I'm just considering how it works so used actual dates as an example of the earlier/later deadline
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Credit card question
4 replies
Feellikearightungreatfulcow · 07/08/2016 22:18
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