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Please help - credit cards - money transfer/balance transfer

3 replies

greenbluepink · 02/05/2022 19:02

Please can somebody explain in simple terms the difference between money transfer and balance transfer?

I have an unexpected bill and need around £2000 which I just don't have.

I have been looking at credit cards and think I need a money transfer.

I found a deal that is interest free for 18months and the transfer fee is 4%

Does this mean for example if I transfer £2000 I pay a fee of £80 (4%) and then o repay the £2000 interest free as long as I pay it all within the 18months???

OP posts:
chipsandpeas · 02/05/2022 19:07

balance transfer will pay off another card
money transfer will transfer the amount to your bank account

NoWordForFluffy · 02/05/2022 21:50

Yes, you'll pay the £2,080.00 interest free if paid within the 0% period. You could always then balance transfer any balance you had left at the end of this period if you hadn't quite managed to pay it off (though this wouldn't be ideal).

You can only transfer about 95% of the credit limit of the card, so you'll need to take this into account if you're asked what credit limit you need / want.

greenbluepink · 03/05/2022 08:44

Thanks both! That's helpful

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