Credit card

[Firstbaby1234]

I have a credit card which I have £1000 on, if I got a 0% balance transfer for 12 months, does this mean the £1000 will transfer over to the other credit card and I don’t have to pay interest on the £1000 for 12 months?

If you new card provider is offering a 0% balance transfer, then yes the £1000 can be transferred over.

However, check the fine print. There is often a fee for doing a balance transfer. That may be 3%, it may be a fixed amount such as £75. It is very rarely free.

0% deals also have terms, such as if you do not make the minimum payment each month, you lose the 0% deal.

As with any financial product it is essential that you read all of the fine print.

You won't be allows to transfer £1000, it'll be a % of the credit limit including fees. But yes, you're right about the interest rate on the money you've transferred.