TallPaul
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Yes, transfer it.
No, it just means after 15 months you start gettng charged interest. |
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Inked Yank
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no no no you are very wrong. interest-free plans mean if you dont pay off the balance by the end of the period, you will have to pay all the interest from when the 15 month period started. Unless otherwise stated in the agreement |
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dont know much
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You need help to sort out your debt if you have a 7k debt on credit card Credit cards are the highest interest rates usually. I would suggest that you go onto the martin lewis moneysaving expert web page there is loads of advice available there and all for free. There are forums where people give you great advice .pay it a visit. You really have to look into managing your debt. You may want to take a trip to citizens advice for financial advice free of charge good luck. |
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busybee26
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after the 15months they start to add interest - lesser known companys - some store cards - like the argos card used to say it was interest free for so many moths 6 or 12 then if you hadn't paid by the 12th month they'd add on all the interst owing - Check the terms and conditions is the moral of the story |
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Kev
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by transferring it all you are doing is making another commitment to another debt as it were your better off paying off the one you have by agreeing with your lender a set amount by using another card to pay off one is putting you further and further in debt i would seriously consider speaking to the citizens advice bureau as they can advise you on debt management without adding to the problem |
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es
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No on the 15 month is when interest will start |
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shineonuk
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beware!! there are many cons!
**look for 0% on balance transfers for x months. **
**this is what you need to look for!!**
i would advise that you cut up your credit card, and learn some self control over your spending! |
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Ollie
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I would check with the company.Good Luck |
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rauchgirl1
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you need to read the fine print. It should be but banks are unregulated.. you don't give the name, because hey, I would love to have a 7k loan intrest free for 15 months.. I would stick that in a cd and make some money off of the credit card company for a change! |
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MellowMan
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Yes, budget wisely, if you transfer you must pay it off with £466.67 per month for the 15 months.
Then the debt would be paid off, but miss a payment or don't clear by the end of the 15 mths and pay a lot of interest.
Take financial advice first. |
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RSJ
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There's no interest for 15 months- but I bet all that interest will be payable on 15 months plus 2 seconds. Read the fine print. More than likely, the interest will still accumulate and will appear in one lump sum on the 16th month statement. Also read the fine print to find out what the interest rate is, what happens if you pay off the balance before the end of the 15 months, and what the default rate is. Also look at their late fees and over limit fees. Credit card companies are sharks. Right now, if you miss even one payment by one day, they'll take you from your current rate to their default rate that can be as high as 30%. Same thing may apply with this no-interest deal. Miss a monthly payment, and it won't be interest-free. |
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Hokie_Pokey
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No, you don't have to pay the whole amount within 15 months. It means that after 15 months, whatever is left is going to draw insterest.
Read the small print tho...most cc companies limit the amount you can transfer for interest free. For instance, you may only be able transfer up to $5000 with no interest. |
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James M
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no... you have 15months at 0% then they will charge you interest from month 16 onwards. |
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Bored at work
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what people dont realize is that the very first time you have to pay intrest you need to switch your balance over to a new 0% card, NO MATTER WHAT
and once that intro time is gone, you knwo what you do.....YOu guessed it, switch it to another one with a 0% rate, wow thats amazing, now when I pay my balance it actually comes off of my balance instead of to intrest, what a novel idea,,, where did i think of this, i am a genius. and no the whole amound need not be paid by the end of the 15 months, at the end of the 15 months you need to switch it to another 0% card.... then youll be a genius like me |
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kittykat
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You should, if they have interest lower than the one you have now. Try to take advantage of the interest free for 15 months and pay as much as you can and at the end of 15 months, you pay less interest on your balance, IF they offer a lower interes rate than what you currently have. |
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pink.dan
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it dont have to be cleared its just that you get more inerest put back on thats all |
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phoenix13452
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I would not transfer it to another credit card, they might try to scam you and raise the interest on the 3rd or when ever month. No |
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partytime
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to save you money yes, because after those 15 months their rates may be higher then the card you already have |
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Jase
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It is cool if you plan paying it off within that 15 months. If you don't most interest plans like that have you paying back interest from those 15 months on top of the interest kicking in. |
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Bunny
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it would be best to clear buy then as i bet the interest rockets after the 15 months.
Why don't you log on to moneysavingexpert.com - you can find really good financial advice on there - try reading the articles but you could also post your question on the forums - good luck |
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love u
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no , just keep on changing every time the interest free period expires |
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geoffrey_0007
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It is ony any good and wise to do this if first of all, they don't charge you a fee to switch over to another card and secondly, you pay off your whole balance by the 15th month. |
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Innit
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No, it means they'll start charging you interest after 15 months, at which point you move to another. |
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