You should defineltly check the T&C of your specific BT offer, or call the bank to get the most accurate information. That said in general, I've always seen for 0% interest on BTs for x amount of months with a one time 3% or 5% BT fee. The fee is charged immediately when you initiate the blanance transfer. So if you have $1000 to transfer and your offer has a 3% BT fee then your total balance transfer wil be $1030. That amount will have 0% for the duratition of the offer but you must make at least the min payments until paid off. If you do not pay the full amount (or miss a payment) and your time period (12, 15, 18 months etc) expires your new interest could be in the 21+% range or worst you could have all the deferred interest added on to the remaining balance IN ADDTION to an astronomical interest rate. Before deciding, calculate what you want to transfer add the BT fee and then divide by the number of months the offer is at 0%. That should give you an idea of what you need to pay off the balance without any interest beyond the BT fee. Even better if you plan to pay off 3-6 months before the 0% promotion ends.👌🏽🙂
@KnowledgeSeekr wrote:
@MySunrise271 wrote:You should defineltly check the T&C of your specific BT offer, or call the bank to get the most accurate information. That said in general, I've always seen for 0% interest on BTs for x amount of months with a one time 3% or 5% BT fee. The fee is charged immediately when you initiate the blanance transfer. So if you have $1000 to transfer and your offer has a 3% BT fee then your total balance transfer wil be $1030. That amount will have 0% for the duratition of the offer but you must make at least the min payments until paid off. If you do not pay the full amount (or miss a payment) and your time period (12, 15, 18 months etc) expires your new interest could be in the 21+% range or worst you could have all the deferred interest added on to the remaining balance IN ADDTION to an astronomical interest rate. Before deciding, calculate what you want to transfer add the BT fee and then divide by the number of months the offer is at 0%. That should give you an idea of what you need to pay off the balance without any interest beyond the BT fee. Even better if you plan to pay off 3-6 months before the 0% promotion ends.👌🏽🙂
Great thanks. So just to be clear the interest would be charged immeidatley "if above 0%" unlike traditional where I could pay off within 30 days with no interest if paid in full?
Your BT fee is one time and immediately added to your total transfer amount. So yes that is the only interest you will pay. HTH 🙂
@markhs777 wrote:
@MySunrise271 wrote:You should defineltly check the T&C of your specific BT offer, or call the bank to get the most accurate information. That said in general, I've always seen for 0% interest on BTs for x amount of months with a one time 3% or 5% BT fee. The fee is charged immediately when you initiate the blanance transfer. So if you have $1000 to transfer and your offer has a 3% BT fee then your total balance transfer wil be $1030. That amount will have 0% for the duratition of the offer but you must make at least the min payments until paid off. If you do not pay the full amount (or miss a payment) and your time period (12, 15, 18 months etc) expires your new interest could be in the 21+% range or worst you could have all the deferred interest added on to the remaining balance IN ADDTION to an astronomical interest rate. Before deciding, calculate what you want to transfer add the BT fee and then divide by the number of months the offer is at 0%. That should give you an idea of what you need to pay off the balance without any interest beyond the BT fee. Even better if you plan to pay off 3-6 months before the 0% promotion ends.👌🏽🙂
I agree with you but why pay off.the 0% 3-6 months before the promo rate ends. You've already paid the 3-5%. Might as well leave in an interest bearing account (as small as it may be) and pay off the the transfer let's say a month before before the promo ends to be on the safe side.
Agree. I'm overly anxious about not missing the end of term, but that's just me 😊
almost all balance transfer offers I have ever seen state interest starts accruing the date the transfer posts.
at 7.9%, roughly $0.22 per day interest per $1000.
| 7.9/100/360 | *1000 | =0.219 |
