Balance Transfer

[lankeela]

I have just received a new Halifax credit card and am doing a balance transfer from Capital One who have put up their interest rates yet again. I know I get 9 months interest free on the balance transfer, but what happens if I use the card before the 9 months is up, I think there is also 9 months interest free on purchases. I just don't want to end up having to pay the interest on the balance transfer so need some advice as to how this works.

[chazza]

You can use the card within the 9 months, as much as you want, up to the credit limit, as long as you keep paying off (at least) the minimum each month.

After the nine months they will start to charge you interest on your balance.
By the way, virgin is doing 16months interest free if that's any help!

[lankeela]

Thanks, thats what I thought. I did know about the virgin one, but thought I was pushing my luck with the Halifax, but amazingly they accepted me. Thats why I have been stuck with Capital One for so long. I was grateful to them for giving me a card in the first place, as I have a somewhat dubious credit history, but now things are sorted so I decided to try for another.

[Panic Button]

Make sure that purchasesare interest free aswell before you use it.

Usually they sting you if you use a credit card with an interest free balance transfer, by putting payments to the balance transfer first and hitting you with high interest on the purchases.

[sara3]

lankeela, take a look at this.. http://www.moneysavin...er-credit-cards#never

[lankeela]

Thanks for that. Duly noted, although I hope to be in the happy position (first time for over ten years) of not having to use the card at all as I also now have a Nationwide Flex Account with a debit card, which I never had before, so I have got something to use if I buy online etc. Also I will keep the original high interest card just in case I need to use one, then could pay it off that month.