0% balance transfers

[crisgal]

how do these work? is it as simple at it sounds? I just switch my credit card balance to a new card?
Do I have to pay anything to the credit card company i'mleaving?

[Hopkirk]

You pay a fee to the new card company, usually about 3%. This is added to your balance at the outset.

You then don't pay anything except minimum payments (or more if you wish) until the promotional period runs out.

After that you suddenly find yourself paying credit card rates of interest, unless you move the balance again in time to avoid this.

[factor-fiction]

No, assuming you are transferring the full balance to your new card. There is usually a handling charge of around 3% though, and you will need to make the minimum monthly payments on your new card. Also, if you do such a transfer be very careful before making any purchases on your card as you might suddenly get unexpected interest depending on whether they pay off purchases or transfers first

[crisgal]

that's really helpful - thank you.