![]() Here’s what you can expect to pay from your first statement:ģ.5% of the Account Balance shown on your statement plus any amount you have spent over your Credit Limit plus any interest charges plus any Late Payment Fees plus any Cash Transaction Fees or Ī minimum of £10 (or the full balance shown on your statement if less than £10).įor purchases, the 118 118 Credit Card offers up to 51 days’ interest-free if you choose to pay off your statement balance in full. Transfer a balance onto the 118 118 Money Credit Card and you won’t be charged any extra on top of that amount. How does a credit card balance transfer onto the 118 118 Money Credit Card work? It is therefore essential that you give due care and consideration to see which card best meets your individual circumstances. In some instances, you may decide that you don’t want to pay a balance transfer fee but don’t require anything further. You may require a card with a 0% balance transfer, but also 0% on purchases if that’s how you intend on using your credit card. Secondly, it also depends on what other features you may require as a cardholder which will also influence the availability. With a bad credit history, there are specific cards which cater for this, but the representative APR can be higher. If you have bad credit or no credit history or you may have had a CCJ in the past, all of this can influence the type of card you’re likely to be eligible for. ![]() Firstly, your own individual circumstances. This is largely dependent on a few different factors. What is the best balance transfer credit card? Where your balance transfer credit card has a lower interest rate, this will help you pay off debt faster if you manage your credit card repayments on time every month. The key thing with a balance transfer credit card is to make sure you work to pay off as much of the debt as possible before any special offer expires so that you don’t lose the benefit of moving your balances. Are balance transfer credit cards a good idea?ĭepending on the credit limit, you may be able to consolidate several existing credit card balances into one, meaning fewer monthly repayments to juggle. You may not always get the representative APR you see in the representative example, but when you use an eligibility checker, what a lender is willing to offer you should be clear before you go through with a full application. You will be able to make balance transfers up to the credit limit but will need to make sure you pay off any interest incurred whilst you still have the balance which you transferred, to keep you under your credit limit. The 118 118 Money Credit Card has no balance transfer fee. How do balance transfer credit cards work?īorrowing on a balance transfer card means you take the balances from existing credit cards or store cards and put them onto another card which (usually) has a lower APR or 0% interest for a period of time, meaning you pay less on your monthly repayments and less interest on the overall balance. You may have to pay a balance transfer fee although some card issuers do offer introductory 0% transfer fee balance cards. Use our eligibility checker to see if you’ll be accepted for a 118 118 Money balance transfer card, this won’t affect your credit rating. It's also important to note that you can't usually transfer your balance between the same providers. After the 0% interest free period has finished, the card will revert to a higher APR. The period for which the card remains at 0% can also vary from one lender to another. Some balance transfer credit cards even come with the additional benefit of a 0% interest free period which you can use to pay off your debt by making a regular repayment without incurring interest charges. If the APR on your new card is lower than that on your existing card, this can be an advantage as you’ll be charged less interest on your credit card balance(s). A balance transfer credit card is a credit card which will simply allow you to move existing debt from one, or several other credit cards or store cards, to another card with a potentially lower APR.ĪPRs vary from one credit card lender to another.
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