3.9% For the LIFE OF THE BALANCE

[eve3day]

Can anybody kindly explain to me how this works? How long is life???

thanks

[nlagalle]

Til the balance is zero....

[Mal]

Keep in mind though, that normally with these types of promo's, any payment to the credit card goes towards the transferred amount - not any new charges.

So if you transfer money, and then start spending on the card, then you will be paying off the 3.9% amount before you start paying off the 16.9 or higher % interest.

[nlagalle]

Keep in mind though, that normally with these types of promo's, any payment to the credit card goes towards the transferred amount - not any new charges.

So if you transfer money, and then start spending on the card, then you will be paying off the 3.9% amount before you start paying off the 16.9 or higher % interest.

Yes. I forgot to add that bit. It works when you get the card, do the balance transfer and put the card in the safe and never use it. THat's what i am doing with one at the moment..

[eve3day]

thanks guys. So will i be able to do the balance transfer after I have the card? Not at the time of the application?

[oz_mark]

thanks guys. So will i be able to do the balance transfer after I have the card? Not at the time of the application?

Depends on the terms of the promotion. Many Citibank ones require it toi be done at the time of application

[pongie]

Where is this promotion? All I can see is 6.9%. A link would be nice.

[straitman]

Where is this promotion? All I can see is 6.9%. A link would be nice.

Which is still VERY cheap compared to the rates being mentioned on the AMEX thread

[Mal]

Which is still VERY cheap compared to the rates being mentioned on the AMEX thread

Amex are now offering 3.9% for balance transfers (for 6 months) ... so they do have *some* cheap rates!

[ethernet]

It can be a good deal, providing you do not miss a payment and cop $40/$50 slug. Just to keep you on you toes the payment date moves around, so same day every month does not work. ANZ also pulls this trick.

Next for the life of the card may be a false and misleading statement - or not in line with uniform credit legislation - that fair trading are too stupid to follow through. Because none of the 3% payment is applied against the interest, so the amount will decline - not stay there indefinitely, even if you put the card in the safe.

Balance transfer - put it on the application. May need to follow though, as it is not in their interest to. Even then they sent a 'cheque' to slow things.