Consider how much you’ll need to pay each month in order to pay down your balance before the introductory rate expires. Look for a credit card intended for balance transfers, with the right combination of low APR, low (or no) transfer fee and a long promotional period.Many lenders allow you to see your offers and request the balance transfer on their mobile app or online banking. For a balance transfer offer on a card you may already have, the lender will likely guide you to the quickest and easiest way to request it. For a new credit card introductory offer, many applications include the option to request the balance transfer within the application.Note your current balances and the interest rates for each.Knowing all the APRs and noting which transaction types a promotional or introductory rate offer applies to (and which one you’re likely to use) is important when comparing offers. What are the various APRs? In general, balance transfers have one APR, while other transactions-purchases, cash advances or checks-have their own interest rates.Plan for this and make adjustments to any automatic payment arrangements you may use. If you still have a balance when the promotional period ends, going from 0% to a higher interest rate in one month can cause your agreed minimum payment to increase. What happens when the promotional rate expires? Once the introductory or promotional rate ends, the contractual rate kicks in on any remaining unpaid balance.However, the long-term savings from the lower promotional rate can often outweigh the cost of this fee. What are the up-front fees? When transferring a balance to a credit card, generally you pay a transaction fee of 3%–5% of the transferred amount.Be sure to keep up with your payments, because missing one will likely cancel your promotional rate and you’ll have to start paying interest based on the higher standard or contract APR for the account. To maximize your savings, determine how long the low rate lasts and how much you can pay off before it ends. When does the promotional rate end? Promotional or introductory new card rates often end 9 to 21 months after they start.An Post trading as An Post Money is authorised as a credit intermediary by The Competition and Consumer Protection Commission. An Post acts as a credit intermediary on behalf of Avantcard DAC, who provide loan and credit card services and facilities. The total amount repayable is €1,666.50 and cost of credit is €136.50.Īvantcard DAC trading as Avant Money is regulated by the Central Bank of Ireland. ®Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International IncorporatedĢ2.9% APR assumes a credit limit of €1,500 drawn down in one transaction and repaid over 12 months in equal monthly instalments, and Government stamp duty of €30. **The interest rate on money transfers is same as the purchase rate on your card and you can transfer from €100 up to 95% of your credit limit. Standard variable rate will apply once the balance transfer promotional period ends. *Information correct as of 15th June 2022 and not subject to salary restrictions, source CCPC.ie.
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