Know about the balance transfer offer on credit card with 2% fees? How it works to pay off loan and saves money?

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  frysie on 24/04/2015 - 08:57

  +1

  BT the amount for 16 months pay minumum fee

  then pay the other 5% off fast.

  Pay what you can afford each month off the credit card (unless you have other investments).

  NOTE:

  you will not be able to use that credit card at all (if it has a BT on it)

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  ozhunter on 24/04/2015 - 13:55

  How much is the credit limit of the 2nd card? How much interest are you paying on the 1st card?

  I'd balance transfer it to the second card, so for at least 16 months you won't have to pay any interest for the amount you are allowed to transfer.

  Once transferred, it would be dumb to use the 2nd card as you pay interest straight away. You would still be required to make minimum monthly payments on BOTH cards.

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  aks on 24/04/2015 - 14:26

  i have pesonal loan 10000 for 3 yrs with 5% promo rate that time had no credit card at all in my life then applied got approved in 1/day fr 10000 limit and bt transfer for 16 month o% with some 125$ application fees so thought i would still save some money if i pay tht loan and save 300$ some . and tht offer is like if i pay total loan amt. which i borrowed i can use tht again as cash cheque for 9 montha with 0% annual interest rate and no fees nothing untill 9 months. thats why i wish to pay it..

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  Killerbala on 03/09/2015 - 14:18

  Guys,

  Need your help!

  I made a balance transfer from ANZ to Westpac. And now my Westpac card sits with a excess credit of around 20k. But how will I get it out of my card and in to my Westpac current/savings account ( planning to use the money for my marriage).

  Talked to Westpac CC and they said its not possible for them to do it. And if I transfer it online then the entire amount would be charged as cash advance.