We thought you’d like to hear the low-down on balance transfers from somebody who doesn’t work for us. So we asked personal finance journalist, Emma Lunn, for her view. Read on for Emma’s jargon-free guide to balance transfers, how they work, how they affect your credit rating, and how much they could save you.
What exactly is a balance transfer?
Is there a fee involved when you transfer balances?
If you do a 0% balance transfer, what happens at the end of the 0% period?
How much of my balance can I transfer?
Can you only make balance transfers from other cards?
How much interest, if any, is charged on balance transfers?
What happens if I miss a payment?
Do balance transfers affect my credit rating?