Interest Free

[markieboy]

Can anyone comment as to the pitfalls of using credit card balance transfer facilities. Are you tied into that particular company, and end up paying interest for the duration, or is it possible to move your funds on when the free interest time limit expires?.

[jackyp]

there shoudnt be a problem transfering to another card when your intrest rate changes but check the small print for more info go to www.moneysavingexpert.com

[Oneeyedvic]

'Card surfing' is what you describe. SO long as you use it correctly, make sure you pay offf th minimum balance every month, once the interest free period stops, simply transfer the amount over to another card.

Works fine for me

[Oneeyedvic]

also, make sure that you don't ever take out cash from a cash point for your card.

If the card only offers interest free on balance transfers and not purchases, make sure you never buy anything - otherwise, when you pay money when it becomes due, they take it off your interest free portion and charge you interest on your purchases.