“Take advantage of this special 0% interest rate offer when you transfer your balances to your credit card account by YYYY-MM-DD.”
What a good deal to borrow money at 0% interest rate! To save money, REMEMBER to read the terms and conditions of the offer.
Examples of the terms and conditions:
- a 1% fee of the balance transfer amount will be charged to your account
(for example, if the 0% promotional rate is good for 6 months, the “interest” rate of this 6-month period is, in fact, 2% because of the 1% fee charged in advance); - you CANNOT choose to apply your payments to your regular annual interest rate amount and leave your promotional interest rate balance transfer amount outstanding. If you make a payment greater than your minimum monthly payment amount, the excess amount is allocated to your regular annual interest rate amounts and your promotional interest rate balance transfer amount in the proportion that each represents of the remaining balance. For example, if you have a regular annual interest rate purchase amount of $800 and a promotional interest rate balance transfer amount of $200. 80% if your payment will be allocated to your regular annual interest purchase amount and 20% will be allocated to your promotional interest rate balance transfer amount
(that means… you CANNOT pay off all the regular annual interest rate purchase and you will keep on paying regular interest rate of all purchase until you pay off both the balance transfer amount and the regular purchase amount); - if you DO NOT pay your minimum payment by the payment due date in any month during the promotional period, you will lose the benefit of this promotional interest rate offer and, effective the first day of the next monthly statement period, the regular annual interest rate for cash advances will apply to any remaining balance transfer amounts
(Failure to pay minimum payment by the payment due date will lose the promotional interest rate offer) .
Money Saving Tips:
- read the terms and conditions carefully;
- if possible, delegate ONE credit card for balance transfer and do not use this card for regular purchase;
- at least, pay minimum payment by the payment due date;
- pay off the balance by the end of the promotional period.