Credit Card Balance Transfers

Wezoin

My bank has offered me a new credit card, at a lower regular interest rate, and with a promotional 0.97% interest rate on balance transfers for the first 6 months. They are both Mastercards, the one I'm moving from is a Canadian Tire Bank, and to a PC Financial card. Is there likely to be a fee associated with moving a balance from one card to the other?

matt has a problem

Usually, on cards with an initial offer like that, the first transfer has no fee. It should say in the literature that came with the offer if there is a fee or not though.

Also, check what the rate resets to after 6 months. It's only a deal if you can pay off whatever you're transferring at the lower rate. Usually interest rates on balance transfers are around 19.9% when they reset.

Wezoin

matthasaproblem wrote: »

Usually, on cards with an initial offer like that, the first transfer has no fee. It should say in the literature that came with the offer if there is a fee or not though.

Also, check what the rate resets to after 6 months. It's only a deal if you can pay off whatever you're transferring at the lower rate. Usually interest rates on balance transfers are around 19.9% when they reset.

Yeah I can, its only going to be a couple hundred bucks. And yeah, its 19.9, but considering my other credit card is a 26% (first credit card) all the time its a deal eitherway. But yeah, I was asking more in terms of a fee from the card I'm transferring from, I knew there wouldn't be one from the new card.