How does the balance transfer offer work? Or its a trap?
I have a scotia visa that offers me very low interest for about 10 months...I think about 1% of interest on balance transfer.
I am thinking of paying off my other credit card with TD using this very low interest card and finish the scotiavisa off every month by making bulk payments.
Now, I am confused about something, mainly because a friend of mine told me so.
Lets say I use this Scotiavisa low interest balance transfer promotional offer today, and pay off about 7000 dollars on my TD visa, which is about 19% interest. Now my TD is zero and Scotiavisa carries about 7K.
I have about 10 months of very low interest period to pay it off, and then they'd charge me 11% anual interest.
My question is, Do I have to finish off this 7K to zero within the promotional offer expires? In case if I was not able to pay off this 7K within the promotional offer will they start the 11% annual interest from the expired month? OR they would start the interest calculations FROM THE DATE I made the balance transfer?
The agent doesn't give me a clear answer, someone from here could please help out?
Thanks.
I am thinking of paying off my other credit card with TD using this very low interest card and finish the scotiavisa off every month by making bulk payments.
Now, I am confused about something, mainly because a friend of mine told me so.
Lets say I use this Scotiavisa low interest balance transfer promotional offer today, and pay off about 7000 dollars on my TD visa, which is about 19% interest. Now my TD is zero and Scotiavisa carries about 7K.
I have about 10 months of very low interest period to pay it off, and then they'd charge me 11% anual interest.
My question is, Do I have to finish off this 7K to zero within the promotional offer expires? In case if I was not able to pay off this 7K within the promotional offer will they start the 11% annual interest from the expired month? OR they would start the interest calculations FROM THE DATE I made the balance transfer?
The agent doesn't give me a clear answer, someone from here could please help out?
Thanks.