Hi all,
I have a MasterCard with a balance of $4000 with an interest of 19.9% (still under limit and being paid on time). Now the bank of this MasterCard is having a promotion for balance transfer of 0% interest and 1% transfer fee. If I borrow another $4000 using this promotion to pay the existing $4000 of 19.9% interest, what will the new interest be on the newly borrowed $4000? Will it be still 19.9% or 0% or a combination of both?
(Just to be clear, to borrow the new $4000, I'll deposit the balance transfer cheque into another bank then pay the MC from that other bank).
Thanks.
I have a MasterCard with a balance of $4000 with an interest of 19.9% (still under limit and being paid on time). Now the bank of this MasterCard is having a promotion for balance transfer of 0% interest and 1% transfer fee. If I borrow another $4000 using this promotion to pay the existing $4000 of 19.9% interest, what will the new interest be on the newly borrowed $4000? Will it be still 19.9% or 0% or a combination of both?
(Just to be clear, to borrow the new $4000, I'll deposit the balance transfer cheque into another bank then pay the MC from that other bank).
Thanks.