what is ..% ‘on balance transfers’ means
also..there is ..% ‘on purchases’
..% ‘on cashback’
then Typical ..% APR
Please if someone can explain to me .. it would be great ..cheers!
What does 5.9% on Balance transfers means on Credit cards?
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It means they’ll charge you 5.9% APR on the remaining balance. Make sure you look at how much of a transfer fee they want, as that has to be added to the interest, and is based on what they charge and what the length of the loan is (they usually limit it).
Once you have done that, DON’T use the card for other purchases, as they’ll charge those at higher interest, and the payments will be applied to the lowest interest loan first.
You can transfer balances from other credit cards. That is what the transfer on balances refers to.
the % on purchases is the interest rate you pay on items purchased at a store, using your CC
% on cashback is the interest rate you pay if you use your CC at a bank machine to get $$$
APR is the actual rate you pay. This is always higher than the other interest rates that they tell you. This rate takes into account service charges when it is calculated.