What happens when the balance transfer interest-free period is over?
-When the interest free period ends, the remaining balance you transferred will attract interest charges (if it has not been paid off). This is in addition to any other purchases you make on the same card, although the interest rate for purchases may differ from the interest rate on the remaining balance.
Can I get a balance transfer credit card with bad credit?
+Yes, cards are available to suit most types of credit scores. However, you may be limited in choice if you have a bad credit score. Plus, your interest-free period may not be as long, and your interest rate will likely be high once the interest free period is over.
How many times can I transfer a credit card balance?
+There is no limit on how many transfers you can make - as long as you're approved. But it's important to remember many applications in a short period can negatively impact your credit score. You may also have to pay a fee (sometimes as high as 3%) on the balance you wish to move.
Will my 16 year old need a credit score to open a bank account?
+No, your 16 year old will not need a credit score to open a bank account. Young people under the age of 18 usually don't have a credit report or credit score as minors legally can't sign a contract for a loan or credit card.
What do I need to open an account for my child?
+You will need your passport or provisional driving licence as proof of ID.
How can I be accepted for a credit card?
+There is never a guarantee that you will be accepted when applying for credit. To improve your chances, check your credit score and make sure it doesn’t hold any nasty surprises before applying. Always pay debts back on time and don’t miss payments to improve your credit score.
Am I protected when I spend using a credit card?
+Thanks to a piece of legislation called Section 75, when you make a purchase of more than £100 using your credit card you are covered if the item is not delivered or defective, or if the seller goes bust, or if the item is not as described. However, if you make the payment through a third party payment processor (such as PayPal), your purchase is unlikely to be covered under Section 75 legislation. Additionally certain items are not covered under Section 75, so always check with your credit card company, especially when considering buying an expensive item.