Zero Percent Interest balance transfer on credit cards

POSTED BY Shyammani Prasad ON March 21, 2012 11:29 am COMMENTS (5)

HI Manish, 

I’m planning to buy a two wheeler using my Manhattan Platinum Credit Card. I was looking for some balance tranfers option offered by various banks. In case, i’m not able to pay the bill on time, i want to exploit this option. Can you please guide, is it worth doing? Especially if i’m able to get some 0% Balance transfer for atleast 3 months. I also own a HDFC Platinum credit cards.

5 replies on this article “Zero Percent Interest balance transfer on credit cards”

  1. As JGMM said, i am one of them who would ask you to “watch out” with your credit card spending. I personally feel credit card should be avoided and shoudl be used only in case of extreme emergency.

    Now comming to your point of using CC and availing installment scheme. If it works out cheaper than the normal way of buiying through loan then CC stuff makes sense.

    Finally again “watch out”. if you are sure that you will use smralty go ahead and buy through CC and the processing i guess if faster.

  2. Shyammani Prasad says:

    Hi Ashal, I’m not sure which card i’m going to use for payment and which one to get BT later? I’m still in R&D phase. I’ll be spending approx 45K for the bike. However, i have a Manhattan platinum card and HDFC titanium card. Guide me


    1. Dear Shyammani, if you are not going to use these card & opt to purchase the bike right now under normal loan, what ‘ll be the down payment from your own pocket?



  3. Dear Shyammani Prasad, what’s the cost of the bike & which card you ‘ll use to pay initially for bike & which one to get BT later on?



  4. While a bulk of the forum may frown at such an idea I will endorse you buying the bike on a credit card and opt for a balance transfer as well provided the following conditions are met:

    1) I believe you have done some due diligence you really need a bike.
    2) I hope if you do a balance transfer and get a 0% rate for 3 months you will be able to pay that amount by the end of 3 months

    The Balance transfer will cost some 2-3% of the amount transferred. Assume you transfer 50k then an upfront fee of about 1500 will be charged.

    If you are a responsible credit card user, willing definitely be able to raise cash within few weeks this makes sense. If you will pay the credit card dues over a long period of time forget the bike!

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