By tranferring credit card balance - can I avoid interest for two months?

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MelF

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Theory is I have 3k on an AIB card that with statmement payment date of 30 June. I also have 100 on my current MBNA statement but no payment due on this till 7 July.

If I were to transfer the 3k to MBNA before 30 june (paying off AIB) then theoritically I should not need to pay off the 3100 on MBNA until 8 August (july statement). Is this correct?
 
Hi samanthajane, thanks - should have included that I didnt want the hassle of applying for another one and paying another 30 quid a year. This is kind of just a temporary idea to buy some time as I will be able to pay the 3k off fully by end of next month.
 
So it's just to hold off on the interest not avoid it.

I've never had to change or transfer a balance on a credit card i only have the only and a very small limit. But dont you have a balance transfer fee that you have to pay. Depending on this would it be worth while even moving in the first place.

By what your saying if you transfered your AIB just after the end of the statement period for MBNA then i think it would work.
 
Hi vandriver, thanks but the rates are irrelevant in this case, as I'll be clearing both balances off, it's the timing I'm trying to figure out.
 
Not irrelevant in some cases as interest is charged from the day of the cash advance ,if the card company is not offering an interest free balance transfer.
 
Ah good point, I get you. They are not offering interest free transfer so looks like it wouldn't work after all.
Cheers
 
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