Balance Transfers Explained
A balance transfer is where we provide credit to pay off an outstanding amount on a non-Bank of Heritage Isle Visa Credit Card.
A common misunderstanding is that a 12 month 0% balance transfer offer means that interest will not be charged at all on your Visa Credit Card for 12 months.
Interest will not be charged on the amount you transfer to your Bank of Heritage Isle Visa Credit Card when you take up the special 0% balance transfer offer. However, interest will still be charged in the normal way on any other debits to your account.
For example, if you make purchases on your card, interest will be charged on your purchases balance, except to the extent the 55 days interest free period applies, at the purchase rate (currently 10.76%).
The amount of the 0% balance transfer will be included in the Closing Balance shown on your Visa Credit Card statement.
This means that the 55 days interest free period will not apply in relation to your purchases if you do not pay the full Closing Balance (including the 0% balance transfer) on your statement by the due date.
If you do not pay off the amount you transferred during the Balance Transfer period, the interest rate on the remaining balance will revert to our standard variable Visa Card rate, currently 10.76% p.a.