Balance Transfer Question

Steven337

Can anyone help me with this just to make sure ive got it right my credit limit is £1450 and i can transfer 95% to my bank account also does the fee of 3% have to be included in the transfer.

95% of £1450 = £1 377.50 + £41.32 bt fee so i asume i can transfer some -thing like £1330

YorkshireBoy

MBNA?...it depends on which CSA you get on the phone. Some will insist on including the fee in the 95% figure; others will add it on top.

Egg?...don't know, never done one with a fee.

Steven337

Neither its a mint card.

YorkshireBoy

Are you using a cheque or a money transfer?

Steven337

cheque or i could use the money transfer option as it will be quicker wont it!

YorkshireBoy

Money transfers are not given at 0%...is the cheque option 0%?

I also believe money transfers are subject to your 'advance limit' (they certainly used to be when I had a Mint card) which, from memory, is around 50% of your credit limit. Your T&C's will detail any restriction(s).

With the cheque, I wouldn't make it out to myself (but then again I'm usually cautious by nature). Instead, I'd make it out to a trusted friend/family member (with a different surname).

I'd also probably err on the side of caution and include the 3% fee within the 95% limit.

Steven337

Yeah cheque is 0% till mid 2009 so what amount is 95% off £1,450 then including the fee am i right about £1,330 or + / -

YorkshireBoy

£1,330 x 1.03 = £1,369.90 (so nicely under the 95% limit).

This being an RBSG run card though, you'll probably be charged interest (at your purchases rate...around 1.24% per month?) on the cheque fee.

If you're stoozing this card you ought to run your figures through the calculator at www.stoozing.com/calc.htm because there doesn't appear to be much in it for you.

Steven337

No just using it to make use of the feature, what does the interest mean??
does that continue to accure till debt is repayed in full and my purchase rate is 0% till October and then my monthly apr is 1.016 . so will interest start when 0% rate for purchases stops in October. my apr if i remember yearly is 12.9%

YorkshireBoy

Steven337 wrote: »

what does the interest mean??

An additional cost for you. Possibly small at £39.90 x 1.016% = 41p per month. However, does your card have a minimum interest charge?...perhaps 50p or £1 per month?

does that continue to accure till debt is repayed in full and my purchase rate is 0% till October and then my monthly apr is 1.016 . so will interest start when )0% rate for purchases stops in October.

That's my understanding, yes.

Steven337

I will go and look at paper work but as its pennies i,m not overly worried as i can make payment before xmas so a couple of months is no biggy. I,ll get charged interest on bt fee from october statement is that right!!
also if monthly rate is 1.016 does that relate to 12.9% or am i on different rate!