Interest charged at end of 0% Balance Transfer deal

Fran_uk1974

Hi,

I transferred a balance to a credit card which had a 13 month 0% interest deal. The 13 month period is about to end and I will have about £1,000 left on it. According to the credit card terms and conditions, interest on balance transfers is charged from the date of the transaction until repaid in full.

So my question is this: do people think that means interest will be charged on the outstanding balance on a backdated basis (i.e. interest on £1,000 for 13 months)? Or will I be charged interest on the £1,000 balance from the date that the deal ends?

Fran

jamalfatty

The latter

TorM_2

I'd contact them and ask...
If they think you may take the balance away from this company, they may (possibly) extend the free time or reduce the interest rate?
Got to be worth an ask... hasn't it? Especially as according to Martin's latest emails, BT are going to include 0870 numbers in their free minutes from 16th and I'm sure your bank will have one of these.

craggs

hi,i think i understand what you mean,i had a similar situation yesterday a 0% deal ran out on a virgin card mon just gone.i rang them up to tell them i was balance transfering of (trying to get them to keep me on a deal)

anyway he gave me the amount id need to transfer that included this/next months interest,so it worked out i had to add £35.16 onto my transfer amount otherwise id of got a statment next month for it.

so yes agree the latter

Fran_uk1974

Thanks guys.

In that case I think it makes more sense for me to leave the remainder where it is because a 2.5-3% balance transfer fee for a new card would be more than the interest I'd expect to pay before paying the balance off in full.