Two balance transfer questions

Watson

My apologies if the answers to these two rather basic questions appear elsewhere on the site, but I've had a look around and can't see them anywhere.

I've just made a £4000 balance transfer from one card to another. I notice that the debit has appeared on one card, but the credit has not yet appeared on the other: does this mean that I'm effectively paying interest on the £4000 twice over, even if only for a very short time?

When the credit does eventually appear on the other card, will I still need to make this month's monthly payment (due in about a week)? Or does the credit count as a regular payment, even though it was not I who made it?

Many thanks in advance.

Watson

grumbler

Watson wrote:

...I've just made a £4000 balance transfer from one card to another. I notice that the debit has appeared on one card, but the credit has not yet appeared on the other: does this mean that I'm effectively paying interest on the £4000 twice over, even if only for a very short time?

Yes, as with any BACS transfer it takes about 3 working days after balance left one account (debit) before it reaches another account (credit).

When the credit does eventually appear on the other card, will I still need to make this month's monthly payment (due in about a week)? Or does the credit count as a regular payment, even though it was not I who made it?

BT counts as a payment to your CC account, hence, no need for additional min payment.

Watson

Grumbler, many thanks for the reply and the information. Much appreciated.

Watson