Credit Card Advice

patterdale2000

Afternoon All,

Please can someone help me, I have just been approved for the HSBC 0% on balance tranfers for 15mths :j But reading though the paper work it says that the total interest charge is £477.66. what does this mean? I haven't even got the card and there wanting money and i want take it if i have to pay out this much.

Has anybody have anyclues what this is?

Regards

Patterdale2000

Moggles_2

Obviously, I can't see your paperwork, but it sounds as though this is a hypothetical figure intended to illustrate the likely interest charges, if you were to borrow £X for a year at your standard rate.

If you've been offered 0% on BTs for 15 months then, apart from the transfer fee, there are no other charges for the first 15 months

Izzie_Wizzie

Moggles wrote: »

Obviously, I can't see your paperwork, but it sounds as though this is a hypothetical figure intended to illustrate the likely interest charges, if you were to borrow £X for a year at your standard rate.

If you've been offered 0% on BTs for 15 months then, apart from the transfer fee, there are no other charges for the first 15 months

I'd second that

LBG_worker

yeah me too - banks have to give you an example its not based on a personal balance just a typical average so that the card holder can see how it works out. Although well done for reading the small print! its surprising the amount of people who don't!