Balance Transfer Fee -Charge or Free?

mabeline95

Hi

can anyone please help. I've used the link for credit card O% balance transfer no fee. However when I read the terms and conditions, by balance transfer for example for one of the platinum charity cards,it reads:-

"2% or minimum £2 (on promotional rates except introductory offer)"

Does anyone know if this means there is a 2% charge for balance transfers at 0% introductory fee?

Many thanks!

sicker

Yes, that's what it means. You pay them a 2% fee for the transfer but it's interest free for the rest of the introductory period.

John

mabeline95

I'm confused now as on this web site, the link advises it's a card with no balance transfer fee.

thanks anyway!

gingercordial

I assume you're talking about one of the HBOS charity cards, eg the MacMillan Platinum card.

If so, what the clause you quote means is that there's a BT fee on any promotional-rate BT except one done under the initial 0% deal. So:

- No fee on BTs done under the 0% for 9 months deal.
- No fee on any BT which is done at the standard rate for your card once the 0% deal is finished (not that you'd want to do this anyway unless the HBOS APR is much lower than any other debt you may have).
- They will charge a fee if they later on offer you a BT under any sort of promotion (eg if in a year's time they offer you another 0% deal).

So for what you're doing now, there's no fee.

Hope this helps!

mabeline95

gingercordial wrote:

I assume you're talking about one of the HBOS charity cards, eg the MacMillan Platinum card.

If so, what the clause you quote means is that there's a BT fee on any promotional-rate BT except one done under the initial 0% deal. So:

- No fee on BTs done under the 0% for 9 months deal.
- No fee on any BT which is done at the standard rate for your card once the 0% deal is finished (not that you'd want to do this anyway unless the HBOS APR is much lower than any other debt you may have).
- They will charge a fee if they later on offer you a BT under any sort of promotion (eg if in a year's time they offer you another 0% deal).

So for what you're doing now, there's no fee.

Hope this helps!

thanks for clearing that up for me!