Balance Transfer Charges

stevedobo

I have just done a bit of tarting and transferred a balance from an RBS card to a Capital One card.
I was expecting to be charged by the Capital One Card for the transfer but I was also charged by RBS for the transfer, is this the norm for, I have never been charged on both sides before.

Thx

Clariman

Assuming that you were transferring a debt from RBS to Capital One, you should only get charged a BT fee by Capital One. Presumably you called Capital One to ask them to do a Balance Transfer ?

Clariman

grumbler

This cannot be correct. Could you post some more information on the RBS charge: amount, description ...?

The_Boss

How much were you charged and what did it appear on your statement as? The only alternative I can think of is that it could be is a late payment fine. Did you make your normal minimum payment as well as the balance transfer?

stevedobo

Hopefully here is the info requested:-

The Boss/ Grumbler - I was charged £12.69 and it appeared on my statement as "Balance Transfer Monthly Interest 1.313%". I have not paid late as I have the payments set up from my current account with more than enough time allowing to clear.

Clariman - That is exactly right I know I will be charged by Capital One and they did the BT from details supplied on my application which I confirmed for them.

Thx

stevedobo

Astaroth

Sounds like you transfered the money after the interest free period ran out and therefore have been charged interest at the rate for balance transfers (1.313% a month)

grumbler

stevedobo wrote:

... I was charged £12.69 and it appeared on my statement as "Balance Transfer Monthly Interest 1.313%". I have not paid late as I have the payments set up from my current account with more than enough time allowing to clear.

This is exactly what I expected. Interest is not a fee.
My guess is that you transferred some balance to C1 at 0% and intended to transfer it to RBS at the end of 0%. I think you made very common mistake by assuming that 0% offer ends on the payment date that usually is not the case.