Part Transfer a Balance?

annibee

Hi may sound like a stupid Question but can you part transfer a balance?

Applied for a card to do a balance transfer but the amount theyve offered is less than the balance we need to transfer. :think:

So is it possible to part transfer or are we going to have to get the balance down (500) in order to transfer to new card?

Many thanks x

CLAPTON

a part transfer is fine

annibee

Oh right so will we just pop the account details in and then transfer the credit limit amount then? Thanks

CLAPTON

annibee wrote: »

Oh right so will we just pop the account details in and then transfer the credit limit amount then? Thanks

check the T&Cs about balance transfers as some cards have a lower limit for BTs than the overall credit limit

chattychappy

Yes, and anyway if you transferred up to the limit you could immediately go over the limit because of fees and interest. It's your responsibility to ensure you don't fall into this trap, though most CC companies will set a limit for BTs as CLAPTON says, either to avoid this problem or for commercial/risk reasons.

Eg if you had a 6.9% LOB deal with a 3% fee, then 6.9% is around 0.56% a month. So on this basis you could only transfer about 96.54% of your limit.

(Because if you transferred £96.54 then with a fee this would be £99.44. A month's interest would take this to £100.)