A little confused....

Hoopylass

Hello there folks

Ive recently been accepted for the post office platinim credit card and have transferred 2 balances onto it - even tho had to pay a transfer fee :rolleyes:

So I have 2 questions im hoping you can help me with...

1. Do I pay interest on the balance transfer fee? It was £50

2. It says 0% interest on purchases for 3 mths...how exactly does this work...I am considering a purchase (vets fees), does this get added to the total balance? Or is it a seperate transaction were if after 3mths its not cleared i then pay interest?

Thanks

grumbler

Hoopylass wrote:

...2. It says 0% interest on purchases for 3 mths...how exactly does this work...I am considering a purchase (vets fees), does this get added to the total balance? Or is it a seperate transaction were if after 3mths its not cleared i then pay interest?

Don't do this. It'll be a separate balance and you will not be able to clear it after 3 months unless you clear the BT balance first.

MAJOR WARNING

Never, ever, ever, ever, ever…
…spend on a card after balance transferring to it!


The only exception are the few cards which offer the same cheap rate for spending and balance transfers, over the same length of time; in this specific case it's not an issue.

Martin, Best Balance Transfers: cut existing credit card debt costs

Hoopylass

Thanks for that info...so would you happen to know if I will be charged interest on the balance transfer fee?

thumshie

according to their web site:

Allocation of payments
We will apply payments we receive in the following order:
1. Payments due in respect of any Payment Plan
2. Interest on most fees
3. Fees and insurance premiums
4. Interest on Purchases, Balance Transfers and Cash Advances
5. Purchases, Balance Transfers and Cash Advances
See Other Financial Information for a more detailed description

To me this implies the fees come before balance transfers etc, so should be cleared in your next minimum payment?

Unfortunately I can't find the 'other financial information' anywhere on their site. This probably was sent with the card??? This will also explain if - in point 5 - purchases are paid off before balance transfers.