Help with Balance Transfer terminology

sho_me_da_money

Hi Guys,

I have the following credit card with a lmit of £3000

http://www.natwest.com/personal/credit-cards/g1/platinum.ashx

I also have a Barclays visa credit card with a £3000 limit

If I spend the Visa limit and transfer the balance to the Natwest Platinum, how much will I end up paying them? I am a little confused with the following term:

2.9% balance transfer fee - (minimum £5), and a Typical 16.9% APR (variable)

Does that mean 2.9% off £3000 is the fee? (£87)?

What does the APR mean? I thought, I had 16 months to pay the £3000 at 0%? When does the 16.9% come into play?

Thanks in advance!

CLAPTON

it means that you pay an initial fee of 2.9% of 3000 = 87
and then you pay no interest unless you fail to pay the full amount off before the 16 months promotional period runs out in which case you start to pay the 'normal' rate of 16.9%

Phantom_Flan_Flinger

Just to note that the maximum you can transfer is 95% of you credit limit onto the NatWest card, i.e. £2850.