Balance Transfer Fee's

Daydreamer2011

2nd question of the day

Here is my situation...

Waiting for my new CC to arrive with £2,800 limit with 0% on balance transfer for 17 months.

My new CC are charging a 2.95% balance transfer fee.

My current CC is £2,880. I want to put as much onto the 0% card as possible.

How does it work out with the fee? Do I need to put across enough money from my old CC but leave enough to cover the 2.95% so it doesnt take me over the limit?

Sorry if this seems obvious but I've only had 1 credit card for 5 years and have never done a balance transfer before...

Thanks for any help

YorkshireBoy

The new provider will limit the size of the BT so you don't go over the limit when they add the fee (BTs are generally limited to 90-95% of your limit). Just tell them you want to transfer as much as possible.

You could always ask the new provider to consider a small increase in limit though.

Who's the new card with?