New to all this credit business, a question

lou.chou

Hi there,

I'm 24, and new to the whole credit card thing. I had a question, I'm coming close to the end of the 0% transfer fee on my first credit card, when I've found another card to move the balance across to, do I get charged a fee by both banks? Or just the one to which the funds are going?

I ask because I've been seeing transfer fees (like 2.9% or 3%) for the cards you're moving to, but I wasn't sure if a fee of some sort also applied to that card you're shifting from?

Thanks a bunch in advance!

CLAPTON

just to the new card

pugzy

From what I've learnt, the new card company you are moving to will have a fee. This fee is based on the total amount you are shifting to it (eg. If you were shifting across £100 and the new card had a 3% fee, then they'd add £3 to you new balance, meaning your new total is £103 at the 0% APR offer).

Understand?

lou.chou

Understand perfectly thanks for the help, folks.