Need advice on a balance transfer

JoshBee25

Ok for example I have £400 on a barclaycard I transfer it to my nationwide card at 19.9% does that mean the balance will be £479 or?

jammy_dodger

you would wnt to transfer it to a crad offering a balance transfer offer , that would incur usually 3 or 4% interest . 19.9% would be the apr and the total if not repaid in a year as i understand it can you noy contact nwide and see if t hey can offer a BT deal ?

am sure others more knowledgable will be along

best of luck

Esoog

Ok for example I have £400 on a barclaycard I transfer it to my nationwide card at 19.9% does that mean the balance will be £479 or?

No,

If its the same card as mine;

*Introductory rates apply from the date the account is opened. Balance transfers at 0% must be made within 3 months from account opening and are subject to a fee of 2.95% (minimum £5.00).

so work out what 2,95% and add that to the balance - 411.18 or something , I think if you log into nationwide it will tell you (you don't have to carry out the BT, just look at the figures) - as said previously it's then 19.9% apr if you don't pay it off..

In its most basic definition, APR measures how much a loan or other line of credit costs you in interest over one year, and it is expressed as a percentage of the total amount of money that you borrow. How do you figure out the APR? Take the amount of your loan and how much interest you will be charged over one year and divide that interest amount by the amount of your loan. Multiply the number by 100 and you get your APR. For example, you borrow £1,000 and are charged £80 in interest for that year. The APR is calculated like this:

80/1000 x 100 = 0.08 x 100 = 8%

Normally you know what the APR is before you know how much the interest you will be charged is, so you can determine how much your interest over the course of a year is by using this formula:

JoshBee25

I'll contact them thanks

Fruit_and_Nut_Case

JoshBee25 wrote: »

Ok for example I have £400 on a barclaycard I transfer it to my nationwide card at 19.9% does that mean the balance will be £479 or?

As others have pointed out, the straightforward answer to your question is "no".

I'm just wondering how you came up with the extra £79 on top of the £400 transferred. Is there perhaps something confusing in the advertising that you have seen? Just me being curious.

Esoog

Fruit_and_Nut_Case wrote: »

As others have pointed out, the straightforward answer to your question is "no".

I'm just wondering how you came up with the extra £79 on top of the £400 transferred. Is there perhaps something confusing in the advertising that you have seen? Just me being curious.

Simples!

19.9% of (UK£ 400) = 79.6 British pounds