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Question about Balance Transfer Fee

Hello all. Been lurking a couple of months and am impressed by the level of knowledge on this board and the team spirit to help each other with problems. Have already sorted out some credit card issues by using some of the great advice.

One was to do a balance transfer onto an RBS Platinum MasterCard. I have a question, please. When the balance transfer went through a month ago, the transfer fee came off and shows up on my first statement.

However, I am confused about the terms and conditions, which state “Balance transfers are subject to a fee of 2% (min £5) during the first three months from account opening.”

Does this mean the balance transfer fee will be applied three times (once a month) for the first three months? Or is it a one off charge? Sorry if I am being thick.

Many thanks.

Comments

  • RTNI
    RTNI Posts: 817 Forumite
    Hello all. Been lurking a couple of months and am impressed by the level of knowledge on this board and the team spirit to help each other with problems. Have already sorted out some credit card issues by using some of the great advice.

    One was to do a balance transfer onto an RBS Platinum MasterCard. I have a question, please. When the balance transfer went through a month ago, the transfer fee came off and shows up on my first statement.

    However, I am confused about the terms and conditions, which state “Balance transfers are subject to a fee of 2% (min £5) during the first three months from account opening.”

    Does this mean the balance transfer fee will be applied three times (once a month) for the first three months? Or is it a one off charge? Sorry if I am being thick.

    Many thanks.

    This means that if you transfer a balance from another card within 3 months of the account being opened then you will be charged 2% (or £5) of the amount you bring to this card.

    It's a one off fee. :j
    Regards, Robin.
    2011 MFW # 34
    Mortgage starting balance at Sept 09 - £127,224 on 30 year term. Currently balance approx £116,945 (Updated Jan '12)
    Estimated MFD - [STRIKE]Sept 2039[/STRIKE]
    , April 2031 (in progress!)
  • Ah. I get it now! Thank you.
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