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Tesco Credit Card - Promo Balance Transfer
keeleyjadex
Posts: 75 Forumite
in Credit cards
Hiya,
I received my statement from Tesco showing my card was clear (as i knew) but they included a flyer that says 'You can transfer your balance and pay no interest for 12months'.
I have a different card with an amount on that I'd be interested in transferring but I'm confused by this..
'There is a fee of 2.99% of the balance transferred (min £5) and you'll pay interest on the fee at your standard purchase rate from the day it is applied to your account until it is paid off.'
The fee is going to be just short of £30 and my Monthly Purchase Interest rate is 1.667%.
Now I GUESS it means I'll be paying interest daily on the £30. Is there any way I can clear that first leaving the rest interest free? I've never actually paid interest on anything so don't get how it works/how much is it etc!
Thankyou!
I received my statement from Tesco showing my card was clear (as i knew) but they included a flyer that says 'You can transfer your balance and pay no interest for 12months'.
I have a different card with an amount on that I'd be interested in transferring but I'm confused by this..
'There is a fee of 2.99% of the balance transferred (min £5) and you'll pay interest on the fee at your standard purchase rate from the day it is applied to your account until it is paid off.'
The fee is going to be just short of £30 and my Monthly Purchase Interest rate is 1.667%.
Now I GUESS it means I'll be paying interest daily on the £30. Is there any way I can clear that first leaving the rest interest free? I've never actually paid interest on anything so don't get how it works/how much is it etc!
Thankyou!
0
Comments
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Your first payment will automatically clear the fee.0
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Ahhh ok! Lovely - thank you 0
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