Beware NatWest Balance Transfer fee interest sting

[Deleted User]

If we're quoting money-related phrases, I'll throw this one in:

Every day, a fool and a genius leave their houses, and if they meet, business will happen.

sfax

jonesMUFCforever wrote: »

It has worked for me twice.
The highest interest part will be the balance transfer fee (unless you make purchases on the card as well) so that will be paid off first.

Yes, agreed, but only after the fee is applied. I thought you were suggesting paying before to avoid a day or two in interest

jonesMUFCforever

I was - and it works.

sfax

jonesMUFCforever wrote: »

I was - and it works.

Interesting. So when an account is in credit, the BT fee is either applied first or simultaneously, and if simultaneously, the company treats the credit as a payment and reduces the fee balance not the balance transfer balance (using the same rules that are applied when you make a payment)

jonesMUFCforever

sfax wrote: »

Interesting. So when an account is in credit, the BT fee is either applied first or simultaneously, and if simultaneously, the company treats the credit as a payment and reduces the fee balance not the balance transfer balance (using the same rules that are applied when you make a payment)

That is correct.:D

Foxy-Stoat_3

_Andy_ wrote: »

I like turtles

Just spat my diet coke all over my screen !!! :rotfl::rotfl::rotfl:

How much are we talking about anyway, assuming you have the "low balance transfer" card 1%...even if you have the normal one 2.9% fee.

Transfer £4,000 and they charge you either £40 or £116 fee for example.....How much is the interest annually - 17.9% APR on £40 is £7.16/365 = £0.01 per day or on £116 is £20.76/365 = £0.05 per day.

I think I have a few handfuls of 1 & 2p's in a jar at home......I could send you out a few if you like, I would need to see statements to back up your interest claim tho!

!!!!!!

I bet the OP sweats when fuel goes up £0.01 per ltr at the pumps as well!