Transfer a credit card with no fee?

tony863

Hi,

I've just realised that Tesco are charging me interest on a bank transfer when I originally thought that it was interest free.

Are there any credit cards at the mo that will allow me to transfer the outstanding balance without any fees or interest?

I'm looking to transfer approx £1600

thanks

sistafromanothermista

Do you mean a 0% balance transfer?
There are plenty of these cards about. All of them will have an initial fee of between 1-3.5% though....

tony863

Oh right... so if I wanted to transfer £1600. Could I transfer the total amount for a one off fee of £16? with 0% interest to follow?

sistafromanothermista

Is it from another credit card?

sistafromanothermista

Or do you mean you transfered money from you CC to your bank account? (this will almost certainly be classed as a cash advance i think)

guesswho2000

You've done a money transfer, which tesco, RBS and NatWest charge no fee for, but interest from day one. These cards do not class it as a cash advance, but differentiate it separately from purchase, advance or balance transfer to the separate money transfer category. The interest is, in my experience, purchase rate (or in any case, lower than cash advance rate).

You can transfer this to another card, with a 0% offer if available (or if you're accepted for one), but all cards charge a fee for this now, between 1-3.5% ish.

A few cards perform promo rate (0% included) money transfers, mainly MBNA, but these also charge a fee (4-5% normally).

Your best option is another card with a 0% offer - say the offer is 0% for 12 months with a 3% fee, you txfer £1600, are charged a £48 fee, and are charged no interest for a year, unless you miss or are late with a payment, fail to make the minimum payment, or exceed your credit limit.

tony863

It's from a tesco cc. I didn't realise they would charge interest on a money transfer. I'm more annoyed because it was for a self employed carpenter for work on our house. 1% would be ok @ £16 but its still a pain. Are there any cards that don't charge? I don't plan on spending anything else on this card so future apr is a mute point

sistafromanothermista

No, there aren't any cards which don't charge a % for Balance transfers.

tony863

So at best I can hope for 1%?

grumbler

• 0% Balance Transfer

• Super Transfer cards

sistafromanothermista

Yes, and that will depend on your circumstances.
Try the MSE eligibility checker first. The Natwest card is 1% fee.