balance transfers

dannyp123

I am looking into Tesco credit card, it says "Balance transfers
9 months at 0%"Balance transfer fee 2.9%.

Does it mean that if for ex I transfer £500 from another credit card to Tesco card, I have to pay minimum amount upto 9 months and pay the full balance amount after 9 months?? Do I have to call my crrent card vendor for the balance transfer??
Would be greaat with an example.

Raven

dannyp123 wrote: »

I am looking into Tesco credit card, it says "Balance transfers
9 months at 0%"Balance transfer fee 2.9%.

Does it mean that if for ex I transfer £500 from another credit card to Tesco card, I have to pay minimum amount upto 9 months and pay the full balance amount after 9 months?? Do I have to call my crrent card vendor for the balance transfer??
Would be greaat with an example.

After the 9 month period is over it will start charging interest at which ever rate was set (17.9% or 21.9% for example) and you will still be committed to a minimum payment.


No need to contact you're current card supplier, if accepted the new card company (in this example - Tesco) will sort everything for you.

redpete

dannyp123 wrote: »

Would be greaat with an example.

So you owe CC A £500. You ask Tesco to transfer this £500 from CC A to Tesco. You will be charged 2.9% by Tesco which means they will add another £14.50 to what you owe them. You now owe Tesco £514.50 and CCA £0.

Tesco will not charge you any more interest on this money for 9 months as long as you pay them the minimum amount each month. After 9 months they will start charging whatever their standard rate is on what you owe at that time..