Balance tranfers need to know?? Urgent

sashamac

I'm not an expert on credit cards in the slightest and I just have a couple of questions.

I need to do a balance transfer of £1,250 to my existing credit card which is now out of it's 0% interest period. I'm looking to get a new credit card with an introductory offer of 0% on balance transfers of which I know there will be a fee, how and where is this fee charged to? So would it be on top of the £1,250 I transfer that I will have to pay back to the new credit card?

Also will my existing credit card charge me for the balance transfer?

Really would appreciate some answers as I'd like to sort this out before my next minimum payment due date

Thanks!

Herbalus

sashamac wrote: »

where is this fee charged to? So would it be on top of the £1,250 I transfer that I will have to pay back to the new credit card?

Not 100% sure, but I know some cards add the fee to the balance. Don't know about all of them.

sashamac wrote: »

Also will my existing credit card charge me for the balance transfer?

No.

Best of luck.

StuC75

The fee will be just added onto the new account, so will need a credit limit that has enough of a buffer to allow the transfer + the fees...

noelphobic

sashamac wrote: »

I'm not an expert on credit cards in the slightest and I just have a couple of questions.

I need to do a balance transfer of £1,250 to my existing credit card which is now out of it's 0% interest period. I'm looking to get a new credit card with an introductory offer of 0% on balance transfers of which I know there will be a fee, how and where is this fee charged to? So would it be on top of the £1,250 I transfer that I will have to pay back to the new credit card?

Also will my existing credit card charge me for the balance transfer?

Really would appreciate some answers as I'd like to sort this out before my next minimum payment due date

Thanks!

The fee would be charged to the new card. If the fee was 3% then the amount owing on the new card would therefore be £1287.50. Your existing card issuer will not charge you for transferring the balance.

Paully232000

and no your current provider will not charge you for the balance transfer, just interest, if applicable, until you do transfer it away.

TadleyBaggie

Herbalus wrote: »

Not 100% sure, but I know some cards add the fee to the balance. Don't know about all of them..

In my experience, all cards add it to the card account, which is why the new card has a balance transfer limit which is smaller than the credit limit (otherwise you could go over credit limit straight away). Be also aware that some (most?) cards also charge interest on the fee once added to the card, so until that has been paid off some interest charges may be encountered.

Paully232000

TadleyBaggie wrote: »

In my experience, all cards add it to the card account, which is why the new card has a balance transfer limit which is smaller than the credit limit (otherwise you could go over credit limit straight away). Be also aware that some (most?) cards also charge interest on the fee once added to the card, so until that has been paid off some interest charges may be encountered.

Do they charge interest on the fee, i have never been charged interest on any part of a BT and I have used a lot of cards over the years.
Which ones have charged you, so that i dont use them in the future?

sashamac

Thanks everyone. I'm looking to get an RBS credit card, my existing credit card is with Halifax - can I transfer from these banks does anyone know?

planteria

sashamac wrote: »

So would it be on top of the £1,250 I transfer that I will have to pay back to the new credit card?

yes.

sashamac wrote: »

Also will my existing credit card charge me for the balance transfer?

no.

planteria

sashamac wrote: »

Thanks everyone. I'm looking to get an RBS credit card, my existing credit card is with Halifax - can I transfer from these banks does anyone know?

yes, no problem.

planteria

Paully232000 wrote: »

Do they charge interest on the fee, i have never been charged interest on any part of a BT and I have used a lot of cards over the years.
Which ones have charged you, so that i dont use them in the future?

i have never had interest charged by MBNA or Barclaycard.

my NatWest card charges interest on the fee. though i don't like the principle, it is paid by the first monthly payment and is only pennies.

as it happens ive just done a new BT to my NatWest card, but have also reduced the CL right down & will close in 12 months when the deal has run it's course.