Interest free, think again! 15 May 2014 at 3:22PM in Stoozing: free cash from credit cards 6 replies 2.6K views

B_and_MK

Accepted interest free transfer offer from Post Office only to find they charge interest on the transfer fee! How's that for cheek! I am not happy.

pogg000

It would have been written into the t&c's that you agreed to

forgotmyname

Too many people took advantage of the interest free offers. And they made no money on them.

So a 2 or 3% transfer fee became normal. They get something at least. But if you can find a savings account with a higher interest rate you can earn money from it.

datlex

I think most of the so called 0% balance transfers have a charge. I guess it depends on your reasons for switching as to whether you should feel aggrieved. If you swapped to reduce your payments then chances are your previous card was at a rate higher than 2% so you do win.

guesswho2000

I think OP means that interest is charged on the BT fee. A few providers do that (from experience MBNA and Barclaycard don't, I haven't used any others for BTs).

However, surely the first payment would clear the fee, so it'll only be one month of interest on a relatively small amount, not the end of the world.

YorkshireBoy

guesswho2000 wrote: »

However, surely the first payment would clear the fee, so it'll only be one month of interest on a relatively small amount, not the end of the world.

There might be some residual (and ongoing) interest too, but it'll be pennies...maybe even just one of them!


Had it been a new card (ie with 0% on purchases for 3 months), rather than an existing customer offer, the OP wouldn't even have posted because he'd never have known.

Hazzinho

You still save money, a one off fee is still worth it.