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Interest free, think again!

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.

Replies

  • pogg000pogg000 Forumite
    532 Posts
    Ninth Anniversary
    It would have been written into the t&c's that you agreed to
    lbm 11/06/12 dept total 11499.47
  • forgotmynameforgotmyname Forumite
    32K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    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.
    Censorship Reigns Supreme in Troll City...

  • datlexdatlex Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
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    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.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • guesswho2000guesswho2000 Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Uniform Washer
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    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.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
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    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.
  • HazzinhoHazzinho Forumite
    742 Posts
    You still save money, a one off fee is still worth it.
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