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Interest free, think again!

B_and_MK
Posts: 1 Newbie
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.
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Comments
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It would have been written into the t&c's that you agreed tolbm 11/06/12 dept total 11499.470
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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...0 -
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.0
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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.0 -
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.
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.0 -
You still save money, a one off fee is still worth it.0
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