Balance transfers

NotRichAtAll

Hello
I am after some info please regarding balance transfer's, i am not overly savvy on the process.
I have recently switched from RBS to Santander however i still have a credit card with rbs that has a total credit limit of £2900. Having never used this card for over 14mths i needed some new specs so purchased some on this card just under £400, rather than pay the minimum amount i pay £25 a month. Looking at my statement the monthly interest on purchases is 1.597% so if i multiply this by 12 then do i assume the annual interest of this card is 19.164%.

Now i am looking to attempt a balance transfer application to a barclaycard 31mth card which is 18.9% on an assumed credit limit of £1200.

Q1. looking at the info they say a fee of 3.5% will be applied, how much will this be ?

Q2. am i likely to get offered a credit limit of £2900 for the transfer, i guess i cannot do a transfer if i am not able to get this amount?

thanks

~Beanie~

I don't think you have worked out the annual interest rate correctly, its not as simple as multiplying the monthly rate by 12. The annual rate on your card is more like 20.95%.

Q1 - 3.5% of £400 is £14.

Q2 - You just need a limit high enough to cover whatever you have outstanding on your old card i.e £400.

grumbler

~Beanie~ wrote: »

Q2 - You just need a limit high enough to cover whatever you have outstanding on your old card i.e £400.

Often, if not usually, BT limit is ~90% of the credit limit.

NotRichAtAll

~Beanie~ wrote: »

I don't think you have worked out the annual interest rate correctly, its not as simple as multiplying the monthly rate by 12. The annual rate on your card is more like 20.95%.

Q1 - 3.5% of £400 is £14.

Q2 - You just need a limit high enough to cover whatever you have outstanding on your old card i.e £400.

so whatever amount i have left owing on my card that is the amount i need to obtain for the balance transfer, and not the whole £2900?

sorry for been so thick on this subject