Interest on BT fee

onerickylambert

Hi,

Just did a BT from Barclaycard to Creation (yeh 5% fee but all I had available!), 0% for 9 months my question is the 5% fee comes to £200, is interest payable on the BT fee, should I pay it off ASAP or will it also be 0% along with the balance transferred?

thanks

chattychappy

Barclaycard have never applied interest to BT fees in my case, even if they are entitled to do so.

I suggest you wait until you get the statement. Even if they do apply interest in your case, if you pay before the statement is generated then it might not be applied to the fee.

YorkshireBoy

A quick check of some Creation T&Cs online would suggest interest is payable on the BT fee at your standard purchase rate.

But the T&Cs I read are not clear as to the exact allocation order, ie fees first or not...only the standard highest interest rate first. But if the BT is the only thing on the card, ie no purchases, then obviously the fee will be repaid first. You might wish to pay the £200 as soon as the transaction appears on your account. This will certainly minimise the interest (which will be small anyway?), and may eliminate it altogether, especially if you pay £205 or something similar.

https://apply.creation.co.uk/contentAsset/raw-data/c9c27b66-812f-4925-81a1-c2c9cbfe0355/creditCardTermsAndConditionsPdf (see conditions 1.1, 7.3, & 8.1)

chattychappy

I misread the OP, as the transfer happening the other way around. I thought 5% was high for BC!

YorkshireBoy wrote: »

You might wish to pay the £200 as soon as the transaction appears on your account.

To be clear, I think you mean as soon as the fee appears. I've had cards where the fee doesn't appear until a few days after the BT itself.