paying interest on balance transfer fee?

skater_kat

i recently had a BT to tesco on a 0% offer.
the fee for the balance transfer was approx 180 pounds.
upon getting my first statement it shows an interest rate of something like 1% on the balance transfer fee but 0% on the actual amount transferred.
there was nothing mentioned regarding a interest charge being applied against the transfer fee. has anyone else experienced this, or have they simply got it wrong.
there is no email address for tesco cc as far as i can find?

grumbler

skater_kat wrote: »

...
there was nothing mentioned regarding a interest charge being applied against the transfer fee.

Neither was it said that the fee was interest free. Hence, there were no reasons to assume that it was.

has anyone else experienced this, or have they simply got it wrong.

Yes and no.
Interest isn't that big, and the interest-bearing balance will be paid off by your first minimum payment(s).

PeacefulWaters

When you read the terms and conditions of the card, what do they say about interest on balance transfers?

skater_kat

PeacefulWaters wrote: »

When you read the terms and conditions of the card, what do they say about interest on balance transfers?

it makes no mention of anything

thenudeone

skater_kat wrote: »

it makes no mention of anything

In that case interest is payable.

BT fees are usually interest free but occasionally not - IIRC Natwest charges interest on BT fees, so if I am doing a BT with them I always pay the fee into the account once the transfer completes, to stop any more interest being charged.

Every transaction of any type on a credit card always incurs interest charges UNLESS they are specifically identified as being interest free, such as a promotion.

The only exception (although it applies to a large proportion of users) is that purchases are interest free if you pay the full statement balance in full on time and you also did so last month.