Balance Transfer Fee

Scaredy_Cat_3

Hi

I am looking at the Buy & Fly mastercard mentioned on this site as being good for balance transfers as the 2% fee is limited to £50.

My question is about the way the fee is calculated. If I have debts spread out over a number of cards and transfer them all to this card, I presume then I will be charged 2% for each transfer, which may then total over £50 when combined, whereas if I was transferring from just one source the fee would be limited to £50. Is that correct?

That being the case, would it be better to switch all the debts onto one card first and then get Buy & Fly to pay the lot off in one go. I have a feeling I have just received some credit card cheques from one of my cards which are fee free so I could use them to transfer the lot onto just one card.

Would that be the best thing, or if I just gave Buy & Fly a list of all the cards would they transfer anyway and still only charge me a total fee of £50?

Hope that makes sense. Thanks.

[Deleted User]

Think the 50 is a max per transfer so your plan to move all debt onto one card first is the best way forward.

Scaredy_Cat_3

Thanks anactuary - it only occurred to me while reading the small print - lucky I thought of that before I applied! (Hope these credit card cheques I have received really are fee free - will have to dig them out and read the small print there, too!).

Also, noted in one of Martin's sticky thread's in this section, someone said this particular card had accepted their balance transfer request, but only for about £900 (due to giving him a low credit limit) when he actually wanted about £18,000. Having read that, I think I will apply for the card and see how much credit limit is set before asking for the balance transfer.

Thanks again for the help!