Balance transfer fee charge on OLD card

SpaceMunkeyUK

Hello everyone, first post here :-)

Just looking for a little advice as I can't seem to find anything on the internet and would like some advice before making any phone calls.

I have a 0% credit card with Tesco, which has now left the 0% interest period, so I have applied and been accepted for a Nationwide card (who I bank with) and did a balance transfer from Tesco to Nationwide. All went through, but I have been charged £29 by Tesco, on the statement is says balance transfer interest.

Is this right? I've never heard or seen being charged for a balance transfer away from a credit card?

Thanks in advance :-)

grumbler

SpaceMunkeyUK wrote: »

...on the statement is says balance transfer interest.

Does it say exactly this?

Most likely it's just the interest due from the end of 0% until the BT date.

bengal-stripe

SpaceMunkeyUK wrote: »

.....did a balance transfer from Tesco to Nationwide. All went through, but I have been charged £29 by Tesco, on the statement is says balance transfer interest.

How did you do that balance transfer?

A balance transfer goes from the new card (in this case, Nationwide) to the old card (Tesco). You transfer from Nationwide an amount of money (let's say £1000) to the Tesco card. That amount will reduce (or wipe out) the debt with Tesco and will show-up as a debt on the Nationwide card.

grumbler

bengal-stripe wrote: »

A balance transfer goes from the new card (in this case, Nationwide) to the old card (Tesco).

Money goes from NW to Tesco. The balance goes in the opposite direction.

You transfer from Nationwide an amount of money (let's say £1000) to the Tesco card.

This sounds confusing too as it's Nationwide, not you, who transfer the money when you ask them to transfer the balance from Tesco.

SpaceMunkeyUK

Hi again, I had around £2500 on my Tesco card, I transferred this to my new Nationwide card when applying for it. The money moved from my Tesco card to the new Nationwide card, so my Tesco card stood at £0 but then the statement came and it said Interest Purchases - £4.70 (I understand this part), but then also says Interest Balance Transfers - £29.69 this is the confusing bit. I could understand if this was on the Nationwide statement, but I didn't think you get charged for paying off the full amount owed?

YorkshireBoy

You balance transferred a debt to Tesco when you first got the card.


You didn't clear that balance (and subsequent purchases made) within the 0% intro period.


So the BT interest is the charge made from the date your 0% rate ended until Nationwide cleared the balance (and the purchases interest is...well, the same but for purchases).

YorkshireBoy

SpaceMunkeyUK wrote: »

The money moved from my Tesco card to the new Nationwide card

You seem to be struggling with your 'from's' and 'to's'.


The DEBT was transferred FROM Tesco TO Nationwide. The MONEY (to repay this DEBT) was sent FROM Nationwide TO Tesco.