Balance transfer fee (stupid) question

marksandsparksgal

Apologies if I'm being thick, I've never had to do a BT before. Transferring a HSBC card to Tesco Plat. MC on behalf of my bf (he's the second cardholder on the tesco account and the HSBC card is his so that's fine).

Tesco are doing a deal for 0% for a year and a 2% fee, my question is, ....

when they apply the charge to the account, will that acrue interest as its not part of the 'original' balance transfer....

Hope that makes sense! Cheers.

Milarky

The fee is paid before the transferred balance according to the Summary Box so in principle you will pay either no interest or little interest because it won't be on the account for very long:


"When we receive a payment we will use it in the following order:

• To pay any interest and/or charges;
• To repay any special offers:
• To repay all balance transfers and purchases (except special offers);"

Bokkens

Give tesco's a ring and ask what the BT fee is going to be on your BT and the fist monthly payment.
Make sure you set up a Direct debit with tesco's (over the phone) for the monthly amount and pay the BT fee in full (if you can afford it) asap.
That way there will be no interest charges at all on the BT fee and only the monthly fee to pay untill the 0% offer ends.

marksandsparksgal

Brilliant, the debt is £1404 and he's repaying about £150 a month, so that will cover the fee instantly. Thanks for the advice.