2 Questions about credit card balance transfer

Tom4567_2

Hi there, I have a couple of quick questions about doing a credit card balance transfer and wondering if anyone here can help me.


Basically, I currently want to do a balance transfer of £5000 over to a 0% card.


I'm in the process of applying for one of these 0% offers and have 2 questions:


1) It says I will be charged a 2.99% fee for any balance transfer...do I have to pay this separately after the transfer or is it added on to the balance? I'm guessing it is the latter...e.g. transfer £1000 to MBNA and then my new balance would be £1299


2) During the application they are asking for details of my current credit cards and how much I want to transfer from each. Does this mean the balance transfer will go through as soon as my application is accepted? I would prefer to get accepted first and then do the balance transfer in installments to make sure everything goes through correctly.


Any help would be appreciated.


Thanks.

CLAPTON

Tom4567 wrote: »

Hi there, I have a couple of quick questions about doing a credit card balance transfer and wondering if anyone here can help me.


Basically, I currently have 2 credit cards - 1 with Mint that has £1200 and 1 with Capital One that has £3800. So I want to do a balance transfer of £5000 over to a 0% card


I'm in the process of applying to MBNA and have 2 questions:


1) It says I will be charged a 2.99% fee for any balance transfer...do I have to pay this separately after the transfer or is it added on to the balance? I'm guessing it is the latter...e.g. transfer £1000 to MBNA and then my new balance would be £1299


2) During the application they are asking for details of my current credit cards and how much I want to transfer from each. Does this mean the balance transfer will go through as soon as my application is accepted? I would prefer to get accepted first and then do the balance transfer in installments to make sure everything goes through correctly.


Any help would be appreciated.


Thanks.

2.99% of 1,000 is £29.90

Tom4567_2

Ah right cheers

CLAPTON wrote: »

2.99% of 1,000 is £29.90

grumbler

The fee gets added to the balance. That's why you are allowed to transfer, typically, 80-90% of the credit limit.

sambuca9

All of my recent cc allowed me to apply and open the account, then do the balance transfer at a later date. Read the t&c as there is usually a cut off period, e.g. for balances transferred in the first 60 days of the account opening.

Tom4567_2

Thanks for the help everyone. I got it sorted now. Cheers.