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0% offers?
damoC
Posts: 62 Forumite
in Credit cards
I have plenty of 0% balance transfers on the go, all going well and should be paid off in time.
My question is, in theory if they were not paid off in time does the interest accumulate on the left balance or from the original transferred balance?
For example £1000 transferred, £200 left at end, would interest be charged on 200 or 1000? I assume it's the former but can never be to careful.
The providers in question are HSBC and Tesco bank.
Cheers
My question is, in theory if they were not paid off in time does the interest accumulate on the left balance or from the original transferred balance?
For example £1000 transferred, £200 left at end, would interest be charged on 200 or 1000? I assume it's the former but can never be to careful.
The providers in question are HSBC and Tesco bank.
Cheers
0
Comments
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Interest is charged on a daily balance. So it is always the current amount only.0
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Check the T&Cs of each card to be certain, but it should be charged on the balance at the expiry of the 0% deal.
Remember it is calculated daily and charged monthly, so if a deal expires between a statement date you may get a partial months interest when it does expire.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
It would be charged on the £200 if that is what was remaining on the day0
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