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Balance transfer - Interest on first statement
JReacher1
Posts: 4,664 Forumite
in Credit cards
I’ve done a balance transfer with HSBC on £1k for 18 months at an interest rate of 1.6% for 18 months. I know I could get it 0% but plan to pay it off in two months and already had the card so it was easier to do it this way.
What has confused me slightly as on my first statement they’ve charged me £1.60 interest. My previous statement had a balance of £0. I thought that the first statement would have zero interest on it so I’m a bit confused over this interest charge. It’s not the balance transfer fee as I paid that off on the day I transferred it over.
It’s only a couple of quid so not the end of the world but does anyone know what’s happened here?
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Comments
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JReacher1 said:I’ve done a balance transfer with HSBC on £1k for 18 months at an interest rate of 1.6% for 18 months.
Deli you mean APR or monthly?
The interest will be the estimated interest if you only pay minimum.0
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