Balance transfer fee question

mikeplovett

Hi. I am considering transferring a credit card balance from M&S to a new Sainsbury card offering a No balance transfer fee.  However, and I am new to this, - the current M&S details a charge of 2.9% of the balance transferred. When I used the M&S chat it stated that a one time balance transfer fee is payable every time you make a  balance transfer and all of the banks do this. Surely this only applies if you wanted to transfer a balance into M&S?  I want to transfer the balance out from M&S to Sainsbury for no fee!  Can anybody clarify please?  Many thanks.  

Brie

ok - so you want to pay £1k from your Sainsbug card towards your M&S one.

you will be charged a one off fee on top of the £1k so your S's balance will be £1,029.  And M&S is down by £1k.

Next time you do a BT you'll be charged another fee based on the new BT amount.  And yes all banks do this.

Stating the obvious - do be sure to set up a minimum DD payment for the S's card so you never miss a payment and lose the 0% for the BT.

Brie

Sorry got the cards the wrong way around.  Principle still applies though.  The fee is on the card where the fund come from.  

And if you are BTing from M&S be warned that there is no info on their statements that shows you the outstanding BT amount so you can't easily tell how much you need to pay if you are also using the card for purchases.  They are the only bank that seems to do this.

mikeplovett

Thanks for the prompt response.  I actually want to transfer from my existing M&S card to Sainsburys.  The new provider - Sainsburys is offering no BT fee, however M&S wish to charge 2.9% to transfer this balance over.  If all banks make a charge then there is little incentive to transfer!

mikeplovett

Many thanks for the clarification.

northwalesd

M&S will not charge you a transfer fee. And if Sainsbury are offering a no balance transfer fee, then you won't be charged a fee by them either.

Brie

Maybe I need to see if I can get a Sainbury's card!  It's been forever since I had one that didn't charge a fee!!

mikeplovett

Thanks northwalesd.