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Balance transfer fee question

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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.  

Comments

  • Brie
    Brie Posts: 14,657 Ambassador
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    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.

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  • Brie
    Brie Posts: 14,657 Ambassador
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    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.
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
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  • 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!
  • Many thanks for the clarification.
  • northwalesd
    northwalesd Posts: 1,316 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Brie Posts: 14,657 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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!!
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇
  • Thanks northwalesd.

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