Balance transfer 0% monthly rates

Markfx

Hi there

I want to transfer a balance to a 0% balance transfer card. How do I work out how much I will be paying back per month once I have transferred the balance? It appears some banks, etc take about 1%, others about 2% but they don't seem to be forthcoming about this until you've actually transferred the balance from past experience. Is there any way to find out beforehand?

Thank you
M

[Deleted User]

It's in the key facts document before you apply. You'll also find it easily on each lender's website.

Even failing that, even a quick google will usually turn up the answer for the card in question.

Markfx

Deleted_User said:

It's in the key facts document before you apply. You'll also find it easily on each lender's website.

Even failing that, even a quick google will usually turn up the answer for the card in question.

I've tried all of these. I can only ever find transfer fee not how much I'll be paying each month. Can you send a link as an example? 

[Deleted User]

Look at the summary box.

https://www.hsbc.co.uk/credit-cards/products/balance-transfer/#important-documents

Brie

the % paid will have nothing to do with the actual transfer.  it will be in the standard T&Cs and would normally apply whether you have a 0% deal or are using the cards for purchases.  

stating the obvious - always have a DD set up for the minimum at least to ensure you don't invalidate the 0% terms.  And also most cards can't be used for both purchases and a 0% deal without running into issues.  The only exception I know of is M&S card but even then you don't know in a given month how much you need to pay for the purchases as they don't give separate totals for the 0% and purchases so it's either ask them monthly or do a lot of calculations yourself.

Markfx

Deleted_User said:

Look at the summary box.

https://www.hsbc.co.uk/credit-cards/products/balance-transfer/#important-documents

Thank you so much. So in this case it would be 2.5%?

[Deleted User]

Any BT you should be doing the total / the number of months to ensure it's all paid off. It's always a danger to try and pay just the minimum and then pay off at the end as you won't know your circumstances in 6,12,18,24 months time and assuming your savings will pay it off at the end can be a risk. Even more of a risk would be to assume another BT would be possible at the end.