Credit Card Fees for transferring balance 10 October 2022 at 7:05PM in Credit cards 3 replies 164 views

Trac8y

Hi, John Lewis Partnership Card is changing provider and I’ve successfully applied for the new card. I have approx £3,000 on the old card. I have been offered a balance transfer rate of 0% for six months and 1.99% fee. Will HSBC (the old provider) charge me for transferring or will I only pay the 1.99%? Any advice what I should do please?

born_again

1.99% is the fee for the transfer. You then have 6 months interest free to pay it off. If not then you will pay interest at the new rate

MalMonroe

 Hi, the information in this link may be helpful -

https://www.moneysavingexpert.com/news/2022/08/john-lewis-partnership-card-hsbc-newday/

Part of which says -

"Outstanding balances and repayment plans can continue to be paid off as normal after 6pm on 31 October. Once repaid in full, your account will close."  So you could take that option - but with paying interest of course and not using it for any purchases.

I don't think the balance transfer you mention above is a good deal because the term is very short and the fee is £59.70. Unless you intend to clear the balance of £3000 within the six month period, of course.

The old provider HSBC won't charge you to transfer.

Flack9765

thank you!