Credit Card Fees for transferring balance

in Credit cards
3 replies 164 views
Trac8yTrac8y Forumite
1 Post
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_againborn_again Forumite
    10K Posts
    1,000 Posts Third Anniversary Name Dropper
    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
    Life in the slow lane
  • MalMonroeMalMonroe Forumite
    5.4K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
     Hi, the information in this link may be helpful -

    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.
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • Flack9765Flack9765 Forumite
    1 Post
    First Post Photogenic
    thank you!
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