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Balance transfer fee question
Pocket_Rocket72
Posts: 6 Forumite
in Credit cards
I am looking at doing a Balance transfer as my 0% offer is ending soon in my current card.
The one with the longest term states 3.90% introductory transfer fee offer, thereafter 3,% (minimum £5).
I am probably being thick but what exactly does this mean?
Does it mean I will be paying extra each month for a balance transfer??
TIA ❤️
The one with the longest term states 3.90% introductory transfer fee offer, thereafter 3,% (minimum £5).
I am probably being thick but what exactly does this mean?
Does it mean I will be paying extra each month for a balance transfer??
TIA ❤️
0
Comments
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Sounds like 3% is the monthly minimum payment (or £5).1
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Is this Santander?1
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0
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Get 28 months interest-free on balance transfers from account opening (3.9% fee, min £5).At the end of the 0% period, a 3% balance transfer fee will apply to any new balance transfers. Interest will be charged on any outstanding balances and new balance transfers at the standard rate of 24.9% p.a. (variable).Puts a clearer context to it than in OP's post
1 -
It is a 'charge' for taking out a new 0% interest deal. Funnily enough, most have gone up a lot in the last year or two with 3% to 5% being the norm. The charge is a percentage of the debt being transferred to the new provider.
Natwest Group offer a 13m fee free card if you qualify and there are several others also available.0
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