Halifax - One Card MasterCard - How many transfer fees are there?

joe_70

hello there friends,

I am very sorry if this question has been asked before, but I am not sure I understand how a balance transfer works. I am always careful with my money (or I try to) but I have had to overextend myself a little lately and what I have done is to take out a "Halifax - One Card MasterCard - 12 months" (0% transfers / 0% purchases for 12 months)

The plan is to transfer my outstanding balance on my current card (£1000) to this new one and then pay a little bit every month by DDebit and clear it in 12 months. I don't plan to use this card at all.

What I don't understand is the following:

details of Balance Transfer Details:
*Fee Percentage 3.00%
*Minimum Fee £3.00
*Maximum Fee Unlimited
*Introductory Fee Percentage 3.00%
*Introductory Minimum Fee Cost £3.00
*Introductory Maximum Fee Cost Unlimited

(taken from: http://www.moneyexpert.com/Credit-Cards/ProductDetails.aspx?affiliateID=77&provider=Halifax&productID=172116&productTypeID=1)

So, if I transfer £1000 to this new card ...

what are the fees? £30? £60? (3% fee percentage + 3%Introductory Fee Percentage).

what is confusing me is "Fee Percentage 3.00%" and "Introductory Fee Percentage 3.00%". Are they two different fees?

I will be very grateful if any of you can explain what all this means.

Thank you

joe

Bokkens

joe_70 wrote: »

hello there friends,



details of Balance Transfer Details:
*Fee Percentage 3.00%
*Minimum Fee £3.00
*Maximum Fee Unlimited
*Introductory Fee Percentage 3.00%
*Introductory Minimum Fee Cost £3.00
*Introductory Maximum Fee Cost Unlimited

...

what are the fees? £30? £60? (3% fee percentage + 3%Introductory Fee Percentage).

what is confusing me is "Fee Percentage 3.00%" and "Introductory Fee Percentage 3.00%". Are they two different fees?

joe

My understanding is that "introductory fees" apply during a promotional period ie.12mths 0%.
The other fees apply after the introductory offer ends.
In your 0% period you will pay £30 BT fee on a £1000 (3%) if you BT £50 you would be charged £3 or 3% whichever is higher on the £50 moved so it would be £15.
The fees are unlimited this means that if you move £5000 the fee will be 5x£30=£150 some card have this fee capped so if you moved £5000 with another company they may only charge a £50 fee.
Does that help

kalpakjian

Bokkens wrote: »

My understanding is that "introductory fees" apply during a promotional period ie.12mths 0%.
The other fees apply after the introductory offer ends.
In your 0% period you will pay £30 BT fee on a £1000 (3%) if you BT £50 you would be charged £3 or 3% whichever is higher on the £50 moved so it would be £15.
The fees are unlimited this means that if you move £5000 the fee will be 5x£30=£150 some card have this fee capped so if you moved £5000 with another company they may only charge a £50 fee.
Does that help

Hi, does anyone know which cards generally offer a capped BT fee of £50?

Thanks

Kal

YorkshireBoy

kalpakjian wrote: »

Hi, does anyone know which cards generally offer a capped BT fee of £50?

This table lists the last few available...plus some that don't charge a fee.

http://www.stoozing.com/0fees.htm

kalpakjian

Many thanks YB for the useful information.

Are the John Lewis, Debenhams, and Virgin Atlantic 'White' cards all provided by MBNA?

Thanks

Phantom_Flan_Flinger

JL is HSBC, Debenhams is GE Capital and the Virgin card is MBNA.

The stoozing site covers all the cards here.

ShelfStacker_3

John Lewis is provided by HSBC. No idea about the others tho.

joe_70

thanks Bokkens

that does make sense: one is the introductory fee during the promotional period (12 months in this case), and the other is the normal fee once the promotional period has expired (after 12 months).

I think what was confusing me is the fact that ... I never envisaged to use this credit card beyond the promotional period (12 months), so my brain couldn't understand the fees !

Thanks for unblocking my brain bokkens !

PS: just to be 100% sure and please don't be offended for me pointing this out: a BT for £50 with this card would be £3, not £15, isn't it?

thanks

joe

Phantom_Flan_Flinger

joe_70 wrote: »

PS: just to be 100% sure and please don't be offended for me pointing this out: a BT for £50 with this card would be £3, not £15, isn't it?

Yes, the fee would be £3.