how long do balance transfers take?

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p1an0player
p1an0player Posts: 1,196 Forumite
in Stoozing: free cash from credit cards
I'm awaiting a LTSB credit card to arrive any day now and my current 0% deal on a different card ends 1 Jan 08. How much time do I need to allow LTSB to make sure the other card is paid off?
Thanks

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  • tipsychick
    tipsychick Posts: 615 Forumite
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    Normally 5-10 working days, in my experience 7 days is typical.

    Don't forget to allow for Bank Holidays over Xmas/New Year period (sure you've thought of that but just in case you haven't).
  • p1an0player
    p1an0player Posts: 1,196 Forumite
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    thanks!
    10 working days from now is almost New Year's Day...
    so I might have to pay off the bill rather than stoozing it :(
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Most recent (BT from Egg Money): Action Friday (late afternoon)/arrive Wednesday.
  • johnllew
    johnllew Posts: 1,928 Forumite
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    IME, Lloyds TSB are no worse than most issuers. Allow 3/4 working days from initiating the BT.
  • p1an0player
    p1an0player Posts: 1,196 Forumite
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    Thanks for the answers.
    LTSB are going to charge me a BT fee. Will they add it to the balance at 0% or at some other rate?! I know I can check the T&C or phone them for the answer to this but you guys know your stuff.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    p1an0player wrote: »
    LTSB are going to charge me a BT fee. Will they add it to the balance at 0% or at some other rate?!
    Add it to the balance and...
    Interest is charged on balance transfer fees.

    Balance transfer important information
    ..........
  • p1an0player
    p1an0player Posts: 1,196 Forumite
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    Thanks for this.

    "Your monthly payments will pay off your interest, charges and if relevant, Payment Protection Premiums first. After this we put the rest of your payment to promotional balances (see section 6 of customer conditions for further details of payment allocation). This means that balances on lower rates such as balance transfers are paid off before other balances.
    For each individual balance transfer there is a 3% fee. Interest is charged on balance transfer fees."

    It seems then that my first monthly payment will pay off the interest on the balance transfer, then the fee on the balance transfer, then the promotional balance.

    That's assuming that "charges" are the same as "fees".
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    p1an0player wrote: »
    It seems then that my first monthly payment will pay off the interest on the balance transfer, then the fee on the balance transfer, then the promotional balance.

    That's assuming that "charges" are the same as "fees".
    There are many posters on the main credit card board complaining that they have been charged interest on the BT fee, which appears to be recorded as a 'purchase' and is therefore paid off last.

    You'll incur interest from month 4 until you clear the card's balance.
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