Credit Card Fees

Can someone tell me how credit card fees for balance transfers work please? e.g. If I have a credit limit of £8,000 and the fee for a balance transfer is £50, then would I only be able to transfer £7950 so that the fee didn't take me over my limit? Then is the fee added to the card balance and paid off over the 6 months 0% period or does it have to be paid as a one off on the first statement after the balance transfer is made? I am assuming of course that if the fee is added to the balance, then it is at the same 0% rate as the balance transfer?

Sorry to sound dim - I've made balance transfers aplenty but always without a fee up until now.

TIA

Ly

Reply to
Ly
Loading thread data ...

Don't know, but from previous posts, you do indeed have to watch this sort of trick, 'cos if you exceed that limit you are deemed to have broken your side of the agreement and they hit you hard.

Putrid poetry, dismal doggerel, extrava-stanzas...

formatting link

Reply to
Tiddy Ogg

There still seem to be some 0% cards that have not started charging transfer fees. I presume you have already exhaused these cards?

Reply to
Adrian Boliston

That is correct.

It will be added to the balance. Which rate it attracts depends on the small print on your card. It is possible that it could be charged at the standard rate, and doesn't get paid off until your balance transfer is paid off in full.

You aren't dim. These are exactly the questions you should be asking, and the questions your credit card co are hoping you don't ask.

Reply to
Jonathan Bryce

At 17:11:21 on 09/10/2005, Jonathan Bryce delighted uk.finance by announcing:

Many companies, in fact, will not allow you to transfer a balance if it takes you within a certain amount or percentage of your limit.

Reply to
Alex

"Jonathan Bryce" wrote

As a matter of interest, which CC company does that?

Reply to
Tim

I've no idea if any of them actually do, but it is something that certain companies I can think of might be minded to try.

Certainly, when you see these adverts, they say something like

0% for nine months - _29.9%_ APR [small print] various charges apply
Reply to
Jonathan Bryce

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.