0% Balance Transfer Cards
What is a 'Capped Fee'
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Last update : December 2011
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| When you balance transfer a debt from one Credit Card to the next there is a fee to be paid, the balance transfer fee which is usually 2.5% - 3% of the amount being transferred.
Transfer for example £1,000 and the fee is £30 (3% charge).
But a capped fee means just that, the figure is the same regardless of the balance transfer. Often this is in the region of £50-£100.
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| So for those wanting to transfer large balances in excess of £2,000 look for balance transfer Cards with capped fees.
Sadly, they're not as common as they were a few years ago but there are normally a few on the market.
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| No transfer fee |
| A nice touch with these cards is they don't normally charge a transfer fee whereas all Balance Transfer cards do, usually 2%-3%. |
| Don't forget the 2 Golden Rules of Balance Transferring |
- Never use the card again to spend
- Never miss a minimum payment
Play games with a Balance transfer card and they can be very expensive - Find out more on this link.
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See also
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FREE Report
How to Audit your Credit File
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With errors your rating will suffer
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How a clean credit rating can save you money
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4 steps to a clean up any mistakes |
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Don't discount the importance of your credit file
It's absolutely critical.....
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Get the FREE report |
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