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What is a 'Capped Fee'

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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.

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.

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
    1. Never use the card again to spend
    2. Never miss a minimum payment

Play games with a Balance transfer card and they can be very expensive - Find out more on this link.

See also

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How to Audit your Credit File

With errors your rating will suffer
How a clean credit rating can save you money
4 steps to a clean up any mistakes
Don't discount the importance of your credit file
It's absolutely critical.....
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