The true APR

[stewart38]

Just seem a life time balance transfer offer of 4.94% which looks good. However I see there is a 3% balance transfer fee

I cant see anything on Google

Does anyone know what the ‘real rate’ would be with various transfer fees which now seem to be common

On £10,000 3% is £300 so has to be considered

I don’t think I can add 3% to 4.94% and get 7.94% as a ‘real rate’ ???? or can I.

So many gimmicks the credit card companies do now pity the FSA are toothless

[Feelingpink]

You could try Money Saving Expert website - it has great information on the best use of credit cards, recommendations & balance transfers, depending on what kind of credit card user you are. Amongst other things, it can help you claim back bank charges.

[Double Trouble]

Just seem a life time balance transfer offer of 4.94% which looks good. However I see there is a 3% balance transfer fee

I cant see anything on Google

Does anyone know what the ‘real rate’ would be with various transfer fees which now seem to be common

On £10,000 3% is £300 so has to be considered

I don’t think I can add 3% to 4.94% and get 7.94% as a ‘real rate’ ???? or can I.

So many gimmicks the credit card companies do now pity the FSA are toothless

I'll lend you 10 grand Stewart. Actually, its christmas, just have it.

[David Franklin]

Just seem a life time balance transfer offer of 4.94% which looks good. However I see there is a 3% balance transfer fee

I cant see anything on Google

Does anyone know what the ‘real rate’ would be with various transfer fees which now seem to be common

On £10,000 3% is £300 so has to be considered

I don’t think I can add 3% to 4.94% and get 7.94% as a ‘real rate’ ???? or can I.

Can you post a link? It's a bit difficult to comment without knowing the details. A first approximation might be to it as 7.94% the first year and 4.94% thereafter.

[Barry Shnikov]

Just seem a life time balance transfer offer of 4.94% which looks good. However I see there is a 3% balance transfer fee

Balance of a credit card?

DF is right, you can't do a simple APR calculation for credit card transfers because there is no fixed repayment schedule. Clearly if it takes you 5 years to repay the transferred balance then the 3% transfer fee is amortised over 5 years. If you pay back in 12 months it all applies to the first year.

[FirstMove]

Can you post a link? It's a bit difficult to comment without knowing the details. A first approximation might be to it as 7.94% the first year and 4.94% thereafter.

I'm not a financial services expert, but APR is worked out as a single flat-rate over the term of the loan that gives the same total repayment as whatever scheme the CC company choose to use adds up to. No inflation adjustment is made.

[Lou]

pity the FSA are toothless

That's a bit unfair, Stewart. What do you want them to do - restrict choice in the number of products available?

(Usual disclaimers apply, natch).

[stewart38]

I'll lend you 10 grand Stewart. Actually, its christmas, just have it.

will collect deep inside balcony area Ashtons on 27th

[Double Trouble]

will collect deep inside balcony area Ashtons on 27th

I've been banned form the balcony, but that's another thread.