Basic credit card question...(balance transfer)

SideWinder · 13 Oct 2014 at 14:44

Just a quick one!

I'm on hold for the past 6 minutes (Using 0800Wizard app, phew).

Aiming to carry out a balance transfer:

http://www.sainsburysbank.co.uk/cre...ce-transfer.shtml?source=NETGLOBNAVISOURC0126

But i don't understand the below that is underlined.

% on balance transfers for the first 33 months from account opening
(2.89% fee applies during the first 3 months from account opening, then 3% onwards)
0% on purchases for the first 6 months from account opening
Collect double Nectar points on your Sainsbury's shopping*
Collect 2 Nectar points per £1 spent on Sainsbury's fuel (plus 1 point per litre when you also swipe your Nectar card)*
One Nectar point for every £5 spent on your card elsewhere
No monthly or annual fee
No cash advance fee on Sainsbury's Travel Money purchases

What does it mean?

ubern00b · 13 Oct 2014 at 14:46

It means you get a reduced rate if you do a balance transfer within the first 3 months. All balance transfers incur a fee to do.

SideWinder · 13 Oct 2014 at 14:48

ubern00b said:
It means you get a reduced rate if you do a balance transfer within the first 3 months. All balance transfers incur a fee to do.

Ahh!

It would be straight away so that means i would pay 2.89%? Great.

ubern00b · 13 Oct 2014 at 14:51

Indeed. Hopefully you are transferring thousands so that 0.11% actually means something

SideWinder · 13 Oct 2014 at 15:09

ubern00b said:
Indeed. Hopefully you are transferring thousands so that 0.11% actually means something

Turns out it doesn't mean that much haha!

Thanks mate. Gave up staying on hold.