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“Beware: a "stealth fee" for balance transfers”

written by Emileey385 on 01/10/2015

Customer services isn't great but putting that aside for one moment, there is a greedy stealth fee for balance transfers.

Ok, many people do it - move money around between cards to benefit from interest free periods and there is always a balance transfer fee of anything from 1.9% to 4% applied when it goes through.

What the Post Office (Bank of Ireland) Credit Card has done though is treat the balance transfer fee as a purchase. This was not made explicit by the customer services adviser when I spoke to them to make the transfer.

So, please BEWARE, you don't pay interest on the transferred amount but you WILL pay interest on the fee - which, to me, doesn't make it interest free!!! And, of course, it will be the last thing that will be paid off. Feel mugged. :-(