Super Balance Transfers discussion area

olliesdaddy wrote: »

With a couple of other bits and bobs, I would be looking at borrowing £5,500.

The question is, what is the least costliest way to borrow and repay for doing this? Is an SBT the way to go??

Hey Olliesdaddy,

Assuming three things, yes, the SBT would be the way to go. These things are:
1) you pass the credit score for the SBT card
2) you get at least £5,500 credit limit
3) you can pay it off in 20 months (so £275 a month on average)

If you end up with a lower limit, you could still consider moving the most expensive debt (sounds like the Santander) to an SBT card, and repay the minimum payment each month, while you focus the remainder of what you can pay each month onto the next most expensive debt - then re-evaluate the position in 20 months time when the SBT card's interest rate hits the roof.

Hope this helps...

billbennett wrote: »

hi Sabres,

Yes, that's it exactly. The only card at the moment that does it AFAIK is the Virgin one.

Virgin, any other card backed by MBNA, and also Post Office cards. In addition to that there Tesco credit card can be used in a similar way by buying sterling travellers cheques and paying those into the overdraft.

Applecider wrote: »

Hi there,

You mentioned that you can buy sterling travelers cheques with tesco purchase credit card? Have you tried this?

I am trying to get my overdraft on to interest free but I have a MBNA Card so can't apply for virgin

I haven't personally, but a few people on here and the credit card section have reported doing it. You can do the same with M&S as well - and there are lots of people who have written to say they have done that on the forum. One word of caution is to check your bank account accept sterling travellers cheques and don't charge a fee for you to deposit them (most accounts are okay but someone reported their bank had charged them to pay them in).

http://forums.moneysavingexpert.com/showthread.php?p=51011475&highlight=travellers+cheques#post51011475 this person has done it in the last couple of months
and here is some more details http://forums.moneysavingexpert.com/showthread.php?p=49779691&highlight=travellers+cheques#post49779691

Applecider wrote: »

Thanks I will see if I can find threads where people have done it already. It would be handy, I suppose it's a purchase from the post office might check with Tesco first!

With M&S you have to buy the travellers cheques from M&S not from the post office - you can buy them online or at the instore bureau de change.
I assume that Tesco will be the same - you can buy them on the website, or I think some tesco stores have bureau de change.

Found the link on tesco website - http://www.tescobank.com/personal/finance/travel/travelmoney/index.html