super balance transfer (SBT) card?

crumpetman
crumpetman Posts: 339 Forumite
in Stoozing: free cash from credit cards
Are there any of these left? I had the old Egg card many years ago and could use that to transfer a positive balance to my current account with no fee.

There must be a card still available which allows this?
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Comments

  • MadProf
    MadProf Posts: 63 Forumite
    edited 30 September 2014 at 10:28AM
    Hi crumpetman,

    Two cards spring to mind (I have recently acquired the MBNA card to do a money transfer):
    • MBNA Platinum Credit Card
    • Virgin Money Credit Card

    I'm not allowed to post URLs as my account is still new but you can get more info at moneysavingexpert.com/loans/cut-loan-overdraft-costs

    Barclaycard also offer money transfers periodically to existing cardholders.
  • Voyager2002
    Voyager2002 Posts: 15,281 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Sadly, they are no longer free (although when I used the Virgin one earlier this year the fee was about half the amount of money I expected to earn in interest on the amount transferred).
  • crumpetman
    crumpetman Posts: 339 Forumite
    Cheers I shall look into those. I have a barclaycard with 0% interest on balance transfers for 6 months and it does show an option to transfer to current account but it is not available to me.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    MadProf wrote: »
    Two cards spring to mind (I have recently acquired the MBNA card to do a money transfer):
    • MBNA Platinum Credit Card
    • Virgin Money Credit Card
    OP is talking about 'muling' 0% BT cards.


    Unlike Egg Money, those cards (and none currently on the market) do not openly advertise/allow the creation of positive balances and transfers of such to your current account.


    Yes you might get away with it, and many on the stoozing website report doing so with several £K, but there's always the danger that the provider may return the money from whence it came...resulting in a waste of a BT fee.
  • MadProf
    MadProf Posts: 63 Forumite
    Sorry I missed the bit about the 0% fee! I doubt you'd find any cards presently available on the UK market that offers a 0% fee for money transfers.

    There are some that offer 0% for balance transfers but obviously they don't allow money transfers (Tesco Clubcard CC)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    MadProf wrote: »
    I doubt you'd find any cards presently available on the UK market that offers a 0% fee for money transfers.
    Here's one...

    http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

    And combining it with this card...

    http://www.tescobank.com/creditcards/lowfee/index.html

    ...would get you 12 months 0% interest on a money transfer...and fee-free. :D
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    YorkshireBoy wrote: »
    Here's one...

    http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

    And combining it with this card...

    http://www.tescobank.com/creditcards/lowfee/index.html

    ...would get you 12 months 0% interest on a money transfer...and fee-free. :D
    You're a genius.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • Winrick
    Winrick Posts: 43 Forumite
    First Anniversary Combo Breaker
    thebritishbloke wrote: »
    You're a genius.

    I second that!
  • afzaal1988
    afzaal1988 Posts: 285 Forumite
    First Post First Anniversary Combo Breaker
    I used the same card Yorkshireboy posted the link for last month and transferred over 6k from barclaycard to mbna and from mbna to saving account. I only had to pay small fee to barclaycard (1.5%) for balance tranfer to mbna
  • blindman
    blindman Posts: 5,659 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    YorkshireBoy wrote: »
    Here's one...

    http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

    And combining it with this card...

    http://www.tescobank.com/creditcards/lowfee/index.html

    ...would get you 12 months 0% interest on a money transfer...and fee-free. :D

    I'm assuming something has changed as I can't see this being fee free :cool:

    I'm no genius :rotfl:

    Anyhow
    Trying to work out if this is worth it.:

    My Virgin White credit card has a
    0% Interest rate Moneytransfer offer
    for
    13 months (now until 31st Dec 2015)
    and
    a 2% handling fee.

    I can borrow 95% of my credit limit (£5000) = £4656.86 which means
    (I think)
    This costs £93 over 13 months

    I can put the (nearly) £5K into a Lloyds club account (4% up to £5K)
    and then drip feed (for 2 months Dec-Jan) into two 4% ISA accounts (£1250 per month per account).

    Will this be worth the hassle as I assume I'd effectively be saving £4656.86 at 2% over 13 months?


    Cheers
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