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  • FIRST POST
    • sadia85
    • By sadia85 15th Jul 17, 2:12 AM
    • 104Posts
    • 2Thanks
    sadia85
    Is balance transfer a good idea ?
    • #1
    • 15th Jul 17, 2:12 AM
    Is balance transfer a good idea ? 15th Jul 17 at 2:12 AM
    I plan to buy a car with credit card and than would like to do balance transfer with new deals around with different card with 0% deal for 40 months with no transfer fee. Wondering how much its would charge for interest.

    Car company is also doing loan instalments but charging around 10% of the total credit amount.

    Can someone pls advice on this if better buying as balance transfer so I will have some time to save and pay it off without charging any interest.

    Cheers
Page 1
    • boo_star
    • By boo_star 15th Jul 17, 6:04 AM
    • 1,256 Posts
    • 631 Thanks
    boo_star
    • #2
    • 15th Jul 17, 6:04 AM
    • #2
    • 15th Jul 17, 6:04 AM
    A balance transfer usually incurs fees of around 3%.

    The dealer wants 10%.

    If you can pay it off in full before your 0% offers ends, sure. But are you even going to get the 0% at 40 months and for the amount that's required.

    Edit: Which card offers 0% with no transfer fee?
    Last edited by boo_star; 15-07-2017 at 6:11 AM.
    • sadia85
    • By sadia85 15th Jul 17, 11:54 AM
    • 104 Posts
    • 2 Thanks
    sadia85
    • #3
    • 15th Jul 17, 11:54 AM
    • #3
    • 15th Jul 17, 11:54 AM
    A balance transfer usually incurs fees of around 3%.

    The dealer wants 10%.

    If you can pay it off in full before your 0% offers ends, sure. But are you even going to get the 0% at 40 months and for the amount that's required.

    Edit: Which card offers 0% with no transfer fee?
    Originally posted by boo_star
    Have a look at this link please Santander and mbna both offering 0% on balance transfer and fees.

    https://www.uswitch.com/credit-cards/ppc/credit-card-balance-transfers/?ref=ppcgoogle~gen~PFG412002&gclid=CKPBsMKMitUCFRc 6GwodfiIJCg&utm_expid=102396195-51.JzBqGiIjScWPCC1SLghm4g.0&utm_referrer=https%3A% 2F%2Fwww.google.co.uk%2F
    • bigadaj
    • By bigadaj 15th Jul 17, 1:51 PM
    • 9,979 Posts
    • 6,374 Thanks
    bigadaj
    • #4
    • 15th Jul 17, 1:51 PM
    • #4
    • 15th Jul 17, 1:51 PM
    You'll need a good credit file to get this deal, do you have cards with high limits, currently, highish earnings, and have the discipline to pay off within the period, if you don't and can't get a new deal then you could be looking at 20% rates or more.

    The dealer will probably want extra to pay by credit card, maybe 2-5%.

    If it all works then it's a good option but there are hurdles and risks.
    • chattychappy
    • By chattychappy 15th Jul 17, 2:22 PM
    • 6,305 Posts
    • 3,299 Thanks
    chattychappy
    • #5
    • 15th Jul 17, 2:22 PM
    • #5
    • 15th Jul 17, 2:22 PM
    The dealer will probably want extra to pay by credit card, maybe 2-5%.
    Originally posted by bigadaj
    Indeed. Also be aware of salesmen that lie. Ie they say there is no fee, you pay a deposit (indeed no fee), but when it comes to the balance they insist on a fee. Depends on the place, but if you are promised "no fee" then get it written on any paperwork you sign.
    • RG2015
    • By RG2015 16th Jul 17, 8:16 PM
    • 298 Posts
    • 106 Thanks
    RG2015
    • #6
    • 16th Jul 17, 8:16 PM
    • #6
    • 16th Jul 17, 8:16 PM
    A balance transfer usually incurs fees of around 3%.

    Edit: Which card offers 0% with no transfer fee?
    Originally posted by boo_star
    I believe that many do; just look on the MSE credit card section.. I have 12 months with Nationwide and 24 months with Virgin Money. My Nationwide card also has 12 months purchases at 0%.
    • RG2015
    • By RG2015 16th Jul 17, 8:22 PM
    • 298 Posts
    • 106 Thanks
    RG2015
    • #7
    • 16th Jul 17, 8:22 PM
    • #7
    • 16th Jul 17, 8:22 PM
    Have a look at this link please Santander and mbna both offering 0% on balance transfer and fees.
    Originally posted by sadia85
    Please note that Santander charge a monthly fee of £3.00 on some of their credit cards.
    Last edited by RG2015; 16-07-2017 at 8:24 PM.
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