Credit Card Balance Transfer Discussion Area 2

MSE_Martin

This previous discussion thread here has now become so long it is cumbersome.  It is now locked, please continue the discussion on this thread.

To read the full article which this discussion relates to see Best Balance Transfers

However it is important to note this article has been updated since the discussion began, so some of the posts below may be out of date.

martin

Galstonian

How quickly we forget what it was like before broadband... Sorry! :-[

If this happens again with any thread please send me a private message and I'll deal with it.

MSE_Martin

Don't worry Gal - this was one I had to do as it is linked to from the article and i needed to change the link in there so i did it all in one go

Slasher_2

Ok, as I've no debts, only 1 credit card, want free money, and I'm lazy, please can someone list which credit cards I should immediately apply for, and how I would get the free cash from them?
;D

Galstonian

All information is available on this site and in these forums but if you can't even get that far then how can you possibly ensure that you always pay things on time to avoid charges?

It just doesn't work if you're lazy. Sorry.

Slasher_2

I'm not that lazy

Galstonian

Well how am I supposed to know the degree of your laziness? I don't want to start suggesting things and then you start complaining that you were charged interest because you couldn't be bothered reading your statements or the terms and conditions.

I'm not trying to be funny or patronising, it takes an attention to detail and slavish adherence of timescales.

Look for the thread Making Money From Credit Cards.

Milarky

Gal,

could it help someone in Slasher's position to have a list of cards in some kind of order of desire?

I would day that an Egg card is a 'must have' one simply for the abilty to 'super-balance-transfer' from any other card - and it comes with 0% for 6 (or 8?) months too

Once you have your Egg card [or MBNA as a second-best] you can look for other card issuers. Some offer the equivalent of 'SBT' (e.g. cheques) others might be persuaded to transfer to your bank account - but there's always the Egg card.

So [quick answer!] either get youself an Egg/MBNA card for starters or one of the following:

Mint (RBS)
Goldfish (Lloyds) ...

[Gal, anyone else: please offer alternatives ... there are so many, and my head hurts! :P]

M

Galstonian

The alternatives are as you point out extremely wide ranging.  An Egg card might be desirable but not essential - I don't have one, haven't for many years.  I think it is better to focus on types of cards rather than specific cards.  For a full house when playing credit card poker you might have:


The Aces:

SBT
Something that allows transfers into current account or even savings by balance transfer or cheque.  There should be no cost for this. Egg, MBNA and Mint are all players.

Cashback
For regular spending which you will repay in full every month a cashback card is essential.  Cap1 have recently lost their place as the best and contenders from Amex, BOI, Accucard and others are looking to take over.

Good Earner
A low rate, preferably 0%, for as long a period as possible with as high a credit limit as possible.  Barclays have a long offer but credit limits have been criticised as too low.  MBNA have a 12 month offer and have advantages like higher limits, lowest monthly repayment, staff who seem to fall over themselves to give away free/cheap money and, to cap it all, they give away free gifts too.


Over Kings:

A Foreign Accent
If you travel much then a card which has no loading on transaction in foreign currencies is a great way to save money.  Some gold and platinum cards offer features and insurances which can be invaluable to travellers.  For low loading Nationwide and Liverpool Vic seem to be the contenders. For extras, all have their own unique selling points.

The Lowly Debit Card
While I avoid using it wherever possible having a debit card can be a big help if you need cash - not only can you stick it in nearly any ATM in the world but you can get cash from supermarkets, high street retailers, garages etc.. with (in most cases) no additional fees.





P.S. Martin: I'd like to reserve the rights to using the phrase "credit card poker".  If it appears in any article written by you I'll happily grant license for their use provided I am suitably credited

johnllew

For low loading Halifax and Liverpool Vic seem to be the contenders,

Did you mean to say Nationwide and LiVic?

Galstonian

Oops, yes I do. Post has been modified, thanks.