Credit Card Balance Transfer Discussion Area 2

mary

Instead of your money sitting in Cahoot earning 5.65% interest that you will pay tax on (depending on your circumstances), why not let your husband have it sitting against his loan (on which i guess the interest rate is higher than 5.65%) and let him give you your interest payments at his loan interest rate which he can give you exempt of tax 8)

Can you clarify the last part of your sentence, I'm a bit slow at times!

By the way I don't pay tax, so I do get the 5.65% from Cahoot.

Husband's loan is actually from a mortgage reserve account and I've just rung to find out the rate is 6.79%.
So do you mean that I give my husband my money to look after (shame, I always thought his was ours and mine was my own!), he gives me the 5.65% interest and he benefits by having the saving of 6.79% - 5.65% = 1.24% on his loan?

Smitty

This is not as lucrative as I first imagined as you receive your interest gross.

he gives me the 5.65% interest and he benefits by having the saving of 6.79% - 5.65% = 1.24% on his loan?

Yes, this is what I mean, although he could pay you 6.79% (he's no worse off) or you could split the difference and he pays you 6.27%. It might be a bit difficult to work out exactly, so just try and make so you are both a bit better off than before.... beter than his loan company having it !!

Beegal

I wish to transfer my balance and  received an invitation yesterday to apply for a Tesco credit card - 3.9% on Balance Transfer until paid and 0% on purchases until August '05 - this sounded like a very good deal to me, does anybody have any advice?

Can somebody please reply?

the_foreman

just got a new 9 month mbna card and rang them to activate the card (usual stuff)
but while i was on i asked to do a balance transfer ( £3600 ) from mint they told me it would cost £35 so i told them i wanted to close the account straight away and they sent me to a closing dep or somewhere like that who instantley said thay would wave all the fee (without even promting them )



keep up the good work

micro_2

Martin's updated article quotes "Lloyds TSB's Advance card is also currently offering 0% on balance transfers for the first year. There is one thing to watch with this card though, unlike most credit cards where if you pay off the balance in full each month there's no interest, here there is interest. Be very careful."

Can someone explain this please? It's on the balance transfer page, which means I wont be paying off the balance every month! Do I pay interest making regular payments to pay off a debt of £3k in the year or not? Help!

Galstonian

You will not pay interest on a 0% balance transfer. Cards that have no interest free period or not good for anyone to use outside of introductory offers. Some people are attracted by the lower rate if the normally carry a balance but why carry a balance and pay interest when companies are trying so hard to make sure you don't have to?

Unbelievable_2

Beegal

Your Tesco offer is certainly one of the lowest life of balance rates I've seen (Martin has Texaco in his article - same rate but no 0% on purchases) and it's 1% less than Tesco's own advertised rate on their web site. So yes - it looks like a good deal.

However ... it's not as good as paying 0%! Couldn't you transfer as much as you can pay off in a year to Lloyds TSB Advance which has 0% for 12 months (but NEVER purchase anything with it) and put the rest on the Tesco card or some other suitable combination of cards?

Just a suggestion!

grovej

Did a Balance Transfer from my MBNA to my current account as I have done in the past, except this time they charged me £35 for the pleasure. I was under the impression that because I was on a 0% introductory rate this fee did not apply.

So I called them up and after a short period on hold got the following answer from the advisor "We are in the process of sending out letters advising in the change of t&c's, but in this instance I will waive the fee for you", I thought this was very kind of them seeing as I haven't had the letter land on my doormat yet.

>:(

Pete.g

Right I have never transfered from one credit card to another before I'm a complete beginer I have a small amount (below 1k) on my Abbey credit card and would like to move it to a 0% card. which card do you recommend and will I be charged for this?

Sorry if i'm asking a question that has been covered but this thread is mahoosive!!

Thanks,

Pete.

FTL

Just got an email from easymoney.com today with changes to T&Cs. Included in these are that they are in future going to charge a "reasonable amount" for "services".
Guess that means no more free Balance Transfers.

One for the bin then!!!