Best Balance Transfers / MoneySavingExpert.com discussion area

grumbler

sproo wrote:

On looking into doing a BT to British Airways Amex 4.9% I found this: ...a fee of £20 per year ...I was thinking of borrowing £9500 via the plastic card loan route (amex to egg money to current account) but seeing the above surely it would be cheaper to borrow a loan at 5.6%-5.8%?

Definitely there is no fee for BTs made during first 6 months.
£20 is about 0.3% p.a. for the second year, about 0.4% p.a. for the third year. And I don't think that you will be able to get 5.6%-5.8% loan without PPI and with the same flexibility of repayments as for a CC.

emcwill

Just received the weekly tips email to see Martin saying the Barclaycard 10 month 0% with no BT fee now closed to new customers online (at barclays.co.uk) but I applied for this only today and it's still there on the barclays.co.uk site (summary box states no handling fee). Any ideas?

sproo

Hi Grumbler,

Thanks for your answer. I thought that the £20 x 2 years (I would pay it back after 3 years) would make it significantly less value for money compared to a 5.8% loan, could you tell me how you worked out the 0.3% and 0.4% figures.
(sorry for bring thick!)

Sproo

grumbler

sproo wrote:

could you tell me how you worked out the 0.3% and 0.4% figures....

This was very crude estimate. With 3% minimum monthly payments you will have about £6K balance at the start of the second year. £20/£6000=0.3%.

phbaker

I have just called MBNA and asked about rates for balance transfers for £8000.00. I have a zero balance with then and have done for a while so thought they might be interested in getting a hold of my debt.

Initially they offered 4.9% till October this year (6 months) then back to the full interest.

when I pushed they offered 1.9% for the six months and no transfer fee.

This offer wont do for me as I am looking for a longer period of cheapness but i hope it may help one you.

gallacat

Hi
Having seen Martin's latest list of 0% & fees free BT cards, I thought I'd give the Guide Dogs card a go. Trouble is, it states 'we may charge a handling fee for Balance Transfers...'. Has anyone else actually used this card, or can it be confirmed that they will NOT charge a handling fee for BT's?
Thanks

YorkshireBoy

gallacat wrote:

Hi
Having seen Martin's latest list of 0% & fees free BT cards, I thought I'd give the Guide Dogs card a go. Trouble is, it states 'we may charge a handling fee for Balance Transfers...'. Has anyone else actually used this card, or can it be confirmed that they will NOT charge a handling fee for BT's?
Thanks

Have a look around the forum for numerous posts on these charity cards, but the summary box says...

Balance Transfer Fee
2% or minimum £2 (on promotional rates except introductory offer)

grumbler

Confirmation of fees free charity cards
Charity Cards - BTF

kenshaz

I have a Macmillan cancer relief card,and just done a BT,and confirmed no transfer fee,useing Martins link ,have faith

Richard1970_2

Just got my Amex/Ba card thru to do a life of balance transfer to an Egg money card... your great idea for an effective 4.9% loan... The small print says 4.9% for six months then 9.9% from then until the balance is paid off. That's not my idea of "4.9% for life of balance." Are they being unlawful, or have I missed something?