Best Balance Transfers / MoneySavingExpert.com discussion area

hilary1

Just read this on Cashbag. Havent seen it anywhere when I've been looking for best BT.

M&S &MORE Credit Card £3.25 Cashback0% pa on balance transfers for 6 months from the date of account opening • Typical 15.9% APR (variable) • NO BALANCE TRANSFER FEE. Earn £3.25 cashback when you make a valid online application

Beverley

I've just recieved an email from From: "Motley Fool - Eureka" <Fool@FoolMail.co.uk> and I'm feeling wary about it because I don't recall getting one with as strong a sales pitch as this.

As it was such a good deal I clicked on the link and was taken to an application form. Something (nervousness I guess) stopped me from filling it in and I decided to go via the Motley Fool website - only I can't find a reference to this deal on the website.

Is this a genuine deal or was it phishing?

And yes I am happy to be told I'm just being paranoid - if it's a genuine deal, I want in :-)

Anyone know?

Beverley

grumbler

This offer is on their website - with 2% uncapped fee though: http://www.halifax.co.uk/creditcards/home.shtml. It is also mentioned in Martin's article:

Top card with a capped fee. The Halifax One card has a 12 month 0% period and, if you apply in a Halifax branch its 2% fee cannot exceed £50. So for those transferring more than £2,500 the fee works out cheaper cheaper than Capital One, though of course there's a shorter borrowing period

john1215

Hi,

Sainsburys are doing a credit card deal that has a 5.9%(Life of balance) BT rate for all balances transferred in the first 6 months (15.9% therefater) but there is absolutely NO balance transfer fee. This sounds like a reasonable BT rate

john1215

fenec007

hi
applied for marks and spencer credit card and i was shocked to find out a charge of £84 on my £2800ballance transfer ,i'm still puzzeled about this is it worth complaining to the fsa .

kind regards

schiff

fenec007 - you obviously don't believe in 'the normal channels'. Straight to the top eh?

You don't give enough detail really but I think you should start by checking all the Terms & Conditions, given to you when you applied for/received the card. It will be embarrassing for you if you are in any way at fault or have overlooked something important.

First thing that strikes me is that £84 is 3% of £2800. Forgive me but you are not confusing the first DD payment due with what you have assumed to be an interest charge?

coops024

Hi I currently have a loan for £15,000 and wanted to transfer this to a 0% card for 9 months and become a 'tart' :money: switching from card to card ensuring I pay no intrest ! But....how will i know if my credit card limit will cover this on an online application? do I have to phone them or just wait till the card comes through and phone to get a limit extension ?

any insight greatly appreciated

grumbler

coops024 wrote:

I currently have a loan for £15,000 and wanted to transfer this to a 0% card for 9 months and become a 'tart' switching from card to card ensuring I pay no intrest !

1. £15K is a very high credit limit for one credit card. Only a few providers give such limits and only to people with high income and exelent credit history.

2. It could be more difficult than you think to move a loan to credit card(s). Read Super BTs and Stoozing articles (see links in the blue box above).

But....how will i know if my credit card limit will cover this on an online application? do I have to phone them or just wait till the card comes through and phone to get a limit extension ?

It is very difficult (impossible?) to predict the credit limit you will be given. And if it is lower than you expected it is almost impossible to have it increased.

See also:
Your Credit Rating: How they decide and how you find out for free
Special Briefing: Didn’t get the credit limit you want – DON’T ‘screw them!’

coops024

Thanks Grumbler !

Guess I'm better off looking into changing the loan for a lower APR one unless I have a penalty for early settlement :mad:

grumbler

You can also consider trensfering (part of) the debt to card(s) with low Life Of Balance rate. See Cut Price Plastic Personal Loan article. Although the problem of transferring a loan to a CC still stands, you don't need to switch credit cards every 6-9-12 months.