Best Balance Transfers / MoneySavingExpert.com discussion area

cs94njw

Hiyas

Motley Fool is saying that MBNA is doing 0% for 9 months.

This looking ok?

karababe

HI

i was wondering if i could grab some advice from someone out there!!

i have managed to run up 5 credit cards but unfortunately have had to stop work and so therefore am unable to tart any more ( no job no new card). I can clear one of these today which has 0% till feb, however i am now confused as to the order i should do the rest. my question is "should i pay off the bigger ones first or clear the smaller ones and get rid of the cards in order, i have received a lump sum of £500 and not sure which ones to pay off first

i do manage to always pay double the minumum payment.

Many thanks

Karababe

Penny-Pincher!!

Hi

I would pay off 1st the cards with the higher interest rate-I think its called snow balling.

PP
xx

[Deleted User]

Penny-Pincher!! wrote:

Hi

I would pay off 1st the cards with the higher interest rate-I think its called snow balling.

PP
xx

I agree with this and just remember not to pay so much that you don't have any cash left to pay the minimum amounts in future months.

stephenadarglas

Be careful cs94njw there is a balance transfer fee.

ScottieDog_4

AMEX deal @ 4.9 for life of balance...devils in the detail (fee charge) Given that this is one of the "never ever ever ever ever use the card..." deals I thought I would mention a little qualification. Probably been mentioned although I have been unable to find it on the site.

After 12 months expect an Account servicing charge of £15

Section 13 FEESadvises that if the account is less than £500 (excluding interest, charges, and balance transfer) then the above mention fee will be applied (does not count as a transaction)

Still savings to be had from a great deal but a little sting in the tail to be aware of folks.

redzak

Hi

Can anyone direct to me a credit card with a 0% bt fee with a reasonable amount of time(6 months) at 0% please?

thanks

Dizniegirl

anactuary wrote:

I've just been accepted for an egg card which I was planning to use as a mule and for its anniversary offer, as the 2% fee for intro balance transfers put me off. However, my limit is 10k to am I right in thinking I could SBT 9k out say and invest for 8 months at say 4.85% (cahoot savings rate) and just pay the max £50 transfer fee. That seems to leave you £182.80 in profit (8/12*.0485*9000*0.8 for tax less 50 fee). Is my logic correct - hadn't planned on this but seems like an opportunity too good to miss?

Can anyone give me some advice. I have a loan, which I cannot end the payment protection on until the loan is finished. I was thinking of putting the loan on an interest free card. The egg card is interest free on balance transfers until 2007. This would mean that I caould get rid of my loan payments in 8-10 months instead of 2 years. Does anyone know if there is a catch?!!!

YorkshireBoy

Dizniegirl wrote:

Can anyone give me some advice. I have a loan, which I cannot end the payment protection on until the loan is finished. I was thinking of putting the loan on an interest free card. The egg card is interest free on balance transfers until 2007. This would mean that I caould get rid of my loan payments in 8-10 months instead of 2 years. Does anyone know if there is a catch?!!!

The Egg Card is 0% on BT's until 1st October, but will also give you a 5 month anniversary offer BT next January.

Egg usually roll over their offers, so you might want to wait until 1st February - THIS IS NOT ADVICE.

http://new.egg.com/visitor/0,,3_11081--View_149,00.html

MuckyMark

anactuary wrote:

I've just been accepted for an egg card which I was planning to use as a mule and for its anniversary offer, as the 2% fee for intro balance transfers put me off. However, my limit is 10k to am I right in thinking I could SBT 9k out say and invest for 8 months at say 4.85% (cahoot savings rate) and just pay the max £50 transfer fee. That seems to leave you £182.80 in profit (8/12*.0485*9000*0.8 for tax less 50 fee). Is my logic correct - hadn't planned on this but seems like an opportunity too good to miss?

I took an Egg card but wait for this. They charge you £50 transaction fee when you first do the balance transfer but what they DO NOT tell you is that they charge you intereste on that £50 as if it were a purchase. So although the transfer it's self is at 2% the £50 is charged EVERY MONTH at the merchandise standard rate. They DON'T tell you that when you do it!! :mad: