Best Balance Transfers / MoneySavingExpert.com discussion area

gillG_3

I have a Natwest Mcard and the recent 0% for 9 mo on purchases and BT was only open to new applications but no fee for Natwest account holders. I rang them up and said I was looking for a 0% deal and they offered me a Natwest Visa card on the same deal. When it came it was actually a gold Mcard but with the 0% deal. Worth asking for a deal if you are an existing customer, tho i was transfering from an old Capital 1 card so they potentially have more business that way I guess

The_Saving_Man

Just to let anybody who holds a Halifax One Card know that I just received my monthly bill, and they put in a flier about 0% on balance transfers for 3 months if you transfer before the 25th of March 2006. Even though it says it clearly in the flier, I just felt I'd make people aware that any transfer is still subject to Halifax's standard 2% handling fee.

Remember this if you're thinking about doing one of Martin's back and forth balance transfers, where you transfer the balance of your card to another card and then back again to take advantage of the interest free period.

workingwoodlands

Eeeek, please help me!

I am OK with the theory of SBT's and have a Virgin 0% card that I used to pay off my overdraft (card now safely hidden till the 0% offer ends and I can change to another 0% offer and cancel the card). However, I am a little confused about life of balance transfers and whether it would be the best option for me. I have two loans with Northern Rock, the first approx £13,000 remaining at 5.6%, the second approx 2,000 remaining at 5.9% (both taken out when they were the best on the market). Would the most sensible option to reduce the rate even further be to LBT the debt onto say an Amex card, can I do that?

Any advice would be much appreciated

Gemius

I've just applied for an Amazon .co.uk Mastercard and have been told there is a 2% fee on balance transfers limited to £50. Amazon is in Martins list of cards which don't charge a balance transfer fee so have I been advised wrongly or should they not be in the list?

grumbler

Gemius wrote:

I've just applied for an Amazon .co.uk Mastercard and have been told there is a 2% fee on balance transfers limited to £50. ...

I think this is another example of CS staff incompetence. CREDIT CARD AGREEMENT :

5.2 We may charge a handling fee of 2% (at least £2) for balance transfers and cheques offered at special promotional rates other than a special promotional rate you received when your account was opened.

P.S. There is a possibility that they have just changed the T&C and haven't updated them online. Check your copy when you receive it.

SHAM

While I was looking for Best BT card for 0% fee, the best of them was HSBC with no fee for 9 months, but when I was about to apply they changed it to 6 months. I rang Lloyds TSB and asked what they offer if want to open a credit card account. It was over the phone and they did not charged me BT handling fee (although on their website it says 2% fee). I got my card, and confirmation from Lloyds TSB that it has been paid to other credit card. I am really amazed how quickly they sort all the matter out with in 14 days I will say. If any one of you try to ring Lloyds TSB, you should get 9 months interest free and 0% handling fee.

amy21_2

i work for lloyds tsb - balance transfr fee only charged if u apply thru internet if u do it on phone or in branch is no transfer fee.

gafmis

Hi,
I am thinking of getting an Egg Card for a life of balance transfer. Would I be right in my calculations to transfer £3000 and pay £90/mth over 36 months it would cost me approx. £225 interest @ 4.9% ?

grumbler

gafmis wrote:

I am thinking of getting an Egg Card for a life of balance transfer. Would I be right in my calculations to transfer £3000 and pay £90/mth over 36 months it would cost me approx. £225 interest @ 4.9% ?

Where have you found 4.9% LOB rate for Egg Card? Do you mean 4.9% Amex cards? Your calculations are correct.

gafmis

I have'nt found an egg card @4.9% just used it as an example. Thanks for confirming my calculations are correct.