Best Balance Transfers / MoneySavingExpert.com discussion area

carol120401

Can someone with a cleverer brain than me tell me what to do please?

I have applied and been accepted for the 15 month 0% Capital 1 credit card. Intention was to transfer £13k onto it which I detailed on the on-line application. HOwever stupidly didn't realise that there was a 2% bt fee and that I would pay interest on the £100 minimum fee. At the same time, I applied for a 2 Nat West card for business expenses which arrived today.

I'm now wondering if the Capital 1 is the best offer I could go for or whether I'd have been better applying for a 9 month 0% (I think I've probably had cards on this basis from all the companies over the last 5 years though).

I also considered the 4.9% life of balance Amex card but on the web site it says that that's only for 1st 6 months and then it goes to 9.9%.

What should Ido? JUst go along with the Capital 1 card or something else? I'm rubbish at working out financial costs/actual costs of interest rates so need some advice please.

skybluesaver

Hi moneysaving gang. Rang Morgan Stanley to see what they could offer me for a balance transfer from my Virgin card whose 0% rate runs out this month. Have been offered 5.9% for 5 months, no balance transfer fee. Not the best offer but will do for now. :beer:

BARGAINS4ME

Hi all, just joined this chat site and been reading all the BT offers cos my current one with MBNA is coming to an end, have to say it will be hard to beat as it was 1.9% for 6 months, 2% fee but capped at £50 and I only have to pay £5 per mth plus interest as minimum payment, been with them for some time now and I keep transferring out to Mint at LOB rate... they never charge me a BT fee...then I wait 1 month ring up MBNA ask them what they have to offer and strike up a bargain to transfer back !
:rolleyes2:

mariner99

BARGAINS4ME wrote:

Hi all, just joined this chat site and been reading all the BT offers cos my current one with MBNA is coming to an end, have to say it will be hard to beat as it was 1.9% for 6 months, 2% fee but capped at £50 and I only have to pay £5 per mth plus interest as minimum payment, been with them for some time now and I keep transferring out to Mint at LOB rate... they never charge me a BT fee...then I wait 1 month ring up MBNA ask them what they have to offer and strike up a bargain to transfer back !
:rolleyes2:

MBNA are currently running a 0% offer for existing card holders till 1st Sept 2006 (£50 BT max applies).

Ring them now, dont wait a month!!! :eek:

saver6

Just thought it's worth mentioning, but I've been offered the Halifax One card (by calling direct as I am a current account and mortgage customer). They offer different levels of interest depending on your history, and we've been approved for the lowest - 15.9%. Not the lowest rate going, but we only want to use it for balance transfer of about 2 grand, and the interest on balance transfer is 0% for a whole 12 months. There is a capped £50 (or 2.5%) fee, but if you're looking for a longer term free balance transfer than the Charity cards in the article, then I think it's a pretty good one.

FYI, no good for purchases - only 0% for 3 months. If you want the multi-purpose one, I'd still go for the charity cards. :money:

speedtwin

I`ve just got a barclaycard with 10 months interest free on £4000 bt, put the cash in my barclays account which is linked in with my barclays mortgage set up a D/debit for min month payment. So I`m now getting barclaycard to save me the interest on the barclay mortgage.

all thanks to martin cheers

Merv_Pumpkinhead

I just noticed this in the NSPCC / HSBC credit card T&Cs (this is one of the cards that is offering 0% for 9 months on BTs with no BT fees):

5.3 If in any month you incur interest and this is less than 50p, we will make a charge of 50p which will be added to your account in place of the interest

Do you think that as you are paying 0% interest each month as part of the promotion, that they will round it up to 50p?

These T&Cs are really badly written sometimes.....

aliasojo

I wouldn't have thought so. You're not incurring interest in the first place.....it's 0%.

richardw

Barclaycard 0% for 10 months on £5000 is only possible if they give you a credit limit of over £5555.55 because only 90% of your credit limit is available for balance transfers.

sly_dog_jonah

MSE Martin's Article quotes LloydsTSB Platinum as being fee free, which is no longer the case according to LloydsTSB website. Not sure if anyone has pointed that out in the previous 10 pages of postings.

It also states that LloydsTSB Rewards American Express card is fee free, but I applied in branch and was informed that from next week the T&Cs would change for new applicants and a BT fee would apply. Get in there quick if you were thinking of applying! Probably an end of the month thing, seeing as today is the 31st! For more details, see my post here.