Super Balance Transfers discussion area

moneysaving191

Thanks.

I have been offered a 0% card with Tesco (16 months) and HSBC (32 months) also taking the total to £4,300.

If anyone knows of any more 0% cards it would be much appreciated?

Levi_Million

Hi,

I’ve got a question. I’m looking at getting a 0% money transfer credit cards. I understand that you do not pay interest on the balance transfer to your bank account (as long as it’s within it’s 0% period). However on the money saving expert site, it says “Minimum repayment: Greater of 1% of balance plus interest or £25” but I thought you don’t pay interest during the interest free period? Any help would be much appreciated.

[Deleted User]

Your interest rate is 0% during the promo period.

So your min payment during that period would be 1% plus 0% interest, or £25, whichever is greatest.

Levi_Million

Thank you for your response

Baad

Hi Folks, I'm new to this site I have a question -


Can you balance transfer from the new MBNA card to the Virgin Money balance Transfer card?

squenk

Hi there! Long time lurker, first time poster. I recived an offer from Lloyds for a Money transfer of 3.9% PA, 36 months and 0% fee and my limit is 3659£.

Now I am quite interested cause I have to pay my last istallment of a course of study that is 2100£ and spreading it over 36 months sound quite good, but I am never done anything like this so I am completely lost over if a money transfer would work like a credit card balance (paying a montly 5% balance each month like I did on the platinum credit card over the 36 months till I can clear out big time before the 0% finishes) or it's the PA fee an additional percentage that it will be added to the 2100 regardless of if I pay back the money before the 36 months runs out or not?
Will getting this offer mess up my credit score? (I had a credit card with them that used quite a lot but paid off before the end of the 36 months without a hich, so at least I can show that to be a "good loaner").

Thank you in advance for your help!

[Deleted User]

A money transfer just becomes another balance to repay, under your normal terms. The fee is added to the balance.

Any new borrowing will 'mess up your credit score', but that's not important if you're not materially changing your indebtedness.

Just demonstrate you're a good borrower (rather than a good loaner) and clear the debt as soon as you can.

However, first check whether you can pay for the course with a credit card, which would be cheaper than a money transfer.

mjmy

The MBNA money transfer offer of 18 months is only for new customers.

Help_me

Probably a daft question but I'm young with no real knowledge of this kind of stuff. I'm looking to get a credit card to help me pay for a car. Getting a credit card seems to be the best and cheapest option when it comes to borrowing under £5,000. So I applied for a 0% interest credit card and got accepted - my credit limit is £5k. However I didn't realise what a balance transfer actually was. So now I can't actually access the money I need without paying 21% APR. The alternative is that I find a money transfer credit card and pay it off immediately with my existing balance transfer card to make the most of the 0% rate.

The issue is that my credit limit on a money transfer credit card, with any lender that will accept me, is around £1000.

Here goes the stupid question - I was wondering if the 0% offer is a one time thing? So in other words, if I were to suck up the transfer fees and do 4 transfers of £1000 and each time repay them with my BTC, would I end up paying interest on each transaction after the first? I wouldn't exceed my credit limit by doing this but I'm not sure it's possible.

The wording of it BTC says 'to transfer multiple balances, you'll need to complete this process for every balance you wish to move'. It also just says I have to transfer the money within 60 days of opening the account before the 0% offer expires. There's nothing to say I can only do it once but I just want to check.

Any suggestions?

[Deleted User]

As long as you carry out all the transfers within the promo window, it's fine.

However - some lenders limit the total transactions in any month to your total limit (or at least used to). It's rare, but worth being aware of.