Free Cash From Credit Cards Discussion Area

stu_c_2

Note Thor and Mousey comments, I received my second statement, since opening an account with Mint, that stated the following.

"Variation of Interest Rate Notice
With effect from the day after your September 2004 statement the standard monthly rate for purchases, Transfer & Save cheques and money transfers will increase to 0.945% (annual rate 11.340%) & the monthly rate for advances to 1.019% (annual rate 12.228%)."

So pretty much in agreement that while 0% remains on the balance, all other transfers from September on will begin to incur interest. Trust this has been of some use.

skratoop

It works so far!

I applied for an Abbey card a week or so back, got the card, carefully checked the terms and conditions... Turns out if you write a credit-card cheque to your current account they make a one-off charge of 2% of the balance with an upper limit of £35 -- and it goes through as interest free for 9 months.

Here's to my offset mortgage being a few K lighter over the next 9 months. Just waiting for the cash to show up now (and wondering how far I dare take this with more cards!)

johnllew

Turns out if you write a credit-card cheque to your current account they make a one-off charge of 2% of the balance with an upper limit of £35 -- and it goes through as interest free for 9 months.

Did you enquire whether they would make the BT direct to your current account and thereby possibly avoid the fee?

skratoop

Yep, that doesn't avoid the fee.

stu_c_2

Noticed in a national sunday newspaper today a whole article on credit cards, in particular on balance transfers at 0%, with MBNA and Barclaycard introducing balance transfer fees up to approx £35? Based on if customers accept the fees then it could spread to other cards.

I guess this means that the fee isn't paid off until the cheap 0% debt is paid off, losing some / all of the benefit of stashing the cash in a high interest account, or I'm missed something in the t&c's?

t_i_g_e_rr

I understand that any fees have to be added to the minimum repayment, i.e. you don't get charged interest on them because you have to pay them off immediately. However, so far I have avoided paying any fees, so someone else would need to confirm this.

showmethemoney_6

I'm about to open a Abbey card in order to do a super balance transfer. Had a look at their site, and they have a couple of cards - a 0% balance transfer and a "normal" credit card. Which one should I apply for?
Thanks for your help - this is a great site! I love it!

Reaper

The Balance Transfer card. It gives 0% for 9 months, the other two don't.

If you are using this as an SBT card be careful about charges with Abbey. As with all cards run by MBNA there is a 2% fee (max £50) for balance transfers except those requested when applying for the card. Better SBT cards are Egg and Mint which allow free SBTs throughout the 0% period. Egg also gives repeat offers on each anniversary.

showmethemoney_6

Thanks Reaper, thats great. I shall go and have a look at the Egg one forthwith!

Cheers

showmethemoney_6

Just had a look at the Egg one

It has a 2% fee as well (and it runs out May 2005).

Am I looking at the right one?

Sorry for being so thick!