Help with 0% BT - current deal ending soon

mizzbiz

Apologies, Posted this in the wrong thread...

We have a Virgin Card (0% BT) with 2.5k, where the 0% is coming to an end at the end of March, and an empty Barclaycard.

Obviously we want to shufty onto another Balance Transfer 0% deal as we can't pay off the debt in full atthe moment. We aim to pay it off over the lifetime of the next 0% card.

Now, we have been looking at MBNA as their deal looks great, however, I seem to remember something about not being able to get an MBNA card if you already have Virgin? Is this true?

I would appreciate any advice on the best way forward, or if anyone can recommend another card at the moment. We shouldn't have a problem re credit checks, although I realise there will be a clamp down atthe moment due to the current economic conditions.

Thanks in advance.

silverbullit

Have a look at the following table of current 0% cards available...

http://stoozing.com/0fees.php

Moggles_2

To maximise the 0% period, 14 months is currently available to new customers from Tesco. A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

Alternatively, you'd get 13 months with Halifax. There's a 3% BT fee.

http://www.halifax.co.uk/creditcards/pluscard136.asp

Eydon

You can have both an MBNA card and a Virgin card, but you can't transfer balances between them directly because they are both run by MBNA.

If you can get an MBNA card which allows a Super Balance Transfer then you would have to balance transfer a fictional overdraft on your bank current account, and then use the cash to pay off the Virgin card.

When applying for an MBNA card though, they will take into account the credit limit that you currently have on the Virgin card when deciding if they will grant you application, and what credit limit they'd be prepared to give you.

mizzbiz

Thanks for the info everyone. Very useful :-)

We're a bit disorganised generally so I htink the overdraft/card/new card shuffle thing will probably not go too well for us, but some of the cards listed above look very intreresting, particularly tesco.

Does anyone know if Tesco cards keep the BT fee as a purchase, thereby accruing astronomical intrerest ove rthe life of the balance? I have seen a few cards that do this, but the clause is hard to find in the T's and C's.

Moggles_2

Eydon wrote: »

You can have both an MBNA card and a Virgin card, but you can't transfer balances between them directly because they are both run by MBNA.

MBNA doesn't seem to mind customers holding more than one card, it's true. I have held three at once.

Caution: if there's a balance on your Virgin card, particularly if it's still charged at 0%, you could certainly be turned down or handed a lowish credit limit by MBNA.

That said, once your existing Virgin card is paid off, MBNA will sometimes switch your credit limits around to give you a higher limit on the new MBNA card, so this lender could be useful in the future

Moggles_2

mizzbiz wrote: »

Does anyone know if Tesco cards keep the BT fee as a purchase, thereby accruing astronomical intrerest ove rthe life of the balance? I have seen a few cards that do this, but the clause is hard to find in the T's and C's.

I've only had my Tesco card since November, so it's too early to say. (You get 0% on purchases for the first 6 months, so I'll find out in May)

If this proved to be the case though, the interest wouldn't be astronomical. On a balance of £2500, your BT fee would be £75, so interest for the remaining 6-8 months would be less than a fiver, even if your standard rate is a little higher than the typical 15.9% APR.

OTOH, if you would prefer to avoid any possibility of the above, Halifax has never charged me interest on BT fees

Eydon

mizzbiz wrote: »

Does anyone know if Tesco cards keep the BT fee as a purchase, thereby accruing astronomical intrerest ove rthe life of the balance? I have seen a few cards that do this, but the clause is hard to find in the T's and C's.

They didn't on mine.

On my first statement the BT fee was displayed as a purchase, so I was a bit sceptical, but when my second statement came through it showed that my first payment had been used to clear the BT fee and a little bit of the balance transferred.

mizzbiz

Thank you very much for all the help.

We have now gone for the Tesco card (been accepted whoohoo) so problem solved.

:-)