New credit card? Which one to go for?

Ivrytwr3

Hey all,

I have only ever had one credit card which i took out years ago and need some advice!

I have just bought an item for £668 on my credit card, i would like to pay the balance off within 6 months and hoefully avoid any interest charges. Can someone advice me of any 0% transfer deals and how i go about doing this? (i've never done this before and really need some help!)

Thanks in advance!

YorkshireBoy

Ivrytwr3 wrote: »

Can someone advice me of any 0% transfer deals...

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

Hover over the card name and the provider's name appears. Choose one that's run by a different provider to your existing card.

and how i go about doing this? (i've never done this before and really need some help!)

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Ivrytwr3

OK, the Virgin card offers 0% on balance transfers (great!) but states that there is a 2.98% handling fee, what's this then? Do i have to pay 2.98% of £664 for using their card?

YorkshireBoy

They add the fee to your account.

If you can repay in 6 months you could save a few pennies by going for a card with a lower fee, eg MBNA's 'Play' card has only a 1.5% fee for balance transfers.

Any

Basicaly you should have done a research on credit cards first and then pay for the item with the credit card!!! That way you would have bought the item on 0% card for purchases and not needing to do bal transfer now. That will cost you a little unfortunately. At least you know what to do next time. Bal transfer is to make existing debt cheaper it´s not designed to make new
purchases for free!!

Comyface

Sorry to hijack your thread Ivrytwr3, I have a question about BTs as well, hope if I get an answer it'll benefit you too.

I am aware of the (say) 3% fee to transfer the balance, so if I transfer £1000, I'll then owe £1030 to the new provider. My question is, is the fee interest-free too? Or would I be charged interest on the £30 as I didn't technically transfer it?

Thanks.

NickX

Comyface wrote: »

I am aware of the (say) 3% fee to transfer the balance, so if I transfer £1000, I'll then owe £1030 to the new provider. My question is, is the fee interest-free too? Or would I be charged interest on the £30 as I didn't technically transfer it?

This actually depends of the specific card involved.

Cards from the MBNA stable do not charge interest on Balance Transfer fees, whilst those from RBS do charge interest on Balance Transfer fees.

Ivrytwr3

the halifax credit card offers:

0% for 9 months on purchases and on balances transferred within the first 90 days (3% balance transfer fee applies). A typical rate of 15.9% APR (variable).

+ £20 Quidco cashback.

Surely this would be the best one to for as the quidco would almost cover the handling fee on a £664 balance transfer?

Any

Ivrytwr3 wrote: »

the halifax credit card offers:

0% for 9 months on purchases and on balances transferred within the first 90 days (3% balance transfer fee applies). A typical rate of 15.9% APR (variable).

+ £20 Quidco cashback.

Surely this would be the best one to for as the quidco would almost cover the handling fee on a £664 balance transfer?

Tthat definitely looks good

Any

Just make sure the existing card is not from the same family as halifax and you are allowed to transfer between the cards. T&c of each credit card usually tell you from where you are not allowed to transfer.

Ivrytwr3

my one and only card is a Tesco Platinum.