No Fee on 0% Credit Card?

MoneySavingNovice

Does any-one know of a current 0% Credit Card which does not charge a balance transfer fee?

I've looked at http://www.stoozing.com/0fees.php which does not show any.

Given the current interest rates etc, even a fee of 2.89% over 16 months (Virgin), I have calculated that for my personal circumstances, I would make me a loss of £14.70 compared to paying this off in full.

Hence the fee is the most important profit driver for me now.

Thanks in advance for help - and yes I am aware that this is now a very long-shot

CannyJock

No fee-free deals around any more. Ulster used to be the no-fee special for 6 months.

There are still profits to be made, but you need to get a bit creative with it. Stooze pot is the main problem just now.

You could open an A&L and Abbey 6% on £ 2,500 account. They each have minimum funding requirements that you could meet by standing orders between the accounts. There's more you can do with regular savers if you need to stooze more than £ 5,000.

Using 5K as an example and knocking 1 month off for the transfer times still gives a profit:

Stoozing Profit Prediction

Data entered by the user
Balance to be transferred (pounds)...... 5000
BT card interest rate (%) .............. 0
Introductory period (months) ........... 15
Balance Transfer Fee (%) ............... 2.98
Maximum BT Fee (pounds)................. No Maximum
Min Monthly Payment Type ............... Percentage
Min Monthly Payment Amount (% or pds) .. 1
Savings interest rate (AER %) .......... 6
Tax rate ............................... Basic Rate

Your Results
Balance Transfer Fee paid (pounds)...... 149
Stooz pot balance at end of intro ...... 4631.46
Credit card balance at end of intro .... 4428.44
Gross Profit before tax on interest .... 203.02
Tax on interest to be paid ............. 70.4
Your Profit (pounds).................... 132.61

Created using the Stoozing Calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission.

MoneySavingNovice

Hi Thanks CannyJock.

I didn't know that this calculator existed.

I congratulate you on your creativity!

For me as a 40% tax payer the profit on your example is £62.21.
I think that I would be reluctant to take up your suggestions (I've had trouble with A+L and the Abbey in the past) so the best rate I can currently find is 4% (Lloyds TSB Vantage) which gives me a loss of £8.58 using your example (and this great calculator)

Never the less thanks for your suggestion!

YorkshireBoy

CannyJock wrote: »

You could open an A&L and Abbey 6% on £ 2,500 account.

But for one year only though, so only a max £78 profit in those...unless you open more than one with each (which is entirely possible as you know CJ ).

CannyJock

YorkshireBoy wrote: »

But for one year only though, so only a max £78 profit in those...unless you open more than one with each (which is entirely possible as you know CJ ).

:whistle: ... ahem ....