Credit card cheques without admin fee

stevo84_2

I recently went to purchase a car from aprivate individual using a credit card cheque, however I soon shyed away from the idea when i noticed they charge you 2% admin fee for the transaction.

I am wondering if anyone knows of any 0% on purchase credit cards which also offer credit card cheques with NO admin fees and which also work on the same principle of '0% on purchases' credit cards?

I have a Sky card which is 0% on purchases until jan 07 but to my knowledge they dont offer credit card cheques with no admin fees.

Any ideas would be appreciated,

Steve

grumbler

Unfortunately, there is no such a card.
Any CC that offers cheques without fee is by definition a 'Super Balance Transfer' card.
Have a read of this recent thread: Avoiding cash advance fee on a credit card! ...

stevo84_2

thanks grumbler, i will have a readup !

Stevo

jonesMUFCforever

If you could find one (difficult) then be aware that you get no protection under CCA when using a credit card cheque.
So if something goes wrong you're on your own!

stevo84_2

thanks ejones, I think that the egg card sounds great. I could 'balance transfer' the required funds (assuming they give me a good credit limit) in ot my current account and then use a normal cheque or pay cash I suppose.

Ive just checked the egg website though and it says the following:

# Egg Card - 0% interest on purchases until 1 October 2006 and 0% on balance transfers until 1 October 2006 (2% handling fee, maximum fee £50) and then you'll pay our standard variable rate, currently 15.9% pa variable, 15.9% APR typical variable. #

Reading the other threads I thought that egg did not impose a balance transfer fee, whereas this states it charges 2%.. have i missed something?!

Steve

Careful_ly

The terms on the Egg card change on 1st May to an uncapped balance transfer fee.

I assume that if you apply in April the current fee would apply which is 2% with a maximum of £50, the terms are 6 months at 0% but we are almost at the end of the month so you would have 5 months i.e to end of September at 0%

If you wait till May and apply for the uncapped 2.5% fee card it may be a longer or shorter term, who knows.

stevo84_2

ah i now see, think I need an egg money account.

So just to recap. I would apply for an egg money account (which is a credit card?), then apply for a balance transfer card at 0% with no fees. I would then ask to do a balance transfer from my egg money card to my new BT card. This would then leave the +ve balance in egg money and a -ve at 0% on my BT card. I can then transfer the +ve funds out of egg money in to my current account and write a cheque. All without any fees?

Sorry to sound a little thick but if someone could confirm this it would be very much appreciated! :beer:

cheers!

Steve

grumbler

Yes, Egg Money is a credit card, but special. And your plan is correct. Good luck!

stevo84_2

THanks again grumbler. Just one more thing, so egg money does not charge a balance transfer if you are using the +ve balance thats on egg money.

I may have to wait though as I have recently applied (and got) a sky and mint card about a month ago. I have not applied for any cards for a year or so propr to that. Do you think I should wait a little while before i apply for an egg and a BT card or do you think i may get away with applying now?

Thanks again for all your input!

Steve

YorkshireBoy

stevo84 wrote:

...so egg money does not charge a balance transfer if you are using the +ve balance thats on egg money.

Egg Money doesn't charge a fee, whether you have a +ve or -ve balance.

Do you think I should wait a little while before i apply for an egg and a BT card or do you think i may get away with applying now?

This is always a grey area. I have applied for 3 cards together (and got them!) previously, but if a successful application is key to your plans I'd wait another month or two before applying again.

stevo84_2

thanks yorkshire, I suppose its best to BT off egg first so egg has a +ve balance, then move to bank. If move to bank then BT from egg, i would suppose they would charge me interest on the period when egg was in -ve!

I may have a try in a couple of weeks and see if I get an egg money card !!

Whats the best BT card in your opinions??

cheers
steve