New 0% balance transfer/ 0% transfer fee

GShev

I just got a letter in the post today from Alliance & Leicester. As part of change over to Santander they are offering existing customers chance to open a Santander Zero credit card, which offers an introductory rate of 0% balance transfer for 12 months without any transfer fee!! As well as various other 0% rates on cash withdrawals and foreign exchange fees.

It also states guaranteed acceptance, but I'm not sure what limit I'll get. Obviously I'll just use the balance transfer function for the first year, but it's been a while since I've been able to get a no fee transfer card.

States must open an account by 30th Sept and using postal form only for deal.

polyalloy

yes i got the same letter. but i have no balance to transfer at the moment.

CannyJock

polyalloy wrote: »

yes i got the same letter. but i have no balance to transfer at the moment.

If they're offering you free money for 12 months then you don't need a balance to transfer Apply for an Egg Money card. Take Santander up on their kind offer and move the maximum they allow straight to your Egg Money card creating a positive balance. Ask Egg to transfer the funds to your bank account. Use their own money to make the minimum repayments and then repay them in full at the end of it. You keep the interest you've earned. Apart from Egg's £1 per month there's no fees involved (and if you spend £100 per month or more on Egg card each month the cashback will cover the fee).

Abbey and A&L are both doing 6% current accounts at the moment on first £2500. If you got both and funded them to their maximum that'd be roughly £240 after tax Not bad for filling in a couple of forms

starM

What will happen to the A&L (MBNA) card? Will that be closed once Santander account has been opened?

If A&L will be closed, will they match the high credit limits on MBNA card?

MS

Degenerate

CannyJock wrote: »

If they're offering you free money for 12 months then you don't need a balance to transfer Apply for an Egg Money card. Take Santander up on their kind offer and move the maximum they allow straight to your Egg Money card creating a positive balance. Ask Egg to transfer the funds to your bank account. Use their own money to make the minimum repayments and then repay them in full at the end of it. You keep the interest you've earned. Apart from Egg's £1 per month there's no fees involved (and if you spend £100 per month or more on Egg card each month the cashback will cover the fee).

Whoa there. Has it been confirmed that you can still use the new Egg Money World Mastercard in this way? Last time I saw it discussed on here, no-one was quite sure if the new terms made it possible to withdraw a positive balance fee-free.

JesseJames_2

Anyone know if you can only transfer balances from named cards stated on the application form to take this offer up.
I would rather wait until I know how much of a credit limit I have and decide from there.

As a separate question, I have an Egg Card (Visa) with 11.5K limit unused for a year.
Should I seriously drop the limit or cancel this card and apply at the beginning of September. (total credit limit is around 26K)

Moggles_2

JesseJames wrote: »

I have an Egg Card (Visa) with 11.5K limit unused for a year. Should I seriously drop the limit or cancel this card and apply at the beginning of September (total credit limit is around 26K)?

Obviously, we don't know your annual income, so it's hard to say.

If you're worried about the impact on future applications, you could lower the credit limit somewhat. Just be aware that reducing credit limits can affect future applications for credit, if you overdo it. Moderation is the key.

Be aware too, that it isn't always possible to re-instate some of the old limit should you change your mind later. Egg is one of just three lenders which allow you to route funds from the card to your current account at balance transfer rates and these are useful facilities

Moggles_2

JesseJames wrote: »

Anyone know if you can only transfer balances from named cards stated on the application form to take this offer up?

I don't know the answer to your question, but I would be surprised if BT requests were restricted in this way.

I would rather wait until I know how much of a credit limit I have and decide from there.

With an outfit like Santander, I think that's wise :rolleyes:

JesseJames_2

Moggles wrote: »

Obviously, we don't know your annual income, so it's hard to say. About 23K (35K if you count my wife)

If you're worried about the impact on future applications, you could lower the credit limit somewhat. Just be aware that reducing credit limits can affect future applications for credit, if you overdo it. Moderation is the key. OK, can you be more specific, I thought that it would be better if I reduced?

Be aware too, that it isn't always possible to re-instate some of the old limit should you change your mind later. Egg is one of just three lenders which allow you to route funds from the card to your current account at balance transfer rates and these are useful facilities. I have the Money card too.

Hi Moggles
Replies in blue

Moggles_2

JesseJames wrote: »

Hi Moggles. Replies in blue

We're drifting OT. This is an important subject in it's own right, which deserves a wider audience and you may get replies more quickly if you start your own thread

CannyJock

Degenerate wrote: »

Whoa there. Has it been confirmed that you can still use the new Egg Money World Mastercard in this way? Last time I saw it discussed on here, no-one was quite sure if the new terms made it possible to withdraw a positive balance fee-free.

You can. I've posted the secure message received from Egg confirming it a few times now