Super Balance Transfer

Smints_2

Hi
Can anyone help me please. I need to reduce my overdraft, it is up to its max 3.5k. I clear my credit cards every month. I would like to SBT 3.5k from my bank account to a zero% cc. I am being a bit "blonde", can I get 3.5k from a credit card company without paying any charges now or do I have to pay a fee? I went into my local Abbey and tried to open a balance transfer cc but it carries a fee of 2%. Can anyone tell me the cheapest way of clearing my o/d onto a 0% credit card?

Thanks Smints

Mercuryrising

Hi Smints

Taken from the main site:

Which are the best Super BT cards?

For new customer 0% Offers.

Unfortunately many of the 0% SBT cards now charge a balance transfer fee, usually 2% of the debt transferred. It is possible to get fees-free tranfers from all three providers, but you need to know your stuff.

Mint will charge a fee from when you get the card until the end of November, after which using the transfer cheques will be fee-free, but still charged at 0%. Egg* allows fee-free 0% balance transfers for five months once a year on the anniversary of the card opening (see Egg Loophole).

All the other cards charge a fee at any point in the 0% period, which defeats the point.

So it's not looking good I'm afraid.

Smints_2

Thats the conclusion I came to, but I though I must have missed something.
I guess the 2% fee will be chargeable at the rate the card offers rather than the nil balance transfer rate?

Thanks for the help

Mercuryrising

Check the terms and conditions - I had always thought that the 2% fee was just added to the balance and the combined total was then 0% APR but I've heard that this might not be the case with some cards like Egg.

YorkshireBoy

You can transfer your overdraft to a credit card fee-free, using the Middle Route, although this will mean applying for 2 credit cards (Egg Money + one other 0% fee-free BT card).

HGLTsuperstar

Virgin ad the £50 fee to your first months repayment, so its £55 for month1, then minimum repay of £5 thereafter for 9 months at 0% so would be worth it, and they do SBT so no need for another card aswell

RichyRich

I beleive that some HBOS charity cards are 0% for 9 months no fee.

I think the link is https://www.charitycard.co.uk

HGLTsuperstar

Yes Richyrich, that is correct but you would need an additional mule card, like Egg money, as they dont SBT