NatWest Platinum - BT to current account?

djm1972

Hi,

Blurb says that existing NatWest or RBS balances cannot be transferred; so I assume that rules out transfer from the Platinum card to a Natwest Current account, but does anyone know if the balance transfer can be to be a non-RBS group current account; or is it only to other credit card accounts directly.

I'm only familiar with Egg for balance transfers where you could simply enter a sort-code and account number for the transfer...

Thx!

izools

Yup you can do a money transfer to a current account, but it is charged at 15.9% from the outset, no 0% offer on money transfers, only balance transfers from non-RBS credit cards

djm1972

Ah dang, they're on to all that now then!

Trying to work out the cheapest way to pay 8K for a car whilst keeping hold of as much of my savings as possible.

Dealership charge 2% on credit card transactions, nothing on debit cards; so Plan A was open Platinum account, hope for 8K credit limit; balance transfer 8K to a non-RBS current account then pay for the car with the debit card of that account.

Plan B is to...

izools

Probably look at getting out a personal loan. Would be half the interest of a credit card - how long you planning to take to pay it back?

OR... MBNA / Virgin do 0% money transferrs to a current account

Moggles_2

Money Transfers are charged at your standard purchase rate, whatever that happens to be, and are fee-free.

Be aware that interest accrues from day one and that money transfers are locked in behind purchases in the payment hierarchy, so not quite the same as going down the shops!

Also, you're restricted to 50% of your credit limit.

izools

Haha £16K limit on an RBS group card after their recent limit-culling spree.

That'll be the day LOL

Moggles_2

If your credit files will take it, I'd apply for a Virgin credit card.

16 months is currently available from Virgin on money transfers made in the first 60 days. A 4% handling fee applies.

http://uk.virginmoney.com/credit-card-v3/

djm1972

Moggles wrote: »

If your credit files will take it, I'd apply for a Virgin credit card.

16 months is currently available from Virgin on money transfers made in the first 60 days. A 4% handling fee applies.

http://uk.virginmoney.com/credit-card-v3/

Did look like an option but if restricted to 50% of credit limit...

Looking at Sainsbury's CC, with 0% on purchases for 10 months so all i'd pay is the dealer's 2% fee; assuming I could get accepted for 8K...

I'd come out £5 better off plus keep my savings in the bank for 10 months

YorkshireBoy

djm1972 wrote: »

Looking at Sainsbury's CC, with 0% on purchases for 10 months so all i'd pay is the dealer's 2% fee; assuming I could get accepted for 8K...

I'd come out £5 better off plus keep my savings in the bank for 10 months

I wouldn't. I'd go with Virgin and their money transfer, and then negotiate a 2% discount with the dealer as a 'deal-maker' and enjoy 16 months 0%.

Plus, you've more chance of getting a high limit with MBNA than you have with BoS who underwrite the Sainsburys card.