NationWide + Tesco Credit Card

m_i

Hi

Nationwide CC does not charge a fee for balance transfers and at the moment Tesco are charging 0% transfer fee and 7.9% for the life of the balance.

If you have a balance on a Tesco card you can transfer it to Nationwide for free and than (before the paymant becomes due on Nationwaide) transfer it back to Tesco at a better rate.

HTH's

m_i

King_Of_Fools

You will still have to pay some days interest with Nationwide.

Milarky

Opps! - just got the point of the poster - they are proposing to use the NW card to convert the Tesco card balance from a standard rate to a lower - life of balance one.

Yes that works but you will be charged interest by NW for the time it takes to transfer the balance back from there (as King of Fools says)

m_i

Not if you pay off the NW CC straight away.

King_Of_Fools

m_i wrote:

Not if you pay off the NW CC straight away.

You would have to make sure that the money was in the account on the day that the balance transfer appears. Unfortunately, this will not appear on you online bill until the next working day and then it would take 3 working days for your payment to clear so you would have to pay 4 days interest.

Milarky

m_i wrote:

Not if you pay off the NW CC straight away.

But you can't pay off the NW debt straight away because first you have to make a payment to Tesco from there - putting a balance on the Nationwide card - and there is no 'interest-free period' on balance transfers anymore. (There use to be but they clamped down and ended that loophole about a year ago)