The Best Balance Transfers Article Discussion Area

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The Best Balance Transfers Article

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lipidicman

OK, I'll start here. I have been eyeing the barclaycard 10 month 0% offer. However I have an old barclaycard sat in the draw that I have never used since I took it out as a student 9 years ago. On the application it asks 'do you have an existing barclaycard' and underneath this and some other questions says 'if you have answered yes to any of the above questions, you are less likely to have your application approved' It explains this in terms of being able to afford to repay.

Now I am reading this as not being a problem as I have no balance on my existing card? Does any one have any helpful info here? Would it help if I close my card before I apply?

Also do Barclaycard have any problems with (fictional) BT's to egg money for stoozing? Anyone done this?

ianfreeman

Capital One are now offering 18 months interest-free on balance transfers with two conditions - a 2% handling fee and you have to spend £100 on the card within the first three months of opening the account.

Obviosuly, they expect you not to stop at £100, but I can't find anything else negative about this deal...unless, of course, anyone here knows differently...

Ian

lipidicman

ianfreeman wrote:

Capital One are now offering 18 months interest-free on balance transfers with two conditions - a 2% handling fee and you have to spend £100 on the card within the first three months of opening the account.

Obviosuly, they expect you not to stop at £100, but I can't find anything else negative about this deal...unless, of course, anyone here knows differently...

Ian

I keep seeing posts like this.

Could the problem be that you will not be able to pay off the interest on that £100 until you have settled the BT? That will cut into your return (which is already only around 2% after paying the fee)

motepp

My current 0% credit card is due to end in August, and today I enquired at the local branch of Barclays and they offered me the application form inviting me to take it away and complete. When I asked for confirmation that if I applied in branch there was no BT Fee they knew nothing of the fees-free balance transfer. The 'Bank customer adviser' then phone Barclaycard who also new nothing of it.

Does anyone know if this has this now been discontinued or are my local branch poorly informed?

As I'm new to this Chat Forum I hope ths appears in the correct part of the thread?

$17mma

ianfreeman wrote:

Capital One are now offering 18 months interest-free on balance transfers with two conditions - a 2% handling fee and you have to spend £100 on the card within the first three months of opening the account.

Obviosuly, they expect you not to stop at £100, but I can't find anything else negative about this deal...unless, of course, anyone here knows differently...

Ian

Then why not do the £100 purchase pay it off then do the balance transfer so that it is not tied up with the balance transfer and left last to pay on the card incurring interest.

Redbedhead

$17mma wrote:

Then why not do the £100 purchase pay it off then do the balance transfer so that it is not tied up with the balance transfer and left last to pay on the card incurring interest.

That sounds sensible - I am sure there is someway they will stop you doing it!:rotfl:

robert_harper_2000

there is. The credit card companies do not allow you to pay off which debt first. They infact tend to pay off the cheapest ( 0% ) first... then your £100 debt -

Sorry if it's not very clear...

oh_no_5

$17mma,that's brilliant.If I understand you correctly:

Stage 1:Get the card
Stage 2:Spend your £100
Stage 3:Pay in full at next statement
Stage 4:Do your balance transfer.

Job done,I'll bet there's some small print where they can sting you for some fees somewhere.

Margaret_Millne

check you don't have to do the balance transfers in the first month.

lipidicman

Has the Bank of Scotland Charity card (Macmillan etc) been changed to include a fee? (it has gone from the article)

I hope my application was in on time as I did the transfer yesterday (they said there was no fee, but HBOS deal with so many cards!)

And on another note as this has a 0% for the same 9 month period on purchases too I am thinking of using it for limited spending. I have BT'ed 90% of the balance and plan to spend around £100 a month to maintain the stooze pot in the face of the minimum repayments. This should keep me below my limit (counting the 10% remaining and the 2% payments). I will then pay this off before the due date. Anyone see any pitfalls here (regarding the spending on a BT card?)