The Best Balance Transfers Article Discussion Area

Moggles_2

Hi Smudgeboy

Congratulations on landing a fee-free 0% balance transfer!

Does this suggest that keeping old cards "dormant" is better than cancelling them ... ?

You may be interested in this thread:

http://forums.moneysavingexpert.com/showthread.html?t=175234

Cheers
M
:beer:

yunus

I currently have a Halifax Credit Card, 12 months 0% coming to an end in October. I'm thinking of applying for the Union card and transferring balance £3.5K, if they don't charge handling fees. Union card is also Bank of Scotland, will this be a problem when I apply?

mpazza

Moggles wrote:

Hi mpazza



IMO, uncapped balance transfer fees are best avoided unless the 0% promotion period is protracted as, for instance, the current Capital One deal.

Like many MSEs, I made the most of Egg's Anniversary offers when they were fee-free, but I wouldn't touch 'em now with someone else's barge-pole.



Did you pay up yourself? Shifting the balance to a rival card usually triggers a sizzling offer.

Hi Moggles,
I cleared the balance to barclaycard 6.9 life of balance 2 weeks before I phoned Virgin so didnt take up their kind offer.
I've just got my Capital one card today got a 12K limit! so I might threaten to cancel Virgin and see what happens.
For the 18month offer its better for me to transfer now rather than spend and pay off the £100 and get 17 months as I'm paying 6.9% on a big sum, I'll spend the £100 towards the end of the 3 month period.
Has anyone worked out what the £100 spend costs? compound interest on the £100 over say 16 months

tryfen

I've got a £90,000 mortgage at 5% - 23 years to go.

If I got a 0% card or a 3.9%-for-life card - could I transfer a wodge of the mortgage debt onto the card?

Anyone done anything like this?

I'm with IF using an offset mtg if that makes a difference

makeusmile

I've just got a GE Money credit card with 12 months at 0% and 12 months on transfers, only cost was 2% of balance.
This is best deal i've found anywhere

Chadsman

tryfen wrote:

I've got a £90,000 mortgage at 5% - 23 years to go.
If I got a 0% card or a 3.9%-for-life card - could I transfer a wodge of the mortgage debt onto the card?

I dont see why not, many people do. Check the mortgage for any early partial redemption penalties tho being an offset deal that is unlikely and what fee if any the credit card will charge... and make sure you can get to the credit limit. Does the IF offset come with a credit card? that would make things a lot easier.
Not advice.
DYOR

Moggles_2

Hi Yunus

I currently have a Halifax Credit Card, 12 months 0% coming to an end in October. I'm thinking of applying for the Union card and transferring balance £3.5K ... Union card is also Bank of Scotland, will this be a problem?

I haven't put this to the test personally, but I think it unlikely Bank of Scotland will accept a balance transfer directly from Halifax, as the two banks are part of the same HBOS stable.

Have you considered the Post Office card issued by Bank of Ireland? I signed up in July. The card offers unrestricted 0% balance transfers for 6 months with no handling charges. Unlike most competitors, the PO lets customers borrow right up to their credit limit too. (Bank of Scotland insists on a margin of 8% in case late fees become payable.)

Moggles_2

Hi mpazza

I've just got my Capital one card today got a 12K limit! so I might threaten to cancel Virgin and see what happens.

That's the spirit!

... I'll spend the £100 towards the end of the 3 month period.

Capital One has dispensed with the £100 minimum spend qualification. Please see #107 and #110 above.

Cheers
M
:beer:

Moggles_2

Hi Makeusmile & welcome to the credit card board!

I've just got a GE Money credit card with 12 months at 0% and 12 months on transfers, only cost was 2% of balance.

Thank you for your feedback.

Very best
M
:beer:

BikingBud

Hi Moggles I was just about to apply for the Capital One card when I noticed the following:

https://www.capitalone.co.uk/web/raid/templates/formdual_temp_10_001.jsp?page_id=10400&context_id=2&step=1&product_id=2016

A handling fee of 2% of your balance transfer amount will be applied to your account. This fee will not be charged to your account until your 4th statement for any balance transfers you make during the first 3 months of your account. The interest rates per annum are variable for balance transfers after 18 months if you choose to spend £100 on purchases in the first three months after your account has been opened, otherwise after 6 months; and for purchases and cash withdrawals from the date of this Agreement. All applicants must be aged 21 blah blah etc.

So from this statement you only get 6 mths interest free unless you spend £100 in the 1st 3mths.

Anybody read this different?

Just looked at this again and there are two different web pages:

https://www.capitalone.co.uk/web/raid/templates/formdual_temp_10_001.jsp?page_id=10400&context_id=2&step=1&product_id=2023

The second one does not refer to the note marked with an asterisk, I wonder if the applications, hence the Ts&Cs, are different from the 2 different pages? Gits!!

I may now go back and look at the PO, 0% for 6mths and take it from there.

BB