The Best Balance Transfers Article Discussion Area

averi

Hi

I am looking for advise .

I have to transfer 5K from Sainbury to other credit card . I have cards from Egg, Lyods TSB, American express and abbey. I am thinking of transferring to Virgin . Now the question-

I have been told that virgin is MBNA card. Is there any card (of the above cards ) which also belongs to MBNA? I just want to confirm it before they turn me down. Is there any site to check that?
Ave

*zippy*

Check out

http://www.stoozing.com/cards.htm

zippy

averi

Thanks .
Is Virgin the best choice? I pay minimum every month.
Ave

Moggles_2

Hi Ave

The Virgin credit card is heavily advertised, so it's the card everyone's heard about, but that advertising budget has to be paid for!

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

In July I signed up with Bank of Ireland. The bank's Post Office card accepts balance transfers from all other UK credit cards and all lenders accept transfers from the PO.

M

M_Thomson

averi wrote:

Hi

I am looking for advise .

I have to transfer 5K from Sainbury to other credit card . I have cards from Egg, Lyods TSB, American express and abbey. I am thinking of transferring to Virgin . Now the question-

I have been told that virgin is MBNA card. Is there any card (of the above cards ) which also belongs to MBNA? I just want to confirm it before they turn me down. Is there any site to check that?
Ave

Hi,

Your Abbey card is run by MBNA.

nah_3

Looking at the application form for the Capital One Platinum MasterCard I can't seem to see any reference to the £100 spend 'catch' in the first three months?

I am sure when I looked before it was obvious, but now I can't see it. Has it been removed? or am I just missing it??

It is 0% until January 2008

Moggles_2

Hi nah

Welcome to MSE and the credit card board!

Capital One launched this new deal on 7 September 2006.
It seems C1 has dispensed with the £100 minimum spend qualification.

Other terms: 3% minimum payment, 2% uncapped balance transfer fees and 0% on purchases for the first 3 months, remain unchanged.

As you say, the 0% introductory rate on balance transfers lasts until January 2008 - effectively something like 15 months by the time you're up and running.

Cheers
M

Ms_Fluster

Hi everyone! Its that time again so have been checking out best deals for BTs. Mine would be resonably high and noticed that on this site the GE Transformation card is stated as having a £50 cap. I've just looked at their website and can't see any evidence of this. Is it just that they don't advertise that fact or has their deal changed recently?

Has anyone else taken out their card and can verify the £50 BT fee cap?

Thanking you in advance!

Moggles_2

Hi Ms_Fluster

Welcome to MSE and the credit card board!

It seems that GE Money have removed the cap on the Transformation card balance transfer fee.

Cheers
M

Moneyfacts_2

Ms_Fluster,

Most credit card providers are introducing uncapped BT fees in response to the growing awareness among consumers who realised they were on to great thing switching around during the glut of long 0% offers.

What card should you get if you have a large amount to transfer? It depends on how quickly you can repay the balance (in industry speak this is called the amortisation profile). If you want to avoid upfront balance transfer fees and are paying off a balance over a long period (say, more than a year) I would recommend the M&S Money and More card that offers 3.9% across the lifetime of the balance with no fee.

Check out http://www.moneyfacts.co.uk/cards/bestbuys/default.aspx

Remember, it is best practice to phone and cancel your unused credit cards (so that they don't get stolen and you can reapply to them further down the line when they invariably launch a new introductory offer).

Hope this helps,
Moneyfacts