The Best Balance Transfers Article Discussion Area

Moggles_2

Hi Brum Man

It seems you've answered your own question then and clearly you're not alone or these heavily advertised deals would have dried up by now.

Personally, of the three you mention, I'd go for Virgin for the online facilities and Freefone customer services number.

I'm also one that's quite wary about credit searches, another reason for me want to get long interest free period so I don't have to tart around to much.

Until recently, 5-6 months balance transfer deals were the norm. Two credit card applications in 12 months is certainly not excessive but, at the end of the day, it's your decision.

Brum_Man

Yeh fair point, I just don't see the point in having to do more than necessary! I work in a credit scored environment all day (sounds like a fun place doens't it!), and know how much of a PIA they can be sometimes when it comes to getting turned down for somthing stupidly simple!

For me is worth it so I don't have to change in a few months and just have the peace of mind that I can pay a set amount per month and have the balance gone in 12 months, a £15 charge to borrow £750 for a year seems a very reasonable price to have that, but like you say everyone has different priorities else no one would take these deals out!

Thanks for the advice on the Virgin card, I'll probably go for that one then.

Edit, just a thought, how do you make a payment on to the virgin card, phone, internet, post office, clearing bank? Just wondering which is going to be easier for me to make the payment on as I have an HSBC about 1 min down the road.

YorkshireBoy

Brum_Man wrote:

...just a thought, how do you make a payment on to the virgin card, phone, internet, post office, clearing bank? Just wondering which is going to be easier for me to make the payment on as I have an HSBC about 1 min down the road.

Telephone/Internet banking
The required sort code and account number is given on the reverse of your statement. Use your 16 digit card number as the reference.

Direct debit
Set up a minimum payment direct debit, so you'll never miss a payment. It's only £5 during the introductory period (your first payment will include the BT fee though).

Post a cheque
Do people really still do this?

Pay at bank
Use the Bank Giro Credit slip on the statement. Banks other than Co-op may charge for this service, although your own bank generally doesn't.

Debit card
Although it's not given as an option on your statement, you can make a debit card payment from your Virgin secure area online.

padzster

Morning all!

Sorry if this has been asked before but....

I have been tarting for ages but this is the first time that I've encountered the compulsory 2% balance transfer fees on ALL the new applications. If there are any that don't have a transfer fee then please let me know!

Anyway, my 0% card ends its period 7th Nov. I have enough money in savings to pay the card off, however until now I haven't as it's been totally fee free. I believe I'm better off paying off my debt altogether than taking out another cc. OK, I know that I will be getting a bit more in interest on my savings than the BT fee itself, but is it worth the hassle of juggling for the 1.5% gain on a balance of 4k?

Am I being dumb?
Advice appreciated.

Padzster

YorkshireBoy

padzster wrote:

If there are any that don't have a transfer fee then please let me know!

https://www.stoozing.com/0fees.htm

Moggles_2

Hi Padster

In 10 years of credit card shuffling with more than 30 cards (not all at once of course), I've managed to avoid the wretched balance transfer sees so far. Tarting certainly can be lucrative, thanks to the magic of compound interest!

In July, I signed up with Bank of Ireland. The bank's Post Office card still offers 0% balance transfers with no handling charges for 6 months. You get 0% on retail purchases for 6 months as well. If you haven't already applied, this is a straightforward, no-tricks deal, that's hard to beat IMO.

You may have to get a move on though. This deal has been on offer since the card launched last January. PO staff have warned that the terms & conditions will be rejigged next month. A capped 2.5% balance transfer fee is anticipated from 2 October 2006.

pennyhale

In the SBT article it states

"Egg allows fee-free 0% balance transfers for five months once a year on the anniversary of the card opening"

but this is not clear when you look on the Egg website and it seems they charge 2.5% each time you do a balance transfer. Can someone clarify this for me.

Thanks

mrbigd

Just phoned Sky Card to cancel my account and although not available immediately was advised that they would be very soon be mailing out 3/6/12 months 0% offers.

No further details available but the Customer Service Rep said it was happening real soon.

Moggles_2

Hi pennyhale

Welcome to MSE & the credit card board!

Egg card terms and conditions were rejigged recently. An uncapped balance transfer fee of 2.5% is now payable on 0% anniversary balance transfers.

Have you looked at Egg Money?

Moggles_2

Hi mrbigd

Thanks for posting!

Some here seem in a great hurry to cancel their credit cards, but it pays to keep certain cards.

I've no experience of SkyCard, but I'm not surprised. Barclays, the card issuer, certainly look after existing BarclayCard customers.