The Best Balance Transfers Article Discussion Area

Moggles_2

I am tempted by doing the balance transfer splitting around £3000 between my 3 cards (i.e. 3x3000= £9000 at a fee of £225) in the hope that virgin, halifax one and M Stanely will transfer the money from Lloyds Platinum back to my current account

This looks like a risky strategy. You could end up paying a hefty balance transfer fee to Lloyds TSB and still not achieve the transfer of funds to your current account.

Why not ask Lloyds TSB to transfer the balances from your other three cards? You can then pay the money saved on three credit card bills straight into your savings account.

Alternatively, Virgin will pay funds directly to your current account. (For more info, click on Super BTs in the blue box at the top of this board) Handling fees are charged at the same rate as a balance transfer and you can minimise the interest payable by transferring the balance to your 0% Lloyds TSB card.

Moggles_2

Anyone any suggestions as to what cards I could transfer to? are there any left with no fee?

The Tesco card is issued by Royal Bank of Scotland, so you need to avoid cards from the same stable.

Last April, I applied for Bank of Scotland's charity card - 0% on balance transfers and purchases for 9 months! (The 0% introductory period has since been reduced to 5 months, but the trade union version of this card still offers 0% for 9 months.)

In July, I signed up with Bank of Ireland. The bank's Post Office card offers 0% on balance transfers and purchases for 6 months.

paul220a

I have between £2000 and £2500 coming up on a Co-op credit card, currently charging interest at 9.8 percent and am looking at doing a BT onto either the Halifax One card or the Virgin card. The Halifax One card is currently being offered with 0% on balance transfers for 9 months and 0% on purchases for 9 months, followed by a typical APR of 9.9%. This standard 9.9% APR seems much better than most of the other offerings, most of which revert to 15.9 at the end of the 0% period. However, the transfer fee is 3%. I aim to clear the BT within the 9 month period and my 9.8% rate on the existing card is due to expire soon. Other than the 3% fee, is anyone aware of any other hidden conditions as to why the Halifax One card would not be a good choice?

Thanks for helping a newbie!!

Moggles_2

I bank with the Hally and by coincidence received this offer through the post yesterday.

One major drawback: there's no limit to the balance transfer fee payable!

IMO, 0% balance transfer deals involving uncapped handling charges are best avoided.

The Virgin card you mention charges 3% BT fees as well, but at least these are capped at £75.

ismangil

The article mentioned GE Transformation is capped, but I can't find a mention of the cap anywhere on its site.

Maybe when the article was written it was capped now it's not?

Moggles_2

The article mentioned GE Transformation is capped, but I can't find a mention of the cap anywhere on its site.

Not any more, I think you'll find...

Maybe when the article was written it was capped now it's not?

That's right. There are still some good 0% balance transfer deals out there though!

jazzeeeee5

I have a Lloyds TSB card which took over, a year or so ago, from the Texaco card which I only used for the low interest rate, to pay off an existing debt.

I now have a balance of £1750 and have never spent on this card.
I have had a letter today saying that my monthly interest rate for purchases will now be 1.140% (14.880% Simple Annual) and 2.075% on cash advances (24.90% Annual).

I am not very good at keeping on top of admin as I have a busy family life and am also a full time teacher (!!). So, I guess I would make a rubbish 'credit card tart'.

Can anyone tell me if there is a card offering better than I am getting on this Lloyds TSB card?

I have a Barclaycard Platinium for spending only, as it offers me 6.9% purchase annual rate. It is just this exisiting debt I want the best deal for. Any suggestions?
Thanks
Jazz

ricklecoat

jazzeeeee5 wrote:

I now have a balance of £1750 and have never spent on this card. I have had a letter today saying that my monthly interest rate for purchases will now be 1.140% (14.880% Simple Annual)
…snip…
Can anyone tell me if there is a card offering better than I am getting on this Lloyds TSB card?

A better offer than 14.88% annual? Yeah, almost anything! Most new card applications will come with decent introductory rates (and if they don't, then simply don't apply for them).
If you don't want to have the hassle of switching and swapping cards and applying for new ones, then look for a card offering a low Life-Of-Balance rate and move your Lloyds card debt to that. It won't be 0% but it'll be a whole lot less than 14.88 and the offer should do what it says -- give you the stated interest rate until the balance is paid off. As with Balance Transfer cards, remember to avoid spending on that card for 'normal' purchases, otherwise those purchases will get trapped behind the Lloyds debt and will accrue interest at higher rates until the Lloyds debt is completely paid off -- obviously something to avoid.

Moggles_2

I now have a balance of £1750 and have never spent on this card....I am not very good at keeping on top of admin as I have a busy family life and am also a full-time teacher (!!).

We can safely assume you're not a maths teacher then?
Sorry, I just couldn't resist.

This is a modest balance. Whilst I don't disagree with a word Ricklecoat has said, you could save even more money with very little extra effort.

As you say, your Texaco card is now operated by Lloyds TSB, so you need to avoid cards from the same stable.

Last April, I applied for Bank of Scotland's charity card - 0% on balance transfers and purchases for 9 months! (The 0% introductory period has since been reduced to 5 months, but the trade union version of this card - you don't have to belong to the NUT - still offers 0% for 9 months.)

Alternatively, in July I signed up with Bank of Ireland. The bank's Post Office card offers 0% on balance transfers and purchases for 6 months.

With a single 0% deal, you could clear that balance in 6-9 months, leaving just the Barclaycard Platinium for spending

Very best
M

elsieB_3

Hellooo!

I am a brand new moneysaver, so please excuse my ineptitude! I have recently transferred a Debenhams storecard blance of £900 to the Capital One 18 months interest free deal. I spent £100 as required (unfortunately, after balance transferring) but I have made a huge mistake by spending on the card as my other moneysaving plan of switching Bank accounts to the Alliance and Leicester has not been as smooth as I would have hoped for, and I left my old bank account debit card in the cashpoint machine! (which has not been replaced yet) aaargghhh! Consequentially, I now owe Capital one big time and I will be paying Interest!!!

I have just applied for the Barclaycard stable relationship card in the hope that I can put any new purchases on that and not touch the Capital One Card. (are you still with me?) I would like to tap monesavers for advice as to what to do with the Capital One card.

Is it too soon to tart!! (I have only had the Capital One card for 2 months).



Incidentally, Since joining the site, I have saved a fortune on Home Insurance, Car Insurance and bought loads of bargains as detailed on the quick grabbit while U can pages! Thankyou everybodY!

Current Debts:

Capital One £1600
Abbey Overdraft £1500
Argos Card £216.00