The Best Balance Transfers Article Discussion Area

am3n3

Moggles wrote:

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

But I found this on http://www.gemoney.co.uk/html/creditcard/creditcardfaqlisting.shtml#charges:

"Is there a fee for transferring a balance?
Yes. Our 0% for 12 months offer comes with a 2.5% handling fee (max £50). This will be reflected on your first statement."

Hope it's still on!

Moggles_2

Hi Elsie!

Welcome to the credit card board!

Unfortunately, this is one of the ways Capital One currently makes its money.

The company lures new customers with a headline-grabbing 0% balance transfer offer, knowing that a proportion of those who sign up will forget all about the terms and conditions, once they have the new card.

As you know, spending isn’t interest-free and retail purchases will sit on the bill attracting interest at 15.9% until you’ve cleared the £900 balance you shifted from Debenham's storecard.

I would like to tap monesavers for advice as to what to do with the Capital One card.

The cost may not be excessive. It really depends how much more than £100 you have spent. If you are unsure, I would ring and check your current balance. It's a Freefone number after all.

Fingers crossed your Barclaycard application is approved. You then have the option of transferring your C1 balance to them.

AFAIK, you can request another 0% BT to Capital One at any time during the first 3 months of account opening.

Let us know how you get on.

Very best
M

Moggles_2

Our 0% for 12 months offer comes with a 2.5% handling fee (max £50)
on http://www.gemoney.co.uk/html/credit...shtml#charges

:

Hi there and welcome to the credit card board!

Sorry to disappoint you.
You would expect GE's own website to be up-to-speed, wouldn't you?
Unfortunately, the cap was removed and there's now no limit to the balance transfer fee payable!

IMO, 0% deals involving uncapped handling charges are best avoided.
There are still some good 0% balance transfer offers out there though! (Please see #70)

Cheers
M

elsieB_3

Hi Moggles! Thanks so much for reply and oh so quick!!!

Am I right in thinking, if I get Barclaycard and shift all of C1 balance, and then shift it all back to C1 within the three months, the whole balance becomes interest free?

(I'm probably being a numpty!)

Regards

Elsie

Moggles_2

That's right, Elsie.
You've got the right idea!

Keep us posted

Very best
M

Chuffy

I posted this on the previous page and no-one has posted back whether they too have been successful with the same:

"I have found that if you make a small transfer onto the Cap One card, clear the balance and then make a large transfer, you only get charged the 2% once and this is on the first transaction. This may have been a fluke and they may catch up with me but I transferred about £200, paid the £4, then over £5000 and never got charged a fee.

Anyone else had a similar experience - if so post and Martin can add it to his article as 'ways to get round the transfer fee'.

HTH."

It could help the regular shifters get round the fee - worth a shot - open the new card a month early, transfer a small proportion of the balance then the remainder the following month.

Moggles_2

Thanks for your feedback, Chuffy.

Let's hope you get some replies this time.

Cheers
M
:beer:

M_Thomson

Moggles wrote:

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

The Virgin (MBNA) credit card charges 2% with no maximum for all new applications. Only existing customers can get capped fees on balance transfers, as far as I am aware none of the MBNA cards offer capped fees for balance transfers for new customers anymore.

YorkshireBoy

M_Thomson wrote:

The Virgin (MBNA) credit card charges 2% with no maximum for all new applications. Only existing customers can get capped fees on balance transfers, as far as I am aware none of the MBNA cards offer capped fees for balance transfers for new customers anymore.

This might not last for much longer though.

Like many others, I've received the customary 30 day notice that my Virgin T&C's move to 3% (max £75) [from 2% (max £35)] on 6th September.

Chances are that Virgin will change their 'new customer' T&C's on that date as well.

am3n3

Moggles wrote:

:
Sorry to disappoint you.
You would expect GE's own website to be up-to-speed, wouldn't you?
Unfortunately, the cap was removed and there's now no limit to the balance transfer fee payable!

Hi Moggles,

I phoned GE Money this morning and the rep I spoke with confirmed the £50 cap is still in place.

However, new applications are now taking 3-4 weeks to process :mad: