Advice req

plumb1_2

Hi all, i want to do a balance transfer 0% into my Bank account, which is the best card to do this?with 6/9 mths.
Will i have to inform them when opening the account,or can it be done a few days after recieving the new card?
Is it better to apply over the phone or online?
Just got a Acucard and found out they dont do bank transfer,s >:( only balance transfers

I can,t use Egg as i cancelled the card a few weeks ago,and they wont  reopen it

smartsaver

Next best to EGG is MBNA or Mint. You need to watch out for charges - I don't think MBNA charge for new customers. I think its best to do the transaction online if you can and to wait until you receive the card. I havn't had a MINT crrad for a while but think they supply cheques which you can pay directly into your bank.

plumb1_2

Next best to EGG is MBNA or Mint. You need to watch out for charges - I don't think MBNA charge for new customers. I think its best to do the transaction online if you can and to wait until you receive the card. I havn't had a MINT crrad for a while but think they supply cheques which you can pay directly into your bank.

firstly thanks for the info,Didnt realy want to wait for a cheque to clear.
Reading the posts on the site Mbna do different cards,virgin etc,which is the best or they much all the same.I wouldn,t use the card for purchase,s,just need to pay off a bank overdraft,then hopefuly transfer the balance on the card to another in 8mths,and just pay the min each mth.Think thats about right?

smartsaver

Virgin are giving away freebie watches His and hers worth £110.00. Always good for ebay if you don't want them yourself. Also cards are interest free for 9 months. You have to 'use' the card to get the watchs but I understand a BT is using the card

This is from a post by Darryl ' To apply call 0800 092 7292 and quote 31BJYVN4' Thanks again Daz

MBNA minimum payment is only £5.00 per month which is good.

plumb1_2

thanks

Darryl

Note the terms and conditions though on this MBNA Platinum Plus card (it's not the Virgin card, Smartsaver).

They can charge a fee for balance transfers (2% of balance transferred, with no max - though you might be able to haggle). This might make the 'free watches' offer not such a good one, even if you can sell them on Ebay.

My recent Virgin card (also 9 months 0% on BTs) came with a max £35 charge on BTs, so this might be a better option. This is Martin's link to the Virgin card (an MBNA card).
http://www.moneysupermarket.com/Link.asp?Source=MSE1&Section=cardpromo14

Darryl.

joolee_2

just looking for a credit card for sbt - i applied for egg on friday and am looking at mint now - looks like max £40 charge for transfer - my maths arent too good is it still worth doing???

Walletwatch

just looking for a credit card for sbt - i applied for egg on friday and am looking at mint now - looks like max £40 charge for transfer - my maths arent too good is it still worth doing???

Would depend on the credit limit that you get. Also, I think the charge applies only till March, which means that after that, the charge will revert to zero, only, you'll get a lower interest-free period (six months instead of nine months), so the math is more complicated than you think

If my calcs are correct, and assuming I do not put a price to the logistical pain of having to keep track of minimum payments on the card, the minimum limit that you need on the card for the max charge of £40 to be worth it is:

40*365*100/(no of days * post tax income on a savings account)

Assuming the no of days is the whole nine months from 01-Jan-2005 till 30-Sep-2005, and the post tax income to be 4% (interest rate 5%), the minimum limit for which a balance transfer makes sense is £1337.

Also, if we were to check if the balance transfer makes sense with the £40 charge, but interest free for nine months v/s interest free for six months without charge, the equation turns out to be:

(no of days in first scenario * 4 * transferred balance)/36500 - 40 =

(no of days in second scenario * 4 * transferred balance)

i.e. (Days1 - Days2)*4*Transferred balance/36500 = 40

Solving the above equation for transferred balance:

Transferred balance = (40*36500)/(Days1-Days2)*4

I will use the whole of the time between 01-Jan to 30-Sep for Days1 and 01-Apr to 20-Sep for Days2 (In your case, Days1 would be lesser, as you are yet to initiate the balance transfer)

Transferred balance = (40*36500)/(273-183)*4

= (40*36500)/(90*4)

= 4055.55

Thus, if you are transferring more than £4055.56, then it makes sense to absorb the £40 charge and go ahead with the balance transfer now, instead of doing it charge free after three months.

Hope I haven't muddled things, instead of clarifying them...

smartsaver

Note the terms and conditions though on this MBNA Platinum Plus card (it's not the Virgin card, Smartsaver).

Ooooh dear. I thought it was Virgin!  :o I have just got Mr Smartsaver to ring and apply... and he already has a platinum card that has been paid off  :-[. Will watch this one with baited breath.  

Walletwatch

baited breath.  

What (Who) is the catch? ;D ;D