Santander zero no fee 0% 12 mth bal transfer

stphnstevey

Just wondering with 0% BT fee for 12 months and paying back about 2% a month in minimum payments, whether it is worth the effort and if it is allowed to BT the amount of the min payment shortly after it has been drawn by DD?

(ie keep the BT at the limit by immediately BT any min payments)

Guess this would be about £200 a month at interest of 3% net yr or 0.25% month - so only about 50p a month!

annie12

I posted back T & C's 10 days ago.
6 days ago I received a second set, which seems to be the norm.
Not heard anything yet, how long did it take for others to receive their card?

molley

annie12 wrote: »

I posted back T & C's 10 days ago.
6 days ago I received a second set, which seems to be the norm.
Not heard anything yet, how long did it take for others to receive their card?

If I remember correctly I telephoned and was told that my card had been sent ( which actually meant processed) about 4 days after they would have received the T+C back but it took about 10-14 days for the card to actually arrive after that date so you are probably looking at 2-3 weeks after they would have got the forms ( if you are lucky) .

annie12

molley wrote: »

If I remember correctly I telephoned and was told that my card had been sent ( which actually meant processed) about 4 days after they would have received the T+C back but it took about 10-14 days for the card to actually arrive after that date so you are probably looking at 2-3 weeks after they would have got the forms ( if you are lucky) .

Thanks molley

CannyJock

stphnstevey wrote: »

Just wondering with 0% BT fee for 12 months and paying back about 2% a month in minimum payments, whether it is worth the effort and if it is allowed to BT the amount of the min payment shortly after it has been drawn by DD?

(ie keep the BT at the limit by immediately BT any min payments)

Guess this would be about £200 a month at interest of 3% net yr or 0.25% month - so only about 50p a month!

Need to run specific numbers and check how long the 0% fee bit lasts, but with a standard 3% fee you can do this for 7 months to keep on "topping up" a 0% deal for most that I've looked into before. With 0% fee, no reason for you not to so long as the 0% fee lasts

molley

CannyJock wrote: »

Need to run specific numbers and check how long the 0% fee bit lasts, but with a standard 3% fee you can do this for 7 months to keep on "topping up" a 0% deal for most that I've looked into before. With 0% fee, no reason for you not to so long as the 0% fee lasts

So does that mean that those,for example, with the Santander 12 months 0% card when a payment is made by DD they can then BT the same amount to another card ( of a different company) .

CannyJock

molley wrote: »

So does that mean that those,for example, with the Santander 12 months 0% card when a payment is made by DD they can then BT the same amount to another card ( of a different company) .

Yup, you got it. So long as they don't charge a BT fee. The sort of transfer best done by phone where you can double check that there's no fee - be sure to take their name, team number, date and time of the call just incase If you're cynical, then phone ast least 2 or 3 times to be sure you get the same answer .... it is Shabby we're talking about

YorkshireBoy

molley wrote: »

...they can then BT the same amount to another card ( of a different company) .

It would be a BT 'from' another card, yes...but DDs don't formally clear immediately (they can be, and often are, recalled) so don't be in too much of a hurry to load up the card again.

Whilst the card offers fee-free BT's (to certain customers of course), it's unclear in the T&Cs how long these are available for. However, condition 3.1 protects you because it says that they 'may' charge a BT fee but will always tell you before you make the transaction whether a fee is payable. Another reason to make the request by phone (as CJ points out) rather than risking missing it in the small print when actioning it online.

Recycling these minimum payment DDs is something that was done regularly by stoozers on fee-free BT deals. I remember doing so every month for most of the 18 months my 0% BT ran for on a Capital One card several years ago.

artha

As an A&L online current account customer I applied for the card on 7th March and requested a 5K transfer as part of the application process.

I received two identical sets of agreements etc to sign (19th March). One was dated 16th March and the other 18th March. The summary box shows that the balance transfer charge is £0% so I have evidence if I suffer the fate of other posters and get charged the 3%. I've not been asked for any ID

After reading other posts I want to sign the first and return it recorded delivery asap.... but, I also received a DD form to return for payments (which I want to do for the minimum payment) but see a glitch in that it requires my card number which I obviously haven't got yet.

Has anyone else come across this problem?

As nobody has mentioned it in the thread I also noticed that this card has a dormancy charge of £10

InaPickle

artha wrote: »

As nobody has mentioned it in the thread I also noticed that this card has a dormancy charge of £10

Sorry to sound stupid, but what is one of those?