Best credit card for a £20k balance transfer

unidentified

As for the Op and BT'ing elsewhere, he's going to have to have made a tidy profit on those shares as any transfer is likely to cost him £600+ unless whe can obtain a fee-free card from Santander with such a limit, which I doubt.

Which was exactly my point originally although others have explained it a lot better - if you can't get the transfer limit you want its the lesser of two evils to cash in what you've got now - taking the profit vs paying balance transfer fees to transfer the total amount of shares.

It was only a suggestion don't expect all to agree but it's something to consider.

Any

BankCrusher wrote: »

firstly brokers wont take credit card payments for share purchases
even if one did they would take 2.5% for the card fee

sounds like someones living in dreamland

That might be true, but Virgin is one of Super Balance Transfer cards, where you can transfer cash into you bank account.

Any

paulmcerlean wrote: »

Ever bought shares? That really would make no sense. Idiot.

Suggest you think before you speak.
And stop massaging your ego, it has grown far too big.

Any

I would firstly try to apply for a card or two, and transfer what you can. I doubt you will be able to transfer that amount of money, but you can try and if you won't get enough you can still transfer at least some and decide which shares are the ones most to grow in value still and sell the others. Still better then nothing... but are you sure it will be worth it after paying the transfer fees? I am sure you thought about it.

As for which card to go for... Hmm, that is tough cookie. Who do you bank with? NatWest has 15mths 0% on BT and if you bank with them and earn good money (which I would think you do given the Virgin limit) you could get decent limit from them. NatWest are suckers for existing customers currently, especially rich ones.

jonesMUFCforever

exel1966 wrote: »

It's not at all uncommon for Virgin/MBNA to give limits of £20K+ to those with excellent credit histories and it can be achieved with salaries far less than £100k+.
Many stoozers, myself included have made their largest profits using these cards with limits of this nature.
Egg/AMEX are other companies known to give high limits to those with excellent histories.

As for the Op and BT'ing elsewhere, he's going to have to have made a tidy profit on those shares as any transfer is likely to cost him £600+ unless whe can obtain a fee-free card from Santander with such a limit, which I doubt.

Exel - have you had a card with this type of limit in the last 12 months or so.
Curious to know because credit card debt is now more common than other types of unsecured debt - most lenders have tightened up their limits.

housebuyer_abc

paulmcerlean wrote: »

Ever bought shares? That really would make no sense. Idiot.

Actually what he said makes perfect sense, you are unlikely to get 40K (20k old 20k new) of credit when your existing 20K is nearly maxxed out.

If you've made such a killing then sell some to pay down the card and hold the 'profit' - strangely that's called investing and it's what real investors do, so as to minimise their risk to effectively zero.

Whilst you've been lucky so far what you are doing is gambling and not investing. If the stock goes south (Enron, HBOS, RBS) overnight you are screwed. Sell 20K worth pay off the loan, hold the remainder until you want to sell - thats investing!

unidentified

housebuyer_abc wrote: »

Whilst you've been lucky so far what you are doing is gambling and not investing. If the stock goes south (Enron, HBOS, RBS) overnight you are screwed. Sell 20K worth pay off the loan, hold the remainder until you want to sell - thats investing!

Thanks for explaining it better than I could housebuyer since my explanation was so pathetic - was pretty sure wasn't the only one with this opinion tho