New Balance Transfer Discussion Area

Unbelievable_2

Hi Harley

The Sainsburys card is no good for what you want to do, it is only 0% on purchases - you need a card which has 0% on balance transfers and one which is pretty swift to effect those transfers, because presumably you are going to settle the Morgan Stanley card by the payment due date on your first statement. An Egg card would be brilliant if you haven't already got one.

cammy_3

A word of caution. I am buying a new car and have a balance to pay for the new one from the proceeds of mine. The balance is £9000

I intended to pay this on my reward card (thus gaining points) then balance transfer it to a new texaco card and take the 3.9% interest option. (I haven't applied for this yet, so don't know if I would get the credit limit)

I mentioned tothe car dealership that I intend to pay the balance with my credit card, who inform me that if I do so they will have to charge me 2%

Surely this is a bit naughty of them?

It certainly takes the advantage of the cheap card away.

Any other means to get this debt cheap over 3 years?

robnye

cammy wrote:

A word of caution. I am buying a new car and have a balance to pay for the new one from the proceeds of mine. The balance is £9000

I intended to pay this on my reward card (thus gaining points) then balance transfer it to a new texaco card and take the 3.9% interest option. (I haven't applied for this yet, so don't know if I would get the credit limit)

I mentioned tothe car dealership that I intend to pay the balance with my credit card, who inform me that if I do so they will have to charge me 2%

Surely this is a bit naughty of them?

It certainly takes the advantage of the cheap card away.

Any other means to get this debt cheap over 3 years?

can you not use on of the credit card companies cheques?

Galstonian

Is it naughty of them? Probably not, they are charged a percentage as a merchant and are entitled to recoup that from you.

Using cheques? You need to make sure they are free from fees too; if they are fee free they are ideal for what you suggest but will probably attract interest from the moment you use them. Get the balance transferred as fast as you can (some reckon before you write the cheque is best).

spook

Hi,

I've just applied for a Virgin credit card and requested a balance transfer of the outstanding balance from my Smile credit card during the application process.

My Smile card is paid in full each month by direct debit, and the next payment will go off in 7 days.

Does anybody know what will happen if my debt is paid off before the Virgin balance transfer takes place? Will the balance transfer fail or will it still go through, leaving me with a large credit balance on my Smile card?

Also, once the account is opened, will I then be able to do a super balance transfer directly into my current account?

Thanks for any help!

Severn_2

Hi
I've just done the second transfer on the 0% credit card balance tranfer shuffle.

I paid £40/month on my Halifax One card bringing the min monthly repayment down from £39 to £34 in 9 months

I transfered from Halifax to HSBC Gold simply because I bank with HSBC and before Christmas HSBC sent me an offer saying I had been preselected for their gold card with a suitable credit limit.

My first HSBC statement came in January with a minimum repayment fee of £66 nearly twice that of Hallifax!

On checking HSBC terms and conditions I came accross this:-
"Minimum Monthly repayment - £5 or 3% of the Standard Balance (whichever is greater) plus, in relation to each Transfer, £5 or 3% of each such balance (whichever is greater)."
I.E. 6% min repayment per month!!

I checked Hallifax and EGG and their minimum repayments is £5 or 2% of balance.

Needless to say I will be changing ASAP

Sorry if this has been posted elsewere but I think its an important point to consider when doing the credit card shuffle

Reaper

I would read that as 3% minimum repayment. I think they are just spliting it into BT and non-BT amounts. Since you haven't said what you balance is I can't check, but that's my understanding.

You should, at the very least, read the card credit Summary Box before applying to make sure you understand the rules and charges. If anything is unclear then you need to delve into the actual Terms and Conditions too.

If minimum repayments are the main thing for you then consider one of the cards run by MBNA (eg Virgin) as their min repayment is £5.

sellercheckuk

cammy wrote:

A word of caution. I am buying a new car and have a balance to pay for the new one from the proceeds of mine. The balance is £9000

I intended to pay this on my reward card (thus gaining points) then balance transfer it to a new texaco card and take the 3.9% interest option. (I haven't applied for this yet, so don't know if I would get the credit limit)

I mentioned tothe car dealership that I intend to pay the balance with my credit card, who inform me that if I do so they will have to charge me 2%

Surely this is a bit naughty of them?

It certainly takes the advantage of the cheap card away.

Any other means to get this debt cheap over 3 years?

I've got the online application form for the Texaco Card open in another browser window and the best rate being offered today is 9.8% and that's for the account service type with Direct Debit, Internet Statements plus NO cashback AND paying an Annual Fee!.
That's a big difference to the 3.9% quoted.
DOH!

sellercheckuk

Just realised that the 9.8% is the purchase rate, not the special rate for balance transfers.
Mind you the 3.9% is only on the first page and when you start the application process it's not mentioned again!

Grumpy_Old_Duffer

Due to the amount of discussions on the 'Credit Cards' board regarding the 0% BT's & SBT's, I think it would be a good idea if this thread, or a new thread, was made a 'sticky', so that all our comments and discussions about where to find the deals are always at the top, instead of getting 'lost' in numerous new threads.