The Best Balance Transfers article discussion area

Phoenix79_2

si1503 wrote:

Is the idea not to first transfer the money from your credit card into a savings account? (If stoozing that is)

The poster never made mention of that. They just said they needed a BT card as they plan to spend money soon? He/she hasn't been back since so i guess we'll never know!

angleseypeter

This is my first contact with MSE!

Has anyone recently applied for a fees free BT with a new Marriot Reward Card. I have just been charged a 3% fee! Am currently arguing this with Halifax, the bank that Marriot use.

Moggles_2

Hi angleseypeter

Welcome to MSE & the credit card board! Thanks for your feedback, which helps alert others.

Have you checked your credit agreement? Irrespective of what's on the website, it's the terms & conditions you signed up to when you took out the card, which count. It's best to have your Ts & Cs to hand - especially section 5 - when you speak to Halifax.

Very best
M

CashSaver_2

Moggles wrote:

Hi angleseypeter

Welcome to MSE & the credit card board! Thanks for your feedback, which helps alert others.

Have you checked your credit agreement? Irrespective of what's on the website, it's the terms & conditions you signed up to when you took out the card, which count. It's best to have your Ts & Cs to hand - especially section 5 - when you speak to Halifax.

Very best
M

I've just received an Ulster Bank card which is listed on the no fees list for Balance Transfers. They are telling me that there is a 2% fee capped at £60.

I think these lists need to be updated.

Moggles_2

Hi Cashsaver

I repeat, irrespective of what's on the website, it's the terms & conditions you signed up to when you took out the card, which really count. Have you checked your credit agreement?

The Ts and Cs I myself signed earlier this month for the Ulster Bank Gold card state clearly and unambiguously that there are no balance transfers fees for the first 6 months from account opening.

Fingers crossed your Ts & Cs are the same as mine. If so, I'd call them again with your credit agreement to hand. Stress that you are a new customer and you should get your free BT.

Let us know how you get on.
M

angleseypeter

Moggles wrote:

Hi angleseypeter

Welcome to MSE & the credit card board! Thanks for your feedback, which helps alert others.

Have you checked your credit agreement? Irrespective of what's on the website, it's the terms & conditions you signed up to when you took out the card, which count. It's best to have your Ts & Cs to hand - especially section 5 - when you speak to Halifax.

Very best
M

Thanks for your reply. I see that the Best No-fee BT list has already been amended! Ironic that the Smart card is also issued by Halifax!! I'll let you know how I get on.

P

CashSaver_2

Moggles wrote:

Hi Cashsaver

I repeat, irrespective of what's on the website, it's the terms & conditions you signed up to when you took out the card, which really count. Have you checked your credit agreement?

The Ts and Cs I myself signed earlier this month for the Ulster Bank Gold card state clearly and unambiguously that there are no balance transfers fees for the first 6 months from account opening.

Fingers crossed your Ts & Cs are the same as mine. If so, I'd call them again with your credit agreement to hand. Stress that you are a new customer and you should get your free BT.

Let us know how you get on.
M

Thanks

I rang again and explained that there were no fees in the T&Cs.

They agreed and processed my BT with NO fees.

Moggles_2

Some lenders run different promotions over the same period. IMO, it's best to request balance transfers - especially the 0% fee-free ones - by phone, so you can check the offer still applies to your account. Also, it's a good idea to have your Ts & Cs to hand and be prepared to quote the relevant clauses if necessary.

Congratulations, CashSaver & thanks for posting.

mjwraw

I have been carrying a 0% card debt for about eight years now, transferring before 0% period runs out every time, carefully paying slightly more than the minimum each month, and have also managed to keep getting cards with 0% on BTs and purchases up to now, which is why the debt hasn't really gone down - is currently at about £6000.

So in other words so far I've had 'free' debt. I've got money in an IF savings account which pays (at present) 3.76% net monthly interest.

My question is, is it still worthwhile doing a 12 month 0% BT with a 2% fee, or should I now accept that the days of free debt are over and pay off the balance now. In other words, which is more beneficial, keeping my savings and paying the 2% fee, or paying off the debt with my savings (I could probably clear the card if I have to).

SPL

Hello All,

I too have been a 'tart' for several years and as my current 0% interest period is up in January I am looking to transfer again. My outstanding balance is currently at c£6k.

For me it is worthwhile to leave the money on a card as when it was originally borrowed several years ago we managed to get a super balance transfer and put a lump sum on our mortgage and so reduce the payments by about £100 a month (which is used to pay towards the repayments of the credit card)

This will be the first time that it looks like I wil need to pay a transfer fee - i am considering the MBNA card but am worried that if I do I will have £120 on there that I will pay interest on - ok I am good with the tarting but not so good with the maths - how much extra would this cost over a year>?

Thanks very much in advance for any help

SPL