The Best Balance Transfers article discussion area

Moggles_2

Hi mjwraw and SPL

I've been shuffling credit cards for more than 10 years to pay off the mortgage early and, like you, have managed to avoid balance transfer fees until now.

That said, a 0% balance transfer with a 2% fee, capped at say £50, is still worth having IMO, providing you're offered a decent credit limit. Uncapped fees are probably best avoided unless the 0% BT lasts at least 12 months.

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.

While the majority of lenders now charge balance transfer fees - a trend started by MBNA - just four, AFAIK, charge interest on the fees. Egg, Barclaycard, LTSB and RBS treat these handling charges as purchase transactions which are paid off last, so the BT fee is left sitting on successive monthly statements attracting interest.

MBNA collects the BT fee with the first minimum payment, so you wouldn't have to pay interest. I think you'll find the rate's 2.25%, so you'd pay £135 to shift £6000.

FRED2420

Hi, was considering a balance transfer to a "life of balance at 3.9%". The question is-can I transfer the bulk of my balance and keep my existing card active or does it require the whole balance to be transferred and the existing card cancelled. This may be a stupid question but there doesn't appear to be any mention of it in any of the posts. Thanks Fred 2420.

Phoenix79_2

You can keep your old card open with a £0 balance if you wish.....plus you can transfer part or all of your balance. Choice is down to you.

FRED2420

Thanks very much for quick reply*Have seen a couple of good deals to save about £1500 interest over 3 years but didn't want to lose existing card. Have a nice Xmas.

SPL

moggles

thanks for your post it has helped make up my mind

wow i am impressed over ten years you have been doing this already - i know it is not everybody's cup of tea but as mr t says - every little helps:)

Thanks again

SPL

SPL

Hiya

following on from my earlier threads I have applied for the BNA card- the balance trasnfer rate (clicking on the link through r points which gives 650 (£6.50) points0 is only 2% of a balance transfer

hope i get what i need

collecting.dust

Hi all

I have been successfully balance transfering to 0% cards for a few years.

Its time to switch again so I applied online for the 0% Free B/Transfer Norwich & Peterborough Card - there was a glitch and error message as I sent the application.

I thought this had not gone through so same day applied for the Smart Car 0% Free B/Transfer.

Today 2 agreements arrive offering me both cards with 14.9% rate.

Grr - Whats the point of having these application websites - if they dont honour what they offer ?
Looking to Balance Transfer £4000
Do I ditch these and start looking again ?

collecting.dust

Sorry for bothering you guys
Just read all the smallprint - including summary box at the end.
Grr - Why dont they put the stuff you want to know in big letters on the front of the letter instead of tiny print at the back.

For Both cards it looks like the overall rate of the card is 14.9% - although the introductory offer is 0% for 6 months free B/T. I will ring them later to check the offer and make sure.

Moggles_2

Hi collecting.dust

Welcome to MSE & the credit card board!

Applying for two cards at once from the same lender may affect the credit limit you're eventually offered on each card, so I would hold on to both if I were you.

Halifax is known to run different promotions over the same period and recently MSEs have reported one or two disputes with the Hally over balance transfer fees, so it makes sense IMO to request your transfer(s) by phone with your credit agreement to hand. That way you can quote the relevant clauses - especially section 5 - and, with luck, avoid misunderstandings over charges.

ariel

Looking for a cheap/free BT credit card to transfer £400 from my Egg gard and £1200 from my husband's card. Have looked at the Sainbury's Standard which is fee free and 5.94% for life of balance. Is there any better offers out there? My head had turned to mince so any help gratefully received.
L