The Best Balance Transfers article discussion area

quantocosta

Thumsie - this is a great tool thank you.

However I am still a little puzzled. You work out that we'd pay £328 in interest but my calculations keep showing £873.

This is important because allowing for decreasing balances and assuming 2% transfer fees on 0%'s for 12mths (as well some kindly credit card authorising gods), we would need to transfer 5 times (inc the HSBC offer) costing around £390. If your figs are right then the choice is simple.

Can you help just a bit further??

thumshie

quantocosta wrote: »

Thumsie - this is a great tool thank you.

However I am still a little puzzled. You work out that we'd pay £328 in interest but my calculations keep showing £873.

This is important because allowing for decreasing balances and assuming 2% transfer fees on 0%'s for 12mths (as well some kindly credit card authorising gods), we would need to transfer 5 times (inc the HSBC offer) costing around £390. If your figs are right then the choice is simple.

Can you help just a bit further??

Ok, Your original question asked in a year,so i only provided the sum of the first 12 months interest column. £873 is the total interest paid over the 56 months..

Your figure of £390 is right based on every 12 months getting a 12 month 0% card at 2% fee(though you have not compounded the fee into the outstanding balance ).And assumes 0% cards will still be available in 2010!!

phbaker

For the last two years, on the anniversdary of my Egg card starting, i have maxed it out and put the cash into a high interest savings accoutn with ICICI, when I have done this I have NOT been charged a transfer fee.

Because of this, I was under the impression that EGG didnt charge a fee, even if you were paying the cash into a bank account, thus I have previously used it to shuffle cash from new 0% credit cards through EGG, through my bank account into a savings account for the term of the 0% offer. This i do so i earn interest on the credit cards money.

However, having just doen this with a new 0% offer card, EGG had charged me a 2.5% fee to transfer into my bank account. I have emailed them and they wont budge saying they always have. Since they havent charged me for the last two years I dont want to shout too much, but can someone confirm or deny thier claim, or are they just realising I have been making cash off them and are imposing this fee to try and get it back, closing the free "super" balance transfer window!?!!?

By the way after 8 years paying off my personal debt, i became debt free in February this year, £35,000.00 paid off, with the help of this site!! Just the mortgage to go.......... Thank you xxx

quantocosta

Thumsie your help has been brilliant. I see what you have have done (and why) so it just a question of picking the best option based on the risk factor rather then the cash.

(Apols for late reply by the way, I was away from my desk yesterday afternoon!!).

Yours in gratitude, quantocosta.

pitbullpeebs

I am looking for a credit card that i can BT from my existing one which is capital one, the problem is that i have had three defaults in the past (which in fact are all settled and come off this year but are still showing on my credit) I dare not apply for any as i don't want to keep leaving footprints in my credit if i get declined.
Any help would be appreciated.

xgingerx

Hi, defaults stay on for only 6 years from the actual date of default, check this is the case and if so raise it as a query with the credit reference agencies to get these removed urgently before applying for any credit.

If you do apply before this is sorted you may at worse get instant decline or if you do get accepted offered a whopping apr.

pitbullpeebs

The defaults come off in April,June and Oct ,do u think it's best to wait until they r off my credit then apply?

Jack2007

Hi, I curently have £2800 on my Barclaycard and want to transfer it to my Halifax as I already have one open. They have offered no 0% period which I was hoping for but 6.9% for the life of the balance. I am useless with interest and was wondering how much a month this would cost in interest?

Also do you think Barclaycard would be willing to offer me 0% after a few months for me to go back?

Any help would be great thanks

MissJMac

Hello
Not sure if this is the right place - just joined today...
I have a credit card with MBNA and am looking to trasfer to a 0% - does anyone know of a card that does not charge a fee for doing a BT as I am moving £9K...
Thanks so much

kingrollo

try brtittannia 0% for 5 months - no fee - but think you need to have existing accounts

Any other no fee ones left - please let me know