The Best Balance Transfers article discussion area

Foxxy_2

The Royal Bank of Scotland.
Comes out Monday and I'll be in there with my biro sharpened!

Foxy

rogue0809

please please please can some one give me some advice. im paying astronomical amounts of interest due to being an un-educated fool when it came to money until recently and spending and buying. i desperately need a balance transfer card that can transfer money into your bank account. i heard egg did this but is it still happening? i know alot of these questions are the same but would greatly appreciate the advice please!

On my knees begging for some advice from some money whizz as im an idiot when it comes to this!!

thank you!

rogue

Foxxy_2

I've just been told that I can't transfer from a CC to a bank account as that constitutes a cash transfer and that costs money! So whether Egg does it or not, anything called a 'cash transfer' (same as drawing cash on your CC) will cost a percentage fee of the amount withdrawn and also attract interest from the day it is withdrawn until it is paid back in full. It may well be cheaper just to get a loan from the bank to pay off your overdraft like I have done and now I will be paying £100/week into the loan account to get it paid in 1 year instead of 5. Talk to your bank - they are friendly and would far rather you spoke to them than left the o/d to run out of control - then YOU will feel a lot better knowing you are in control.
HTH
Foxy

col_w

Foxxy wrote: »

The Royal Bank of Scotland.
Comes out Monday and I'll be in there with my biro sharpened!

Foxy

cant find this deal on rbs website

Foxxy_2

Maybe it's not there yet - but in house it certainly is.
No use to me now so I'm just upping payments to reduce the balance on the biz loan quicker.

Foxy

thumshie

RBS Front page http://www.rbs.co.uk/default.htm shows it in one of the 'flash' items(bottem left) Gold card- 13mnts BT, 2% fee, 3months on purchases.(refresh the page until the credit card offer is shown). But the link still takes you to 9months offer..looks like it'll be up soon....

gemmyjam

rogue0809 wrote: »

please please please can some one give me some advice. im paying astronomical amounts of interest due to being an un-educated fool when it came to money until recently and spending and buying. i desperately need a balance transfer card that can transfer money into your bank account. i heard egg did this but is it still happening? i know alot of these questions are the same but would greatly appreciate the advice please!

On my knees begging for some advice from some money whizz as im an idiot when it comes to this!!

thank you!

rogue

I have recently transfered money from my Halifax CC into a bank account using a credit card cheque. You have to pay a fee just like a balance transfer but it means you can clear an overdraft onto a low rate or even 0% card. I know Virgin use to do CC cheques & they have a pretty good deal at the mo, might be best to ask & see!!

tsharp

The RSB card has this info:

0% on balance transfers for 13 months from account opening. Balance transfer subject to a fee of 2% (min £5) during the first six months from account opening.

Seems pretty good, but what does 'for the first six months' mean?

Foxxy_2

It could be that it will rise after the first 6 months - an introductory offer (although it's not much temptation to newcomers and not competitive). I was told by the manager at my branch that it had a 0% on purchases for the first 3 months too though I haven't seen any printed info on it as I am not now going to use it.
Foxy

tsharp

But the wording makes it sound like the 2% BT fee is only for the first 6 months!

And what is the best on the market atm for BTs? I have about £2k i want to avoid interest on for a while...