The Best Balance Transfers article discussion area

thumshie

I beleive it is that any BT done after 6 months of account opening will not incur the 2% fee. However the BT will only be interest free for 7 Months at most.

Foxxy - yes it does have 3 months on purchases.

mfge102

what would you say is the best new credit card to get that allows me to do a super balance transfer and also has the longest period of time with o% interest???


many thanks for your help

tsharp

mfge102 wrote: »

what would you say is the best new credit card to get that allows me to do a super balance transfer and also has the longest period of time with o% interest???


many thanks for your help

At first glance I would say the RBS card, 13 months. I am in the market for one at the moment, and tempted by this.

Katie-Kat-Kins

My boyfriend balance transferred to stroud and swindon a few months ago, and wants to make sure he doesn't get clobbered with interest when the interest free period runs out.

Does the six months run from the date you got the card or the date the balance was transferred?

He experienced a big delay in processing the transfer so this will make a difference.

wrsl

Hi, does anyone know if I can transfer a balance from my Fiance's credit card to mine?
Thanks!

thumshie

KatP- I'd check the ts'&c's but most cc providors use application date.

wrsl - Yes you can transfer someone elses debt to you. However be warned - i know it's your fiance -the debt becomes yours, should the relationship take a turn for the worse, you'll be solely responsible for the debt.

lilian_Thompson

New to this so hope I can explain what I mean. I have a Virgin one account which I am paying 6.7% interest. Is it worth balance transfering say a couple of thousand onto a 0% card for 13 months?

sjc_2

Just applied and got accepted for the RBS 13 month offer means I can transfer my balance from MBNA to RBS and clear the card. Nice timing as my 0% had just run out with MBNA.

Went for Platinum Card transferring £7K and got a £7.75K Limit, just need to set up a DD so I don't miss any payments and lose the 0% and clear it in 13 Months

ukdutypaid

gemmyjam wrote: »

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!!

I think you both need to check this very carefully..
As I understand it Balance transfer is exactly that, the transfer of debt from one card to another.
The concept of releasing money from a card into a bank account, would be classed as a purchase..
Where as the use of credit card cheques (unless you have specific details with these cards to the contrary), would be classed as a cash withdrawal.
Checking the Halifax site this does appear to be the case
"Purchases 0% for 9 months, Balance Transfers 0% for 9 months, BUT (sic) Cheques 21.95%"

Unusually, however, Virgin CC cheques are included in their 0% offer (+ fee), so despite my warning.... They would appear to be the answer to your problems.... lol

"0% p.a. - that's 0.0000% a month on card purchases for three months from account opening, and 0% p.a. - that's 0.0000% a month on balance transfers and credit card cheques for thirteen months from account opening"
http://uk.virginmoney.com/credit-card-v3/pre-apply.html# 1st June 07

However I would you suggest that you look at this article by Martinon the subject
http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#1
and a part of the forum also
http://forums.moneysavingexpert.com/forumdisplay.html?f=95


Traditionally they are almost obscene in the rates they charge.
I have only ever heard of them as Purchase facilities and very, very expensive ones. So shocking are they that Martin has written about them and indeed advocated that they should be phased out.
You must check the interested associated with CC cheques. Debt off the card in any manner other than that of an arranged balance transfer, is classed as either cash, purchase ((cheques), or withdrawing down to a bank account, if they allow you to do that at all).

This also applies to the post about transfering a balance from a partner's card. This would be you paying their debt and taking it on board, i.e you would in effect be 'paying a bill', by means of your own card and not using the BT facility of either card.....................

sjc_2

Should of also said I applied for the RBS Card through QuidCo and got £12 back.