The Best Balance Transfers article discussion area

flyman330

Many Thanks for your thoughts, Yorkshire Boy.

The article on this site re Best Balance Transfers suggests the Buy & Fly Mastercard is the best for my situation. But from what you are saying, it would be best to split the amount between me and my husband.

I have had a credit card in my own name for over 15years but I have always paid off the amount I owe in full every month. Also I have never done a balance transfer before and presumed an interest free balance transfer meant exactly that, ie I don't pay any monthly payments for the period stated.

This is all new to me and am trying to gain as much information as possible to decide how risky it is to go down this line.

I welcome any comments

D4damage_2

Hi would it be possible to balance transfer so that I have a positive balance on my egg card (not egg money), then move this money into my savings/isa?

I've applied for egg money but was rejected.

jbaines2615

Hello. Would it be possible for someone to explain to me what the diffrence is between a card offering 0% on balence transfers with a 2% fee and a card offering 2% on balance transfers. Im sure there must be some benefit in there someware.

Im not being sarcastic by the way. I just read that back and it sounded very sarcastic. I just really dont understand why their advertising 0% on balance transfers and charging 2%. Oh and also whats the diffrence between a balance transfer and a money transfer.

Im sorry this is long, I'd just like to explain that Ive never had a credit card and this is the first time Ive lookd into it.

happymoneysaver79

Moggles wrote: »

Have any MSEs signed up for the Ulster Bank card, which is part of the Royal Bank of Scotland group?

I have but only got the standard card with 0% for 6 months on £1000 balance. Not much help with a debt as big as mine but better than nothing I suppose:rolleyes:

Backbiter

jbaines2615 wrote: »

Hello. Would it be possible for someone to explain to me what the diffrence is between a card offering 0% on balence transfers with a 2% fee and a card offering 2% on balance transfers. Im sure there must be some benefit in there someware.

Im not being sarcastic by the way. I just read that back and it sounded very sarcastic. I just really dont understand why their advertising 0% on balance transfers and charging 2%. Oh and also whats the diffrence between a balance transfer and a money transfer.

The difference depends on the length of the deal you're offered. If you BT £1k at 0% for 6 months with 2% fee, it's not as good a deal as £1k at 2% APR, because on the second deal you'd only have paid £10 after 6 months, but on the first deal you'd pay a £20 fee upfront.

wtyson

i've got £8k to BT. I got £5400 (nat west) & £2000 (barclaycard). since i want the alliance and leicester card but can't because i'm BTing from Virgin (both MBNA) should i wait until the i BT as much as possible to the Two cards i've got and then apply for an MBNA issued card and BT from the Nat West and Barclaycard Cards to ? all other cards aren't offering great deals and i want to apply for one more (cap one not an option as i have a mini debt with them at the moment).

Henwen

happymoneysaver79 wrote: »

I have but only got the standard card with 0% for 6 months on £1000 balance. Not much help with a debt as big as mine but better than nothing I suppose:rolleyes:

Argh, Ulster bank have such a good deal but the admin is terrible. I emailed from Great Britain for an application form and am now waiting over a week for my third copy... Time is ticking on my current deal!

The first had been guillotined badly so half the form was missing. The second was a Euro card when I specifically asked for Sterling. Are they losing the plot or just snowed under? How have you found them? I'm about to abandon them in favour of ICIC bank but that's only 3 months at 0%.

Henwen

Mr&MrsIncredible

What do you think about this one ?
Virgin credit card
0% p.a. on balance transfers for 15 months*
(2.98% handling fee applies) and
0% p.a. on card purchases for 3 months*.
Typical rate 15.9% APR (variable).

sorry if it's already been posted

Henwen

It's good and of course Martin lists it in his email this week but it has a balance transfer fee which I was trying to avoid. I'm going to pay off the balance instead as I'm only just earning more on my savings. Martin's advice is to pay off except where your savings earn more. Even as a good money saver that's not as easy now it looks like we will always have to pay balance transfer fees of up to 3%.

Also the ICICI deal (3 months at 0%) is closed as they have obviously been inundated with applications.

Interesting that the last free balance transfers are coming from abroad heh?

Also the Capital One PLatinum deal in Martin's email is under pressure too. I applied online yesterday and the website failed. I now have to wait two days to find out whether the error message meant the application was submitted anyway or not...

Nightmare all round!

Henwen

EgbertNoBacon

This is my first post. I would like to thank Martin Lewis for his credit card shuffle advice as he has saved me thousands of pounds in unnecessary interest.

I hold two credit cards, one RBS and one First Direct. The FD card had a somewhat large balance and a fairly high interest rate, but the interest rate on my RBS card was even higher still so I felt stuck. (I had been living abroad for a few years and was therefore not on the electoral roll, making applying for a new card very difficult.) Anyway, inspired by your article on shuffling, I contacted RBS who advised me that I had opted out of all promotional mailings years ago and so they had never offered me a balance transfer! I got back on the RBS mailing list, waited a few months and - hey presto - they offered me a 3.9% for life of balance deal, with no transfer fee to boot.
Brilliant! :T