The Best Balance Transfers article discussion area

TraceT

Hi M

Thanks for the welcome and thanks also for the reply. I shall ring the Town Hall tomorrow and see if I missed the boat or not, and also write to C1.

After reading a few other threads I think I will also give Mint a call and see what they will offer me if I transfer it over to them, as my Mint card is currently empty.

I'll let you know how I get on.

Thanks again
Trace

nicola_b_3

I've been card tarting for a while now, thanks to this site - and up until now I've always used fees-free deals. I've just taken out the NatWest card though giving 13 mths interest free on balance transfers but that has a fee - which I'm happy to pay. But I've just found out on my first statement that interest is payable on the fee! Doesn't this mean it's not really an interest-free deal as I couldn't have avoided the fee? Has anybody found a way round this? I know the interest won't amount to much, but it's the principal of the thing that irritates me.

Any guidance appreciated!

ceebeeby

Hi guys,

I've got 6700 on an AMEX card that I'd like to get down to a pay offable rate ... I've got excellent credit history / no bad debt. Could comfortably afford to pay circa. £300 per month to it. I don't fancy card tarting as I can't even remember to put the rubbish out on time, never mind remembering something important like transfer dates.

Any guidance to the best solution ... I quite fancy those whole of life deals, but is the fee not quite high?

Ceebsx

YorkshireBoy

ceebeeby wrote: »

I don't fancy card tarting as I can't even remember to put the rubbish out on time...

:rotfl:

Any guidance to the best solution

Because more and more LOB cards are introducing BT fees (interest rates are rising and they'd rather introduce a BT fee than allow their APR's to become uncompetitive - which would mean slip down the best buy tables), I think you should learn to improve your memory and go down the 0% tarting route.

I quite fancy those whole of life deals, but is the fee not quite high?

The fees range from zero to 3%, and the best APR's range from 3.9% to 5.94%. Check out this table:

http://www.stoozing.com/lob.htm *

...and remember not to spend on a LOB card once you've transferred a balance to it.


* That table shows the M&S card at 4.9% APR, whereas I believe it's now 5.9% APR.

ACT_3

:T Thanks Moggles - I'll take a look at Goldfish.

sarahjw

nicola_b wrote: »

I've been card tarting for a while now, thanks to this site - and up until now I've always used fees-free deals. I've just taken out the NatWest card though giving 13 mths interest free on balance transfers but that has a fee - which I'm happy to pay. But I've just found out on my first statement that interest is payable on the fee! Doesn't this mean it's not really an interest-free deal as I couldn't have avoided the fee? Has anybody found a way round this? I know the interest won't amount to much, but it's the principal of the thing that irritates me.

Any guidance appreciated!

We also got a Natwest card for 13 months 0% interest free on balance transfers and have just found out the same. I am furious - again not the sums of money involved - in our case about an additional £11 - but the fact that I did not pick this up at all when we applied. I suppose someone will say we should read the terms and conditions more carefully, but I still feel this is a new sneaky practice, apparently it started in June.

I suspect that we are stuffed as I presume it is mentioned somewhere in the terms and conditions, but I wanted to mention it anyway just to alert others to this. I don't know if the other MBNA cards are doing the same thing, they certainly haven't in the past in my experience. However I'm sure that other credit card companies will be jumping, if they have'nt already, on the bandwagon so be prepared!

Moggles_2

Originally Posted by nicola b
I've just taken out the NatWest card giving 13 mths interest free on balance transfers but has a fee - which I'm happy to pay. But I've just found out on my first statement that interest is payable on the fee!

While the majority of lenders now charge balance transfer fees - a trend started by MBNA - just four, AFAIK, charge interest on BT 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.

Has anybody found a way round this?

It's worth a phone call, IMO, to complain. You may not be charged in subsequent months. After all BTs are advertised as interest free for 13 months.

The only other way to avoid this practice, unfortunately, is not to request BTs to these cards.

Originally Posted by sarahjw
I don't know if the other MBNA cards are doing the same thing ...

The Natwest card is operated by RBS not MBNA. (MBNA collects the balance transfer fee with the first monthly payment, so you're not charged interest on the fee)

JackRS

I’m looking for a balance transfer card but I’ve read that you can’t use one in the same group. My current is Tesco Visa, so if I wanted to do a balance transfer to say a HSBC 0% card it may not be possible?

Can anyone recommend a 0% card (12 months) for balance transfer from Tesco Visa?

Moggles_2

Originally Posted by JackRS
I’m looking for a balance transfer card but I’ve read that you can’t use one in the same group. My current is Tesco Visa, so if I wanted to do a balance transfer to say a HSBC 0% card it may not be possible?

Your Tesco Visa was issued by Royal Bank of Scotland. This means you cannot request a balance transfer to Lombard Direct, Natwest, Mint, Ulster or other card underwritten by RBS.

Others, including the HSBC, should be fine.

Moggles_2

Originally Posted by JackRS
... I wanted to do a balance transfer to say a HSBC 0% card ... Can anyone recommend a 0% card (12 months) for balance transfer from Tesco Visa??

I believe the current HSBC deal offers 4.9% on BTs until January 2012.

If you would prefer 0% for 12 months, you may want to compare the Alliance & Leicester card or, to maximise the 0% period, 15 months is available from Virgin. Both cards are issued by MBNA.