The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by VincentVega
I have around £2800 on a Llloyds TSB gold Mastercard, which I would like to try to avoid paying interest on. I also have a Post Office credit card, which I believe is backed by the Bank of Ireland, which rules out any other cards backed by them.

Any suggestions on a suitable card I can apply for? I take it that pretty much all of them now charge a fee for BTs?

If you're looking for a fee-free balance transfer, the newly launched Capital One Balance Transfer card offers 0% on BTs until 1 April 2008 with no handling charges.
Note: this card requires an "excellent" credit rating, so check you can meet the criteria listed on the Capital One website.
Tip: you should be able to extend the introductory interest-free period by an additional 3-4 weeks (See #526 above)

If you cannot meet C1's requirements, I would also recommend the Ulster Bank Gold card, minimum credit limit £3,000 (not to be confused with the Ulster Rugby card which is a completely separate operation run by the Bank of Ireland.) The Ulster Bank cards, which offer fee-free BTs for 6 months, are underwritten by Royal Bank of Scotland.

Lendusapund

YorkshireBoy wrote: »

http://uk.virginmoney.com/vaa-amex/

2% (max £50), although only for 6 months.

Hi YB
Ive just clicked on this link and was accepted for the Atlantic white card (first time Virgin would have me). They said also that the fee was 3% uncapped rather than your £50 max?? have I gone for the same card?

Im calling back tomorrow to do bal transfer to Egg, providing its all up & running, so will double check with them.

Regards
RichT

YorkshireBoy

Lendusapund wrote: »

Ive just clicked on this link and was accepted for the Atlantic white card (first time Virgin would have me). They said also that the fee was 3% uncapped rather than your £50 max??

Summary Box:

"Other charges

2% handling fee (min. £3, max. £50) for credit card cheques and balance transfers."


T&C's:

"2c We will charge the following handling fees. For all balance transfers and cheque transactions, 2% of the amount of each transaction (minimum £3, maximum £50)."

Lendusapund

Thanks YB - I shall put it to them tomorrow.
Regards
RichT

absfabs

Thank you, Moggles and YorkshireBoy!

Interesting info on credit report, nothing nasty, just a couple of forgotten late payments to mail order companies years ago, worth having done the "free trial" checks.

Application accepted by JohnLewisCard.

Thanks again, couldn't have done it without your help!

leew

Moggles wrote: »

The Ulster Bank cards (not to be confused with the Ulster Rugby card which is run by the Bank of Ireland) are underwritten by the Royal Bank of Scotland, so you cannot transfer your balance to Lombard Direct, Mint, NatWest, RBS itself or Tesco, all of which belong to the same stable.

This rules out other HBOS cards like Amazon, Bank of Scotland and Intelligent Finance.

Should be perfectly possible. Have you considered Barclaycard Platinum? This deal offers new customers 0% on BTs made during the first 60 days. The interest-free period lasts 13 months. There's a 2.5% handling charge on each balance transferred.
Alternatively, to maximise the 0% period, 15 months is available from Virgin. A 2.98% BT fee applies.

Thanks for that Moggles.

I guess it rules out a fair few cards to switch to with us both belonging to different card providers.

I will take a look at the Barclaycard Platinum card, just have to weigh up the the balance transfer fee versus the interest as im planning to pay it off asap.

Thanks again.

finn

Looking for some advice if anyone can help.

I have a Tesco CC with £1000 on it, but can't afford to pay it off
for about 6 months.

What would be the best card to switch to?
I had a look at the C1 card with no transfer fee,
I fulfil all the "excellent credit rating" criteria except I don't have
a £5000 credit limit on my current card.

Is it worth having a go anyway, or is there another card
available with a nil or low transfer fee?

Thanks in advance

Finn

Moggles_2

Originally Posted by finn
I have a Tesco CC with £1000 on it, but can't afford to pay it off for about 6 months.

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

I had a look at the C1 card with no transfer fee. I fulfil all the "excellent credit rating" criteria except I don't have a £5000 credit limit on my current card.

Unfortunately, this rules out C1.

Is there another card available with a nil or low transfer fee?

Have you considered the RSPCA card? This deal offers new customers 0% on BTs for nine months. There's a 2% handling charge.

Alternatively, to maximise the 0% period, 12 months is available to online applicants from Alliance & Leicester. A 2.25% BT fee applies.

finn

Moggles wrote: »

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



Unfortunately, this rules out C1.



Have you considered the RSPCA card? This deal offers new customers 0% on BTs for nine months. There's a 2% handling charge.

Alternatively, to maximise the 0% period, 12 months is available to online applicants from Alliance & Leicester. A 2.25% BT fee applies.

Thanks Moggles,

I'll have a look at the RSPCA one.

Finn

stevetherover

Hi all

I have a life of balance on a Barclaycard Gold Account currently approx £2000 at 3% and would be paid off in 2011 @ around £50 per month.

I have been offered in the post today 0.9% until January 2009 no fee applies. [ I assume 0.9% means 0.9%pa but it doesn't say anywhere in the offer!]

Interested in using up my much higher credit limit to make a transfer if this offer rate is real.

My question if anyone knows are:

1. Is this 0.9%pa?
2. Are there any catches?
3. How will the two transfers be handled on my statement so that I can pay the new transfer off in Jan 2009 and leave the life of balance.
4. Would it be better to pay off the life of balance and then re-transfer a new balance?

Appreciate any comments.