The Best Balance Transfers article discussion area

taffytim22

Over 6 months ago i transferred my balance onto The Smart Car Card from Halifax as it was free to transfer and free for 6 months.

I now need to do this again as my free time has run out, am I right in thinking the Ulster card is the one that has free transfer rates at present? if so how do i apply as there is no link on the Ulster bank site?

Thanks
Tim

Tammer

Hi,

Are there any cards out there that offer 0% interest on balance transfers and a capped fee?

Or have these died out now?

Tammer

Moggles_2

Originally Posted by taffytim22
I transferred my balance onto the Smart Car Card from Halifax as it was free to transfer and free for 6 months.
I now need to do this again as my free time has run out. Am I right in thinking the Ulster [Bank] card is the one that has free transfer rates at present?

Yes. If you're looking for a free BT, I can recommend:

the recently launched Capital One Balance Transfer card which offers interest-free BTs until 1 April 2008 with no handling charges.
Note: this card requires an "excellent" credit rating, so please check you can meet the criteria listed on the Capital One website before you apply.

If you're already a C1 cardholder, there's the Ulster Bank Gold card (not to be confused with the Ulster Rugby card, which is a completely separate animal run by the Bank of Ireland.) The Ulster Bank cards offer 0% BTs for 6 months from account opening and, once again, there's no handling fee. Issued by the Royal Bank of Scotland, they're worth considering for balances under £4,000.

Moggles_2

Originally Posted by taffytim22
How do I apply [for the Ulster Bank card] as there is no link on the Ulster bank site?

The bank does not accept online applications. If you email your name and full address, you'll receive your application form by post.

Moggles_2

Originally Posted by Tammer
Are there any cards out there that offer 0% interest on balance transfers and a capped fees or have these died out now?

Most balance transfer fees are not capped, but there are exceptions. Deals with capped fees work in your favour when you have a largish balance to transfer, but you can still save money when shifting sums of £2500 plus.

Currently, the longest 0% period available is 9 months. See Citi Platinum Mastercard, 3% BT fee capped at £75.
The Virgin Atlantic card offers 0% BTs for 6 months, 2% fees, maximum £50.
The John Lewis card also offers 0% BTs for 6 months, 2% fees capped at £50.

alrewas

Moggles wrote: »

Please see #649 above

ok my fee is 84.00 and min payment is 96.00 so does that automatically clear it or do i need to make an extra specific payment. the summary box on the statement says purchase & bt allocations paid at same time.

Moggles_2

Originally Posted by alrewas
OK, my fee is £84.00 and min payment is £96.00, so does that automatically clear it or do i need to make an extra specific payment? The summary box on the statement says purchase & bt allocations paid at same time.

I agree. The wording of the RBS summary box could be clearer.

In the case of RBS, I believe you must pay the handling fee, in this instance £84,
in addition to your first monthly payment of £96, to avoid incurring interest on your BT fee.

luv_my_brass

I use the 0% offers simply to get more interest on my savings. My current one with Capital One runs out in January, so looking now to switch the balance outstanding (just under £4000) to another 0% interest account. I'm juggling longest period with lowest transfer fee. Capital One and Barclays Bank are out of the running. Any suggestions?

jba2007

My wife recently applied for a Capital One Card via the links from this site and instead of the 0% 13 month deal which she was accepted for, Capital One sent details of a 34.9% balance transfer deal. According to the guys at Capital One this isn't the first time this has happened and is a problem with their back office functions.

To make matters worse my other half was told to re-apply for the card!

Still awaiting a response from Capital One on what they will do. Anyone else had a similar experience?

Moggles_2

Originally Posted by luv_my_brass
I use the 0% offers simply to get more interest on my savings. My current one with Capital One runs out in January, so looking now to switch the balance outstanding (just under £4000) to another 0% interest account. I'm juggling longest period with lowest transfer fee. Capital One and Barclays Bank are out of the running. Any suggestions?

Yes. When comparing balance transfer cards, there's almost always a trade-off between the duration of the 0% promotion and the charges payable.

To maximise the 0% period, 15 months is available from Virgin. There's a 2.98% BT fee, but credit limits tend to be generous and minimum monthly repayments are low.

For cards with capped handling fees, please see #659 above or for a totally free BT, I can recommend Ulster Bank. Please see #657.