Best Card for Super BT

geordie_ben

What's the best card for a Super BT to pay off a loan of £760 and an overdraft of £200?

YorkshireBoy

How long do you need to clear the debt?

geordie_ben

YorkshireBoy wrote: »

How long do you need to clear the debt?

Well its for a friend but I reckon only about 6 months, but gonna plum for 12 just to be on the safe side... give or take

YorkshireBoy

Less than 10 months I'd suggest the M&S sterling travellers cheques (1% fee for 10 months 0%).

Anything over 10 months and it's a choice between 13 months with the Egg Card* (3% fee) and 16 months with MBNA (4% fee).


* The Egg Card offers normally roll over at the start of the month so an application on 1st Jan may get 14 months.

geordie_ben

YorkshireBoy wrote: »

Less than 10 months I'd suggest the M&S sterling travellers cheques (1% fee for 10 months 0%).

Anything over 10 months and it's a choice between 13 months with the Egg Card* (3% fee) and 16 months with MBNA (4% fee).


* The Egg Card offers normally roll over at the start of the month so an application on 1st Jan may get 14 months.

Thanks YB, have you got a link for the M&S one? The only cards I can find on their website are the Credit Card, M&S Premium Club and the Charge Card

geordie_ben

Ah, think I've figured it...

Get the credit card @ 0%, buy trav cheques at 1% use them to pay the overdraft and loan off?

YorkshireBoy

In a nutshell...

1. Make sure your bank will let you pay the TCs in!
2. Get M&S credit card
3. Buy Sterling TCs from M&S with M&S credit card
4. Pay them into your bank
5. Wait for them to clear (in my experience LTSB will clear instantly)
6. Settle loan (overdraft will have cleared in 5 above)

Long running thread on the stoozing site here...

http://www.stoozing.com/forum/YaBB.pl?num=1159043738/0

geordie_ben

YorkshireBoy wrote: »

In a nutshell...

1. Make sure your bank will let you pay the TCs in!
2. Get M&S credit card
3. Buy Sterling TCs from M&S with M&S credit card
4. Pay them into your bank
5. Wait for them to clear (in my experience LTSB will clear instantly)
6. Settle loan (overdraft will have cleared in 5 above)

Long running thread on the stoozing site here...

http://www.stoozing.com/forum/YaBB.pl?num=1159043738/0

The bank is with LTSB so absolutely perfect!

I wish I'd known this was possible when I was paying all my debt off, could have saved me a whole deal of interest.. oh well, lesson learnt!

I might even look into it myself for a bit of stoozing *bites finger nails*

YorkshireBoy

geordie_ben wrote: »

I might even look into it myself for a bit of stoozing *bites finger nails*

I've done it twice before...12 months and 10 months, and around £10K each time.

Savings rates were much higher then (6%ish). I didn't consider it was worth the effort when I got my last M&S card in November last year, having checked the profit here...

http://www.stoozing.com/calc.php

geordie_ben

YorkshireBoy wrote: »

I've done it twice before...12 months and 10 months, and around £10K each time.

Savings rates were much higher then (6%ish). I didn't consider it was worth the effort when I got my last M&S card in November last year, having checked the profit here...

http://www.stoozing.com/calc.php

Yeah, not a great deal of return at the moment

geordie_ben

Has anyone used a cashback website when getting TC's to do a SBT? I can get 3.03% via topcashback at the moment...