Where to put a £10K balance?

edited 30 November -1 at 1:00AM in Credit Cards
6 replies 1.4K views
Jon12345Jon12345 Forumite
97 Posts
edited 30 November -1 at 1:00AM in Credit Cards
Ok, I am spending lots of money on credit cards for my business. But with a £10K balance I could be paying over £1,000 per year in interest payments.

Is there an up-to-date list of what balance transfer rates are available? I have about 7 different makes of credit card and I could check them.

Thanks.

Jon

Replies

  • ReaperReaper Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
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    Yes, go to this Moneysupermarket page and pick either "All Balance Transfer Cards" from the drop down or "For Life of Balance" depending which you prefer.
  • Jon12345Jon12345 Forumite
    97 Posts
    I just asked if MBNA would accept money transferred from my egg card. They said yes, at 3.9% for 6 months. But they said there would be a 2% charge for the transaction.

    Is this 2% charge normal? Do you get that with all balance transfers?
  • Tim_LTim_L Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Yes, it is normal with MBNA and many other card issuers. You just have to check the T&C on the card you're looking at as the rules can change quite quickly. MBNA usually (but not always) cap the amount at £35 or £50.

    What are you doing leaving a balance on cards used for business expenditure, anyway? This seems to me to be nothing more than a way of increasing your overheads for no obvious benefits in terms of P&L.
  • Jon12345Jon12345 Forumite
    97 Posts
    Raising money.
  • fatboyonadietfatboyonadiet Forumite
    5.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    Depending on balances and various other factors if you can pay it off in 9 months get a 0% card if not get a life of balance transfer card can be found at 3.9% for life, have a word with MBNA tell them about the Texaco card and say you don't want to BT unless they waive the fee, has worked for me in the past.

    Without going into too much detail hope that helps.
    2p off is still 2p off!
  • Jon12345Jon12345 Forumite
    97 Posts
    Hey thanks so much for that bit of advice. I phoned them up and said I would transfer if they waived the fee. They agreed. So I saved £35.

    I'm a happy punter! And all credit to fatboyonadiet :D
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