Unoffical Existing Customer Balance Transfers

mrbigd

Just been offered online 6.9% LOB from Barclaycard with 2.5% fee, not unusual from them but the upper limit of £5000 is removed. (Used to be 90% of limit up to a total of £5000, not sure how long since this changed).

Not sure what the % of the limit that is available as mine works out as 96.2% available for BT.

Moggles_2

mrbigd wrote: »

Just been offered online 6.9% LOB from Barclaycard with 2.5% fee, not unusual from them, but the upper limit of £5000 is removed. (Used to be 90% of limit up to a total of £5000, not sure how long since this changed). Not sure what the % of the limit that is available as mine works out as 96.2% available for BT.

B'card's still advertising same BT terms for new customers (capped at £5,000 or 90% of the credit limit, whichever is lower.) Perhaps, they really like you

mrbigd

Wife has just been offered 7.92% LBT via cheque with 3% fee.

Moggles_2

mrbigd wrote: »

Wife has just been offered 7.92% LBT via cheque with 3% fee.

May I ask which credit card is involved?

scott_lithgows

Moggles wrote: »

May I ask which credit card is involved?

I got offered a similar rate if not the same LOB by Sainsburys today.(it,s binned already)

mrbigd

Yes, it was Sainsbury.

udydudy

Am I glad I did not bin my Halifax card when the initial promo rate expired. After the previous offer of 6.95% Life of balance (OR) 0% for 6 months 3% fee back in October first week which I did not take up.
They now offer 5.94% life of balance (3% fee) and 0% on purchases upto May 2010!!!. Looks like they are now competing with MBNA/Virgin as these offers are similar to MBNA existing customer deals. Yippeeee!! looks like the good old days of tarting are back!!!

Anybody have any experience whether halifax negotiate the fee down?? I would not mind shuffling my personal loan on to the halifax card and slash 0.76% from my xisting 6.7% loan.

udydudy

hey just found out halifax has offered 4.94% Life of balance deal to OH with 3% fee. Looks attractive.

Was wonderingwhether the LOB deals are worth it. in terms of obviously the BT fee attracts a interest at standard purchase rates. In my case it is 11.95%. Which makes the BT fee over 3 years will be nearly 3.76% if I use the money to pay my mortgage. Also will the interest charged to the account attract standard purchase rates?? as then the 4.94 really does not look atractive as that will also attract interest at the rate of 11.95%!!

Anybody has any idea??

Moggles_2

udydudy wrote: »

Was wondering whether the [Halifax] LOB deals are worth it. In terms of obviously the BT fee attracts an interest at standard purchase rates.

Are you sure?

Whilst the majority of lenders now charge balance transfer fees (a trend started by MBNA), few currently charge interest on BT fees.

AFAIK, Capital One, Citi, Co-op, HBOS (which includes Halifax), HSBC and MBNA have never charged interest on BT fees.Barclaycard and Egg have now dropped the practice
(This leaves Royal Bank of Scotland, LloydsTSB and the Post Office. These treat BT fees as purchase transactions, so if you requested a BT to one of their cards, you would incur some interest.)

mgwd100

did a balance transfer with Virgin and asked customer service guy if he could improve on the deal - he cut the transfer fee down from 2.9 to 2.5 per cent - don't ask don't get!