Unoffical Existing Customer Balance Transfers

sfax

downshifter98 wrote: »

I do already have an unused nationwide cc and might have to think about cancelling it to re-apply (no repeat offers from them) - for me 2% per annum is good enough without the hassle of applying for new cards which may or may not give me a decent limit (the Virgin limit is chunky and probably puts some cards off) but I accept your point that new cards are generally the best option (especially to newbies).

Definitely worth cancelling with Nationwide IMO. I had a 20 month BT deal, cancelled and then re-applied 1 year and 1 day later and got the new customer 20 month BT rate (1.5% handling) with the same limit (about £6k)

2% is still very good as I said, but always worth measuring it against the new deals. There can be risks with chopping and changing too much but it remains my current strategy

udydudy

sfax wrote: »

******** The APR provides a benchmark to measure different periods against.******

The APR method of comparison in a lot of circumstances can also be misleading. I prefer the cost of capital especially in cases where in my example; 3% BT Fee on £10k costs me £300 over the course of a year(upfront I agree). While as my interest only mortgage at 4.49% would cost me £449 over the same period. a saving of £149. Even if I weer to assume cost of paying upfront of £4.49%(same as my mortgage or my savings rate which is lower) the £300 upfront cost goes up to £313.47 without taking into account that I would be paying the mortgage interest rate every month so technically should apply the interest cost on upfront payment proportionately.

Either which way, I save a minimum of £135.53 every year for transferring £10k from my mortgage over to my credit card!!.

ofcourse some would argue that at the end of the BT period if I am unable to BT again then I will need to pay off the credit card; I assume that one has the capacity to repay. and should do it this only if they can.

thenudeone

sfax wrote: »

The APR provides a benchmark to measure different periods against.

But not a great benchmark, though, because to make the comparison work it assumes certain things are the same which in reality, aren't.

In particular, for a 0% BT offer, the level of the minimum payment can make the difference between a worthwhile stooze and a duff offer.

workin_on_the_debt

I've been asking Santander for a while for a balance transfer offer, nothing doing.
I have had the Santander card almost 2 years, credit limit £4,000 APR 17.9%.
Yesterday, Santander emailed me a 0% balance transfer offer for 12 months, 3% fee, happy days!
Today, Santander sent me a letter stating that they are increasing my standard rate from 17.9% to 21.9%.
Very odd.
Anyway, I don't care about the increased APR, am just doing the credit card shuffle and finally getting everything onto 0%, hurray!

stgeorge_2

This is a seriously long thread so it is difficult to get relevant info, see:
forums.moneysavingexpert.com/showthread.php?p=61700009
I am trying to find a new card that will offer existing clients deals after the initial deal is cleared for shuffling with two other cards, see below.

To post on my current deals:
MBNA 0% on balance transfers until Dec '14 5% fee until 31st July '13
Santander 0% on balance transfers until May '14 3% fee until 17th July '13

Could do with a third card for shuffling with the above two.

ivanjack

well,master card，visa card

scott_lithgows

M&S 15 months 0% for a 2.9% fee

jpwjpw

scott_lithgows wrote: »

M&S 15 months 0% for a 2.9% fee

Did you get this through the post or did you ring them?

scott_lithgows

jpwjpw wrote: »

Did you get this through the post or did you ring them?

Came via the post.

catriona79

0% for 9 months, 2.9% fee