Unoffical Existing Customer Balance Transfers

Luke

Hi ricklecoat you should check the handling fee with MBNA as I am sure Capital One charges 2% fee. So technically it is possible that 0.9% could be cheaper.

ricklecoat

Possibly but MBNA was only offering the rate until early 2007 rather than Capital One's 18 months. And I am fairly sure that there is a fee with MBNA as well.

dcliffe

Hi,

I've been offered a 7.9% life of balance offer from a banner add while logged into my egg account this morning.

I'm tempted because I'm don't usually get accepted for the best 0% offers but would appreciate any advice with the T&C's. This is pasted from the website:

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Things you should know about the 7.9% pa fixed rate:

If you take advantage of this Special Promotion we will charge interest under this Special Promotion at 7.9% pa, fixed on your balance as at the date you select this Special Promotion until that balance is paid off (for the purposes of this Special Promotion, the balance amount on which you are charged 7.9% pa may be subsequently increased or reduced as appropriate by transactions being processed on the date you select this Special Promotion but which have not yet reached your account by the time you select the Special Promotion). The rate of 7.9% pa will commence on the next working day after the date you take advantage of this Special Promotion. Your existing contractual variable rates will continue to apply (where applicable) to purchases and other transactions made by you after you have selected this Special Promotion. The reduced rate on your current balance is treated for payments in the same way as a reduced rate balance transfer. While any amount under this Special Promotion is outstanding, we will use any payments you make to your Account firstly to meet the minimum payment requirement and secondly to reduce this balance, as well as transferred balances on which interest is charged at an initial reduced rate in the order they were put on the Account. We will do this before we use your payments to reduce your revolving balance, which is basically your statement balance excluding the balance which is the subject of this Special Promotion and balance transfers on which a reduced rate is payable. We reserve the right to withdraw this Special Promotion at any time. By taking advantage of this Special Promotion you agree to be bound by the above terms from today's date.

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Can anyone help me decode this please?

If my outstanding balance is £3000 and I signup for this deal, will I be paying 7.9% on the full £3000 untill I get it down to £0? or will the interest reduce down based on the outstanding balance as with a normal credit card?

Also - I'm guessing the second section is the similar to other offers Martin warns of - i.e. any further spend will be charged at the full rate so I should lock this card away once I've signed up.

Many thanks,

Dan

Nightowl

Hi, I just rang Barclaycard to do a balance transfer - in a bit of a desperate situation. Expecting to pay 2 percent fee for transfer to 6.9 apr for life of balance. WAS TOLD NO HANDLING FEE FOR ME TO PAY!!! saved me around 160 quid!!! This was prompted by Egg ringing me to say i'd gone over my limit and a very nice chap who went through all my finances with me. Offered a 11.9 apr loan - um, no thanks! But he didn't pressure me and it made me have a proper look at what I owe. He was really good and I'm grateful to him. I've been on moneysavers for a while now, but whats the point of saving a quid with a coupon if your spending hundreds of pound more than you need on your debt every month cos you are too scared to look at the bigger picture! LIGHTBULB MOMENT possibly!!

Nightowl

BestFootForward_2

Hi

Just got another 0% for 6 months from Virgin for £5k (it's all I asked for). £35 transfer fee.

Got my Virgin card Feb 2005, and did a BT of £15k. My deal ran out in Dec 05, and paid interest for a couple of months because my credit file was screwy.
Fixed my file and since then I've been using the card for purchases and paying off every month. Now I just need to pay it off, and transfer the money.

BestFootForward_2

pfpf wrote:

then i would only have to pay £5.00 per month while its on 0%, this im not so sure about so am prepared for it to be 2.25% of balance..
pfpf.

When I was using my Virgin fro BT last year, the repayments were only £5.:D

ZEE_3

Egg 5.9%

Virgin 0.9%

Egg has just lowered my 15.9% balance to 5.9% for the life of the balance.

Ended up not using it because I rang Virgin about an empty old card I haven't ever used, and they agreed to give me 0.9% for 6 months.

selbmag

Just spoke to Barclaycard and was offered a 6.9% LOB or 0% till Feb 2007 with 2.5% fee.

Point worth noting you can only BT up to a maximum of 90% of your credit limit (not current available credit). This includes any existing BT already on the card.

Alitigger

Lloyds offered me a further 9 months 0% for 2.25% fee (uncapped). I did'nt take it as I'd just found a 2% deal anyway - but always worth asking !!
Remember: Always clear out balances from 0% cards before the end of the promo-period, then call them to cancel & close the account, but ask them if they have any further 0% offers first.

Nightowl

Please Don't Do This It Is Spam - Reported!!!!!!!!!