Retention Deals?

SuperAllyB

I have a 0% BT on a Virgin card ending soon, and am fortunate enough to have been offered 12 month deals by both M&S (2.9% fee) and RBS (3% fee) on existing cards with zero balances. The balance is around £2k so only a couple of pounds difference in fee.

Although better deals are available on other cards, I am way over the 50% credit limit to income ratio that is often quoted on here so don't really want to waste a search applying.

Does anyone have any experience of either M&S or RBS offering a better deal (either term or fee) if you phone up to cancel? I will probably cancel whichever one i don't use with a view to getting a different card in the future (although i hope to pay off most of the balance within the 12 months) so i can afford to risk them saying "OK that's us cancelled it for you" rather than trying to keep my custom lol

The_Boss

If you will cancel one anyway then why not call up and ask of they can improve upon it or you'll cancel as mentioned. If they did end up closing it you've not lost much.

SuperAllyB

That's my plan. Just wondered if anyone had experience which would help me decide which one was most likely to give me a better deal.

guesswho2000

Fee wise, 3% isn't bad from RBS, NatWest constantly offer BTs for around 9-12 months, but with a 4% fee (since their products are identical, I'm assuming their repeat offers are the same too, generally).

Can't comment on M&S, but for an existing customer offer, 12 months is pretty good at 0%, other than low rate life of balance, 12 months at zero is the best I've had from any existing provider.

SuperAllyB

I was quite happy with both offers, but might as well try for more if i'm cancelling one anyway

guesswho2000

SuperAllyB wrote: »

I was quite happy with both offers, but might as well try for more if i'm cancelling one anyway

Completely agree, definitely ask, you never know!