We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Balance Transferring a Card Onto Itself
guruchelles
Posts: 159 Forumite
in Credit cards
So, I got a letter offering me a 0% super balance transfer for 12 months with a 3% fee on my Natwest card this morning.
The card already has a £300 balance on it, plus some available credit, so I BT'd £1000 to my current account and I'm going to use some of that to clear the £300 tomorrow (and the rest to clear my Next account).
Am I missing something or is that all kinds of awesome? :rotfl:
The card already has a £300 balance on it, plus some available credit, so I BT'd £1000 to my current account and I'm going to use some of that to clear the £300 tomorrow (and the rest to clear my Next account).
Am I missing something or is that all kinds of awesome? :rotfl:
0
Comments
-
:cool:guruchelles wrote: »So, I got a letter offering me a 0% super balance transfer for 12 months with a 3% fee on my Natwest card this morning.
The card already has a £300 balance on it, plus some available credit, so I BT'd £1000 to my current account and I'm going to use some of that to clear the £300 tomorrow (and the rest to clear my Next account).
Am I missing something or is that all kinds of awesome? :rotfl:
Nope, that's fine in principle.
But what rate are you paying on Natwest at the moment? My standard rate is 16.2% APR. That's about 1.25%/month. Since there is a 3% fee, I wouldn't have transferred anything I would be paying off within 2 or so months.
You see... you have now cleared the original balances and switched it for a £1000 0% balance. But some of that £1000 you will have to pay off each month. So it probably wasn't worth fully clearing both balances.0 -
Super Balance Transfers are pretty awesome.
You did pay £30 for the privilege and remember, you'll need to make minimum payments, and clear it by the end of the 12 months but yes you can use it to pay the same card off.0 -
chattychappy wrote: »:cool:
Nope, that's fine in principle.
But what rate are you paying on Natwest at the moment? My standard rate is 16.2% APR. That's about 1.25%/month. Since there is a 3% fee, I wouldn't have transferred anything I would be paying off within 2 or so months.
You see... you have now cleared the original balances and switched it for a £1000 0% balance. But some of that £1000 you will have to pay off each month. So it probably wasn't worth fully clearing both balances.
My rate is something horrible like 25% so I think it's worth it?0 -
guruchelles wrote: »My rate is something horrible like 25% so I think it's worth it?
That's about 1.9%/month and your fee was 3%. On that basis I wouldn't have transferred anything you can/intend to pay back over the next 6 weeks.
We're probably not talking about much...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards