super balance transfer (SBT) card?

crumpetman

Are there any of these left? I had the old Egg card many years ago and could use that to transfer a positive balance to my current account with no fee.

There must be a card still available which allows this?

MadProf

Hi crumpetman,

Two cards spring to mind (I have recently acquired the MBNA card to do a money transfer):

• MBNA Platinum Credit Card
• Virgin Money Credit Card

I'm not allowed to post URLs as my account is still new but you can get more info at moneysavingexpert.com/loans/cut-loan-overdraft-costs

Barclaycard also offer money transfers periodically to existing cardholders.

Voyager2002

Sadly, they are no longer free (although when I used the Virgin one earlier this year the fee was about half the amount of money I expected to earn in interest on the amount transferred).

crumpetman

Cheers I shall look into those. I have a barclaycard with 0% interest on balance transfers for 6 months and it does show an option to transfer to current account but it is not available to me.

YorkshireBoy

MadProf wrote: »

Two cards spring to mind (I have recently acquired the MBNA card to do a money transfer):

• MBNA Platinum Credit Card
• Virgin Money Credit Card

OP is talking about 'muling' 0% BT cards.


Unlike Egg Money, those cards (and none currently on the market) do not openly advertise/allow the creation of positive balances and transfers of such to your current account.


Yes you might get away with it, and many on the stoozing website report doing so with several £K, but there's always the danger that the provider may return the money from whence it came...resulting in a waste of a BT fee.

MadProf

Sorry I missed the bit about the 0% fee! I doubt you'd find any cards presently available on the UK market that offers a 0% fee for money transfers.

There are some that offer 0% for balance transfers but obviously they don't allow money transfers (Tesco Clubcard CC)

YorkshireBoy

MadProf wrote: »

I doubt you'd find any cards presently available on the UK market that offers a 0% fee for money transfers.

Here's one...

http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

And combining it with this card...

http://www.tescobank.com/creditcards/lowfee/index.html

...would get you 12 months 0% interest on a money transfer...and fee-free.

thebritishbloke

YorkshireBoy wrote: »

Here's one...

http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

And combining it with this card...

http://www.tescobank.com/creditcards/lowfee/index.html

...would get you 12 months 0% interest on a money transfer...and fee-free.

You're a genius.

Winrick

thebritishbloke wrote: »

You're a genius.

I second that!

afzaal1988

I used the same card Yorkshireboy posted the link for last month and transferred over 6k from barclaycard to mbna and from mbna to saving account. I only had to pay small fee to barclaycard (1.5%) for balance tranfer to mbna

blindman

YorkshireBoy wrote: »

Here's one...

http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

And combining it with this card...

http://www.tescobank.com/creditcards/lowfee/index.html

...would get you 12 months 0% interest on a money transfer...and fee-free.

I'm assuming something has changed as I can't see this being fee free :cool:

I'm no genius :rotfl:

Anyhow
Trying to work out if this is worth it.:

My Virgin White credit card has a
0% Interest rate Moneytransfer offer
for
13 months (now until 31st Dec 2015)
and
a 2% handling fee.

I can borrow 95% of my credit limit (£5000) = £4656.86 which means
(I think)
This costs £93 over 13 months

I can put the (nearly) £5K into a Lloyds club account (4% up to £5K)
and then drip feed (for 2 months Dec-Jan) into two 4% ISA accounts (£1250 per month per account).

Will this be worth the hassle as I assume I'd effectively be saving £4656.86 at 2% over 13 months?


Cheers