super balance transfer (SBT) card?

YorkshireBoy

blindman wrote: »

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

Since neither of those cards charges a fee (not MBNA for the MT, nor Tesco for the BT), the cash is "fee-free"!

YorkshireBoy

blindman wrote: »

Trying to work out if this is worth it.:


...<snip>...

From the stoozing site calculator...

Stoozing Profit Prediction

Data entered by the user
Balance to be transferred (pounds)...... 4650
BT card interest rate (%) .............. 0
Introductory period (months) ........... 13
Balance Transfer Fee (%) ............... 2
Maximum BT Fee (pounds)................. No Maximum
Min Monthly Payment Type ............... Percentage
Min Monthly Payment Amount (% or pds) .. 1
Savings interest rate (AER %) .......... 4
Tax rate ............................... Basic Rate

Your Results
Balance Transfer Fee paid (pounds)...... 93
Stooz pot balance at end of intro ...... 4259.09
Credit card balance at end of intro .... 4162.08
Gross Profit before tax on interest .... 97.01
Tax on interest to be paid ............. 38
Your Profit (pounds).................... 59.01

Created using the Stoozing Calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission.

Is £59 worth the work?

You may find you can only get 93%, because the last time I took an MBNA SBT they said the 95% included the fee.

It is a while since I took one though because, despite a near £25K limit, I simply can't make a profit these days as I'm almost maxed out on all the best current account deals...certainly haven't room for another £22K+!

blindman

YorkshireBoy wrote: »

Since neither of those cards charges a fee (not MBNA for the MT, nor Tesco for the BT), the cash is "fee-free"!

Does the MBNA Plat not have a handling fee?

0% on balance transfers for up to 32 months and on money transfers for up to 24 months from account opening (2.69% handling fee, £3 min).

or am I missing something?

blindman

YorkshireBoy wrote: »

From the stoozing site calculator...Is £59 worth the work?

You may find you can only get 93%, because the last time I took an MBNA SBT they said the 95% included the fee.

It is a while since I took one though because, despite a near £25K limit, I simply can't make a profit these days as I'm almost maxed out on all the best current account deals...certainly haven't room for another £22K+!

Thanks for the quick reply :

The £4162 would be invested in the Tax free ISA :cool:

YorkshireBoy

blindman wrote: »

Does the MBNA Plat not have a handling fee?


or am I missing something?

The link in my post goes to a different card. You'd MT from that card to your current account, and BT the resultant debt to Tesco. Both transfers are fee-free.

YorkshireBoy

blindman wrote: »

The £4162 would be invested in the Tax free ISA :cool:

Sorry I misread that part of your post.

The return is better then. Of course you should deduct what you could have made by saving your own money (eg from income) in said ISA over those two months...and then add on what your own money is making outside the ISA for those two months.

It looks half decent. Are you going ahead?

blindman

YorkshireBoy wrote: »

The link in my post goes to a different card. You'd MT from that card to your current account, and BT the resultant debt to Tesco. Both transfers are fee-free.

Ahhh

I get it now.

I was looking at the 6.9% annual fee and thinking-that's high-But of course you BT that amount straight away to the 0% Tesco card :cool:

So the plan would be

Open a tesco CC-see if you are accepted and what limit you get .

oopen a MBNA CC and MT up to that limit into your bank.

BT the MBNA debt to the Tesco card.

You are a genuis :cool:

blindman

YorkshireBoy wrote: »

Sorry I misread that part of your post.

The return is better then. Of course you should deduct what you could have made by saving your own money (eg from income) in said ISA over those two months...and then add on what your own money is making outside the ISA for those two months.

It looks half decent. Are you going ahead?

It is a few simple clicks of the mouse and it's done:cool:

Will ponder for another day

jamesd

NatWest are doing no fee 6% balance transfers and 12% money transfers for me. Take one of those and BT to another card to get a mule card effect.

YorkshireBoy

jamesd wrote: »

NatWest are doing...12% money transfers for me. Take one of those and BT to another card to get a mule card effect.

NatWest money transfers are subject to an 'advance limit' though (usually around 50% of your credit limit?), so you'd either need a large limit, or have to make several muling operations, to make use of a decent limit on the 0% BT card.