"IFP Balance Transferers"

Milarky

"Yes. What's that?" I hear you say!

An 'IFP balance transferer' is a credit card which treats balance transfers just like purchases, and will not charge interest from day one of the transfer provided the card balance is cleared by the following due date. As credit cards offer upto 59 day interest-free periods [IFP] on purchases it is potentially worth while shuffling a balance between two or more such cards.

So where are they? do they really exist?

AFAIK

cahoot do (upto 46 days) and so to does Halifax (59 days) on their 'one clear rate' card. And Sainsbury's -part of HBOS - also does IFP on BT's (50 days) [although this is arguable, since one other poster has said they are phasing it out, Sainsburys have told me categorically they do not do IFP on balance transfers, yet their current Summary box * tells another story - so who are you to believe then?]

I'm also aware that some posters may regard it as an 'inside secret' whether or not a particular credit card treats a BT in the same way as purchases and that it is therefore 'tempting fate' to discuss such cards lest the powers that be promptly close the 'loophole'. But I ask you, should we be afraid???

Anyway, I'm throwing it open - any other providers known to do this kind of thing?

EDIT: *It doesn't now, though - the link has been replaced by one to their amended SBs  >:(

johnllew

Sainsbury's -part of HBOS - also does IFP on BT's (50 days)

They no longer allow this.

Gotabiscuit

Presumably, if you've been sent cheques that are treated as purchases, you can write yourself a nice fat cheque just after your statement date, pay it into a high interest account and then pay the money back just before your next payment's due to avoid paying interest?

Is there anything to stop you repeating this until your cheques have run out?

johnllew

Presumably, if you've been sent cheques that are treated as purchases, you can write yourself a nice fat cheque just after your statement date, pay it into a high interest account and then pay the money back just before your next payment's due to avoid paying interest?

No IFPs on Sainsbury's cheques any longer either.

Milarky

Yes, Sainsburys have now changed the wording on their summary boxes (online and with statements). So that puts paid to that one....

However, while I was just looking at RBS cards available, I tripped up on their 'affinity' cards:

Woodlands Trust
AAdvantage
RNLI

http://www.rbs.co.uk/Personal_Finances/Credit_Cards/summary_box.htm

which all have IFP Balance transfer characteristics [Now I wonder if their customers know about this...?]

EDIT: 26/10/04 Opps!! looks like RBS Affinity cards no longer do IFP balance transfers either!... this is becoming a very small pool!

steviewander

Does anybody know if Egg offer IFP Balance Transfers - I can't seem to find any relevant info on their website.

Milarky

Does anybody know if Egg offer IFP Balance Transfers

No, Sorry

http://new.egg.com/visitor/0,,3_61028--View_1150,00.html

Milarky

Can now add Liverpool Victoria:

http://www.liverpoolvictoria.co.uk/customer/borrowing/credit_card/summarybox

It offers 50 days 'IFP balance transfers'...

I just used the following [glow=green,2,300]Google[/glow] search results to list; must include the phrase: "interest free period" and includes the words "summary" AND "box". The above link was taken from this list of results

Thanks Gal! ;D ;D

Milarky

Moving on, some 'interesting' [HOHO!] results from that link to the Google search...

I have found, so far

Tesco Card.... 56 days IFP transfers!  :)

http://www.tescofinance.com/personal/finance/products/creditcards/benefits_balancetrans.html

EDIT: May not work, as I believe TESCO has just introduced a 'money transfer' category which is charged for and so may cease to do 'old fashioned' BTs? FURTHER EDIT: It seems Tesco never did offer this facility, and it's just a 'misprint'. I phoned Tesco today and their version says "There is no [etc, etc] for cheques cash advances and balance transfers". So I asked them to correct their offending webpage.. Let's see how long it takes  :(

First direct.... 56 days? [but I think they treat BTs as 'cash advances' so charge a fee?]
http://www.firstdirect.com/creditcards/summary_credit_card.shtml

SAGA.... 56 days?

http://www.saga.co.uk/finance/sid/visa_card/svc_summary.asp


A 'Plug' for summary boxes from HBOS... [have your say.. what do you think?]

http://www.hbosplc.com/media/pressreleases/articles/hbos/2004-04-10-00.asp

Back to 'IFP Bargain Hunt'...

Nationwide!! ...56 days

http://www.nationwide.co.uk/creditcard/whats_on_offer/classic-card/summary.htm

EDIT: This one is still up and running, at least  ;D - confirmed by NW CC staff, who even suggested doing a balance transfer the day after the statement date - suggesting they may be in on the act themselves  :D

[This one we already knew about.. but here is HBOS blowing their own trumpet about its launch ..]

http://www.hbosplc.com/media/pressreleases/articles/halifax/2003-10-04-01.asp

I just put this in here because I thought  ..."Who are they?? ..and "call that a summary box??"

http://www.ukaffiliates.com/ukaadmin/lloyldsplatproductspec.htm

RBS 'Affinity cards' [also seen before, but together here in one place]:

http://www.rbs.co.uk/Personal_Finances/Credit_Cards/Affinity_Cards/default.htm

EDIT: Affinity cards from RBS no longer IPF balance transfer

That's about all, at the moment. However note that SBs can be 'wrongly' put up and also that SB information can change, and is not always up to date with the current terms and conditions.

[But great still good news for many Moneysavers if these results still hold true! I already have both a NW classic AND a Tesco Card [plus the cahoot] so I might be in a position to put the 'ping pong' theory into practice!]

(Special thanks to johnllew for his clarifications, below)

johnllew

Tesco Card.... 56 days IFP transfers!  :)

Their T&Cs are changing with effect from the 1st September to give IFPs only on purchases and only if the previous month's balance was cleared in full as well.

First direct.... 56 days? [but I think they treat BTs as 'cash advances' so charge a fee?]

I believe it's the case that they do charge a fee for BTs outside promotions. But you can ask them to upgrade/swap an existing card to get a new 6 month 0% offer.

johnllew

I just put this in here because I thought  ..."Who are they?? ..and "call that a summary box??"

http://www.ukaffiliates.com/ukaadmin/lloyldsplatproductspec.htm

Well, they don't either:

Up to 56 days on Purchases if your full balance is paid off by the due date on both the previous and the latest statements.

There is no interest free period on balance transfers*, cash withdrawals or credit card cheques. Interest is payable from the transaction date even if you pay your full balance by the due date. Your due date is 25 days after your statement.