MSE News: Balance transfer price war: New 18 months 0% and 36 months 0%

Save £1,000s on existing debts as the balance transfer credit card battle turns white hot...
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Balance transfer price war: New 18 months 0% and 36 months 0%

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  • molerat
    molerat Posts: 31,818 Forumite
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    edited 6 May 2015 at 2:45PM
    Then, BOOM, Tesco launched the longest no-fee 0% debt shift this decade, at 18mths.
    When I went to school 23 months was longer than 18. http://www.santander.co.uk/uk/credit-cards/123-credit-card
    Save on interest repayments by transferring your balances from other credit or store cards. You’ll pay 0% interest for 23 months from the date of account opening and there is no balance transfer fee during the introductory period on this card.
  • MallyGirl
    MallyGirl Posts: 6,612 Senior Ambassador
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    but you get hit with a £24 annual fee with the card
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  • jamesd
    jamesd Posts: 26,103 Forumite
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    Remember to spend on your balance transfer cards when appropriate, because the golden rule that says not to is only an approximation.

    The times when you should spend include when you want more balance transfer or to keep the balance transfer amount high (stoozing, say). In these situations you can make purchases up to the monthly minimum payment and you will effectively get a balance transfer of that amount for a fee that is no higher than the interest paid on the purchase from the time it's made to the time the payment clears it. Depending on the length of deal you can also end up with a cheaper balance transfer effective cost by making purchases of up to to or three months worth of minimum payment.

    You can then use the money not spent to clear whatever other debt you'd want to balance transfer, or keep your stooze pot as high as possible.

    Depending on your circumstances it may be a better idea to apply for a different balance transfer deal instead of doing this, though that would normally mean just the no fee ones because the spending way is so cheap.
  • vns
    vns Posts: 183 Forumite
    Tesco deal is excellent!
  • MallyGirl
    MallyGirl Posts: 6,612 Senior Ambassador
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    Pincher wrote: »
    If you know you only need 18 months to pay off a debt, why would you pay 2.99% for 36 months, when you can pay 0.75% for 18 months?

    depends on whether you are looking to BT from a Tesco card I guess
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    MallyGirl wrote: »
    depends on whether you are looking to BT from a Tesco card I guess


    I deleted my post to avoid causing confusion.

    I totally mis-read the headline, and thought the 0% was referring to 0% BT, not 0% Fee.


    Just so happens I cancelled the last Tesco Clubcard credit card about a year ago. I actually feel sorry for TESCO. Free money for another 18 months, 3% interest on £3,000. And I hardly ever buy anything from TESCO, because I get free coffees, plus free Sunday Times from Waitrose by spending £7.50 (+£2.50=£10 for the Sunday Times) on Sunday.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    vns wrote: »
    Tesco deal is excellent!


    Don't you get nervous when people give you FREE money?

    If I was a woman, I expect to be sent to Syria as a Jihadi bride if I sign up for this.

    I am expecting a tiny credit limit.


    I can still put around £15k into a 1.6% Cash ISA, so if they gave me £15k at 0% for 18 months, they must have bought their MBA on the internet.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    Quidco is giving £25 on the No fee Balance Transfer deal!


    I applied, and it's showing as tracked.


    Free money for 18 months? Plus I get £25?


    No wonder Tesco is losing £4 billion a year.
  • ernie-money
    ernie-money Posts: 811 Forumite
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    Does anyone know if the 18 months is from the account opening date, or from the date you make the balance transfer? Usually it's from the date of the transfer, but I seem to remember having read from account opening somewhere...?
    I don't think I can hang on til Friday...
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Usually it's from the date of the transfer
    That would be most unusual on a new card.
    but I seem to remember having read from account opening somewhere...?
    Maybe you read it in the product summary box on their website?...


    http://www.tescobank.com/assets/sections/credit-cards/pdf/tesco-bank-cc-nobtfee-summary-box.pdf?_=cachebuster27042015


    ;)
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