Misleading "Best Balance Transfers Article"

EyesWideShut

As far as I understand it, the table posted in the article (see bottom of post) is inaccurate/misleading as it doesn't take into account the balance transfer fees (using the model, the card tart would have to transfer 3 times and at roughly 3% in transfer fees each time this would total £288 (now: £5000x3%=£150; 12ms later: £3200x3%= £96...). Am I missing something?!!

Anyway, thought this might be helpful if I am right.

I do also have ulterior motives for posting tough. Conviently (although not pleasingly) I also have £5,000 of debt (on two cards) and was trying to work out what would be best for me, being a card tart or transfering to a life of the balance card...

I've estimated paying off £100 a month(although hopefully as I climb the career ladder this should be more!) which would need me to transfer the balance at least 4 times. With an average fee of 3% per transfer this would cost me roughly £385 in transfer fees. I would like to be able to work out how much interest it would cost me on a life of the balance transfer card if it is going to take me say, 50 months to pay off the balance, for example on a Marks and Spencers card which I think is roughly 6%, but I'm not sure how to do it and my maths is crap. Can anyone help?!!

Secondly, are there any life of the balance cards that people recommend?

I think I would prefer the peace of mind of having a life of the balance card rather than tarting unless it is going to be much much more.

Hope you guys can help.

R.

The scale of the savings: £5,000 debt repaying £150 a month

[FONT=Arial, Helvetica, sans-serif]After 6 months[/FONT]

[FONT=Arial, Helvetica, sans-serif]Until debt repaid[/FONT]

[FONT=Arial, Helvetica, sans-serif]Card[/FONT]
[FONT=Arial, Helvetica, sans-serif]APR[/FONT]
[FONT=Arial, Helvetica, sans-serif]Remaining Debt[/FONT]
[FONT=Arial, Helvetica, sans-serif]Interest Cost[/FONT]
[FONT=Arial, Helvetica, sans-serif]Time taken to repay[/FONT]
[FONT=Arial, Helvetica, sans-serif]Total Interest[/FONT]
[FONT=Arial, Helvetica, sans-serif]Saving[/FONT]
[FONT=Arial, Helvetica, sans-serif]Standard High Street Card[/FONT]
[FONT=Arial, Helvetica, sans-serif]17.9%[/FONT]
[FONT=Arial, Helvetica, sans-serif]£4,500[/FONT]
[FONT=Arial, Helvetica, sans-serif]£400[/FONT]
[FONT=Arial, Helvetica, sans-serif]45 months[/FONT]
[FONT=Arial, Helvetica, sans-serif]£1,740[/FONT]
[FONT=Arial, Helvetica, sans-serif]N/A[/FONT]
[FONT=Arial, Helvetica, sans-serif]Bad Tart: 0% for 6 months Bank of Ireland[/FONT]
[FONT=Arial, Helvetica, sans-serif]0% & 16.9%[/FONT]
[FONT=Arial, Helvetica, sans-serif]£4,100[/FONT]
[FONT=Arial, Helvetica, sans-serif]£0[/FONT]
[FONT=Arial, Helvetica, sans-serif]40 months[/FONT]
[FONT=Arial, Helvetica, sans-serif]£1000[/FONT]
[FONT=Arial, Helvetica, sans-serif]£740[/FONT]
[FONT=Arial, Helvetica, sans-serif]Stable Relationship Transfer to M&S[/FONT]
[FONT=Arial, Helvetica, sans-serif]4.9%[/FONT]
[FONT=Arial, Helvetica, sans-serif]£4,190[/FONT]
[FONT=Arial, Helvetica, sans-serif]£90[/FONT]
[FONT=Arial, Helvetica, sans-serif]36 months[/FONT]
[FONT=Arial, Helvetica, sans-serif]£375[/FONT]
[FONT=Arial, Helvetica, sans-serif]£1,365[/FONT]
[FONT=Arial, Helvetica, sans-serif]Good Tart: Rotating 0% offers[/FONT]
[FONT=Arial, Helvetica, sans-serif]0%[/FONT]
[FONT=Arial, Helvetica, sans-serif]£4,100[/FONT]
[FONT=Arial, Helvetica, sans-serif]£0[/FONT]
[FONT=Arial, Helvetica, sans-serif]34 months[/FONT]
[FONT=Arial, Helvetica, sans-serif]£0[/FONT]
[FONT=Arial, Helvetica, sans-serif]£1,740[/FONT]
[FONT=Arial, Helvetica, sans-serif]Note: Assumes cards are only used for balance transfers[/FONT]

Bloke_with_a_simple_life

Great... the table is just example workings to demonstrate that it is never clear cut to go for the deal with the cheapest rate!

Take it out of context without reading the WHOLE article at http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards then you are more likely to make an uniformed and incorrect decision.

What next?

"Misleading story about Father Christmas coming down my chimney at Christmas Time"

noh

Use the loan calculator here:- http://www.whatsthecost.com/loan.aspx
£500 for 50 months at 6% would cost £663.

Nigel

EyesWideShut

"Misleading story about Father Christmas coming down my chimney at Christmas Time" Cheeky bastad:D

Many thanks Nigel, appreciated.