Super BT wanted

Holeypockets

Hello moneysavers,

Can you tell me if this is possible please and if so where...

I would like pay off a 10K debt currently at 8.5% with a super balance transfer. I earn approx 35K per year and have good credit rating.

I cannot seem to find any super BT deals around.

thanks in advance for any help.

YorkshireBoy

Go to the forums index/home page, click the credit cards tab, and scroll down to Martin's "Revenge" article on stoozing.

Also, check out the SBT cards (denoted by red 'blob's) in this table on the stoozing website.

Holeypockets

Thanks for your help YorkshireBoy. After looking on the stoozing site I have decided to go for the virgin card with a 2.98% fee and minimum payment of £25 per month and a 15 month interest free period. Upon filling in the online app form it only asks for credit card balances I wish to transfer. I wish to actually pay off a loan with this (hence super BT). I am assuming once the account is opened they will provide me with credit card cheques - do you think that will be the case? Will these still be interest free?

YorkshireBoy

Holeypockets wrote: »

...I have decided to go for the virgin card with a 2.98% fee and minimum payment of £25 per month...

Because the BT fee is collected with the first minimum payment, your first payment will be 3% of the balance. It'll be £25 per month from then on.

I am assuming once the account is opened they will provide me with credit card cheques - do you think that will be the case? Will these still be interest free?

This card will allow you to transfer an overdraft to it, ie transfer cash to your current account, so you don't need cheques. Once the card is up and running, you can action the (S)BT during the activation call. Just be sure to check it's at 0%, in case the T&C's change in the interim period.

A word (or two) of warning...

Do not use the card for purchases once you've (S)BT'd to it.

Do not be tempted to only pay the minimum payment (I suggest an amount at least equal to what you're paying on the loan now).

Missing a payment will mean the debt automatically reverts to circa 15.9% APR typical, ie nearly twice what you're paying now! I suggest setting up a DD for the minimum payment. Be sure to check your first statement for the message..."Your minimum payment will be collected from your nominated account on xx/xx/xx". If this message is not on your statement, be sure to pay by other means.

Ensure your credit file is in tip-top condition ready for BT'ing the remaining balance in 15 months time.

Good luck.

Holeypockets

Thanks again matey. : )

jay78

Holeypockets wrote: »

Upon filling in the online app form it only asks for credit card balances I wish to transfer. I wish to actually pay off a loan with this (hence super BT).

It asks for other borrowing as well. It actually states that they are not asking for a BT request in that section of the app.

Moggles_2

You can request the transfer when you call to activate the card. The money arrives in your bank account in about 6 days