free borrowing!?!

tux130582

Hello,

Had a phone call earlier this evening from MBNA asking me if i have any balance transfers as they are doing a special 0% promotion to existing customers blah blah blah, then they also mentioned that it also extends to money transfers upto 95% of my credit limit on the card....subject to a handling charge of 3% of the amount im borrowing..... (hope i am making sense) this was 0% until july 2008


this then got me thinking is there anyone that will offer 0% money transfers without the handlng charge? Im thinking about buying a new car in the next few weeks and this would be alot cheaper than a loan, plus I can easily pay the money back say by next july (just dont want to wait that long to buy the car!!)

thanks alot for any advice,!!!

sicker

Yes, I've just renewed my A&L card with 0% until next July with a 3% fee. Not much profit but better than nothing.

John

PS £5000 trans = fee £150 then min payment of £10 per month 'til time to clear.

dc

You need a card that does a "Super Balance Transfer" , ie one that allows you to put the money from them directly into a bank account and the cards run by MBNA ( MBNA, A&L, Virgin etc) do just that, as do Egg. The Mbna cards are probably the best as they have the best credit limits and also have a min monthly repayment of only £5.

Best to set up a direct debit for the min payment so you will never occur a late payment fee, which would negate the 0% agreement.

You then put the money you need to pay off the BT by the 0% end date ( work out monthly £), into a high interest savings account. Use this to pay off the debt off days before the card starts to incur interest and the car is yours even cheaper than you thought.;)( the interest will go a long way to covering the BT fee)

Bedtime reading.
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

tux130582

thanks for the replies, are there any cards which dont have the handling charge of 3%? sorry i dont really do much spending on credit cards so im pretty new to all this

Moggles_2

Originally Posted by tux130582
Are there any cards which don't have the handling charge of 3%?

The Post Office card charges a 2.75% handling fee for money transfers, but the MBNA card you already hold is probably your best bet

moneysavingwannabe

Hi,

If you are buying on a card then Halifax do 0% on purchases for 15 months you wouldn't have to pay the percentage if you bought the car on the card!