No-fee Money Transfer offers for existing cards - which ones besides Halifax and MBNA?

Bakeoff

HI,

I periodically make use of the no-fee Money Transfer offers (along with a no/low fee balance transfer card) that pop up on my Halifax and MBNA credit cards to maximise stoozing.

As far as I can recall I've never seen similar offers on my Barclaycard, Sainsbury's and Nationwide ccs, they always come with a ~2.5-3% fee.

Are there any other card brands that periodically offer no-fee Money Transfers (the interest rate doesn't really matter as I do a balance transfer almost immediately so never pay more than 2-3 days interest at most).

Thanks!

Retired_Mortgage_Adviser

I don't have one anymore but if I recall correctly, Tesco do these as well.

binaryuniverse

I've been a Tesco customer for over 3 years. Whilst they often send me Balance/Money transfer offers, they have always come with a fee. The last one they sent me was a 2.99% fee/0% interest until July 2021.

jonesMUFCforever

I get offers from MBNA all the time but they always come with a fee - I have never had a free offer unless you mean no balance transfer fee but you get charged 3/5% interest making it an expensive way to stooze.

movingtomacc

I get frequent no-fee MT and BT offers on my Halifax card, my partner never does. Partner's MBNA has them less frequently.

Tesco used to have them but that was a while ago, nothing in recent memory.

Santander Zero used to have no fee cash advances which can also be used to pull this trick but I don't know if that's still the case.

I've never had a Lloyds CC but as a fellow member of the same group (LBG) as Halifax and MBNA, they might do it as well?

QUOTE=Bakeoff;discussion/6086875]HI,

I periodically make use of the no-fee Money Transfer offers (along with a no/low fee balance transfer card) that pop up on my Halifax and MBNA credit cards to maximise stoozing.

As far as I can recall I've never seen similar offers on my Barclaycard, Sainsbury's and Nationwide ccs, they always come with a ~2.5-3% fee.

Are there any other card brands that periodically offer no-fee Money Transfers (the interest rate doesn't really matter as I do a balance transfer almost immediately so never pay more than 2-3 days interest at most).

Thanks![/QUOTE]

Fingerbobs

I've never had a no-fee Money Transfer offer on my Lloyds card, but I nearly always have one available on my Halifax card. No-fee MT offers seem to be specifically a Halifax thing.

Halifax Clarity and Santander Zero also have no-fee Cash Advances, which is another possible avenue, although not one I personally favour because Cash Advances are recorded on one's Experian credit file.

Fingerbobs

jonesMUFCforever wrote: »

I get offers from MBNA all the time but they always come with a fee - I have never had a free offer unless you mean no balance transfer fee but you get charged 3/5% interest making it an expensive way to stooze.

If the MT is transferred away to another card on the same day, you don't pay any interest. Worst case, you might pay 2 or 3 days interest if the second transfer is a bit slow being processed.

adindas

I bank with almost all high street banks for over a decade. I have got major credit from these banks. I do not remember any of them has ever offered me no fee 0% BT card as an existing customer. Let alone if it is a BT card.

But I have got reasonable number of no fee 0% BT cards. In all cases I got them as I apply when they make a special offer and make the offer to public.

I wonder how many people outthere ever get offer for no fee 0% MT card.

binaryuniverse

Just checked my Halifax account, and I currently have a MT offer: 0% fee, 3.9%pa for 36months on my Clarity card.


MBNA are also offering me the same deal.

Retired_Mortgage_Adviser

I've never seen one.

But that isn't what the OP is talking about. The OP is talking about no-fee and interest-charging MT offers for existing card holders. You MT and then immediately BT to a 0% BT (no/low fee) card, effectively giving you a 0% no/low fee MT. The interest could be 5% or 10%, it doesn't matter greatly as you'll only be paying it for 1-2 days at most (as long as you time the BT correctly).

adindas wrote: »

I wonder how many people outthere ever get offer for no fee 0% MT card.

Retired_Mortgage_Adviser

Ok, so you need two cards for this.

Card 1 - As an existing card holder, Halifax is offering you a no-fee 4.9% for 36 months MT offer.
Card 2 - A new Sainsbury's/Natwest no-fee 0% BT offer card

Step 1 - You do an MT of (say) £3,000 from the Halifax card to your bank account.
Step 2 - As soon as the MT above is approved, you initiate a BT to transfer the £3,000 balance from your Halifax card to the Sainsury's/natwest no-fee 0% BT card.

So your Halifax MT is paid off immediately or in a maximum of 1-2 days, for which you will incur a maximum interest of 80p.

You end up with £3,000 cash in your bank account and a balance of £3,000 on your Sainsbury's/Natwest BT card at 0% interest for the promotional period for which you have not been charged any fee.

The £3,000 in your bank account can then be transferred to whatever you do with your stooze money - interest bearing current account, savings account, etc.

To sum it up, effectively you end up with a MT of £3,000 at 0% interest for x months with a maximum cost involved in the process of 80p.

I hope that's clear.

The whole point of doing it in this way is that as long as the savings interest is more than 0%, you're in profit!

Everyone has different ways of stoozing but my mantra is to only use new 0% purchase cards, new 0% no-fee BT cards and the above 2-card 0% no-fee MT for my stoozing.

adindas wrote: »

I understand the OP is talking about maximising stoozing.
How could it work with interest bearing MT credit card even without a fee ??
Keep in mind stoozing is not a speculation. It has got to be risk free taking into consideration that the credit card company might ask you to return to pay off the balance with short notice. I wonder if anyone has even seen a flexible saving with interest rate higher than the APR from MT and/BT credit card ??

IMHO it does not make sense to look for no fee but interest bearing credit card where in many cases (if not all) the the APR of vast majority of CC (if not all) is much higher than the fee it self.