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

adindas

Retired_Mortgage_Adviser wrote: »

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.

Ok Thanks for explaining it I could see the point now.

binaryuniverse

I can't recall seeing a MT card that offered both no transfer fee and 0% interest, in recent times. Certainly not since the credit crunch. So the 2 card approach is the way to go. But 0% fee BT cards are also getting harder to find.

Ben8282

Not yet mentioned on the thread. Virgin Money usually have a money transfer offer on their cards.

Nebulous2

Ben8282 wrote: »

Not yet mentioned on the thread. Virgin Money usually have a money transfer offer on their cards.

Mine always have a fee though. The OP was looking for no fee.

Do you get Virgin offers without a fee?

Ben8282

Nebulous2 wrote: »

Mine always have a fee though. The OP was looking for no fee.

Do you get Virgin offers without a fee?

No quite a large fee 2% or 4%.
Get no-fee offers from Lloyds but they are not 0% interest, usually 4.9% APR. That should be OK for the OP though although they would need to obtain another LBG card.

Bakeoff

Thanks for all the replies. I'll check on the Lloyds eligibility checker to see which of their cards I can get, plus the Santander zero as well.

Great information, that's why I love this forum!

Fingerbobs

Ben8282 wrote: »

No quite a large fee 2% or 4%.
Get no-fee offers from Lloyds but they are not 0% interest, usually 4.9% APR. That should be OK for the OP though although they would need to obtain another LBG card.

I've only ever had no-fee BT offers on Lloyds, never a no-fee MT offer.

Bakeoff

Fingerbobs wrote: »

I've only ever had no-fee BT offers on Lloyds, never a no-fee MT offer.

I guess it differs from person to person or the kind of card? Because Ben8282 does get no-fee offers on his Lloyds card.

Ben8282 wrote: »

No quite a large fee 2% or 4%.
Get no-fee offers from Lloyds but they are not 0% interest, usually 4.9% APR. That should be OK for the OP though although they would need to obtain another LBG card.

Fingerbobs

Bakeoff wrote: »

I guess it differs from person to person or the kind of card? Because Ben8282 does get no-fee offers on his Lloyds card.

Very probably, but he didn't specify whether the no-fee offers he was referring to were BT or MT, so I was just aiming to add a note of clarity. I seem to have a permanent no-fee BT offer on Lloyds, but the MT offer always has a fee.
But as you say it will vary from person to person and card to card.

Ben8282

To clarify.
Current Lloyds offers:
BT 18 months 0% interest 3% fee OR 36 months 4.9% interest 0% fee
MT 18 months 0% interest 3% fee
However, the offers usually change every month and have included 0% fee money transfer offers in the past.
I would assume that the offers available from Lloyds and \Halifax are pretty much the same.