Any credit cards with 0% on lifetime of balance?

boydE

Hi

I am looking for a CC 0% on lifetime balance of transfer.

holly876dog

You'll be lucky! If perhaps you come across one let us all know.....
At present I believe 9 mnths, no BT fee are from M&S, Virgin the best at moment.

Stonk

The unwritten Rules of Finance state that such a thing cannot exist. ;o)

They also state that 0% credit cards should not exist. However, there are enough suckers in the world that they manage to. The infeasibility of 0% life-of-balance-transfer offers, on the other hand, cannot be offset by any number of suckers.

Bennifred

Wot about that Barclaycard 0% LOB deal a litle while ago, then?

Fatboy_NSS

amghiggs wrote:

Wot about that Barclaycard 0% LOB deal a litle while ago, then?

And was there not some very well worded small print that made it work out nicely in B'Card's favour? Nuff said!

doodle_bug

I did actually get this with RBS(Mint) a few years ago, it was only supposed to be for 9 months but it just kept going until I payed it off. I still use that particular card for everything I buy because it has 1% cashback, they tried to get me to change it to some other card a while back (when they went to mint) but I'd have lost the cashback so kept it. It's a cheap and nasty looking card compared to my platinum and gold cards but I likes it.

studiy

Hi,
managed to get 0% LOB deal from Barclaycard about 15mths ago. All I have
to do is use the card once a month so i just buy a Mars Bar in Sainsburys with it.

jen_jen_2

this is the con

when you buy the mars bar (and i belive it had to be £50 per month to keep the balance at 0%) they then charge you interest at a guess 16%

when you make a payment the payment comes off the balance that you are charged 0% on so in month 1 you are charged 0% on your transfer of £1000
in month 2 you spend £50 and pay £50 you are charged 16% on the new £50 spending and 0% on £950
in month 3 you spend £50 and pay £50 you are charged 16% on £100 and 0% on £900

get it??? It is not 0% for life of balance because you actually pay interest on the new spending until the trasferred balance is cleared.

abc

jen_jen wrote:

this is the con

when you buy the mars bar (and i belive it had to be £50 per month to keep the balance at 0%) they then charge you interest at a guess 16%

Barclaycard's original offer did not state a minimum monthly spend, just that you had to spend on it every month. I remember hearing Martin Lewis on being interviewed on the radio about it. He suggested setting up a continuous payment for £1 per month to a charity from the card so as not to forget to make a small charge to the card each month.

I don't think the interviewer quite grasped the concept and suggested paying more than £1pm to the charity - to which Martin said by all means yes give more to charity, but not on the Barclaycard!

When Barclaycard realised the loophole, they withdrew this offer and introduced a new LOB 0% offer which required minimum expenditure of £50pm.

Bennifred

Yes, that is correct. I followed Martin's tip to the letter at the time of the original offer and pay £1 per month to charity, and am charged 50p a month interest. I know that is huge percentage-wise, but it is VERY cheap for the £8000 I put on the card! That interest has not changed in all the months since I set up the deal. Was thrilled to bits to get this deal (still am! :j )

dag_2

So did they apply the £50pcm minimum to all the balances, or only to the new ones that people took up after Barclaycard woke up and realised this?

Because I think, if they said 0% life of balance no minimum spend, and then they shifted the goalposts later on before you've paid it off - that wouldn't be very fair.