Balance Transfer Rates

THE_DEMOCRAT

I am looking to transfer a balance to my Tesco Credit Card. I note they have just hugely changed their terms for me from a 2.99% fee to a 3.99% fee and pulled the interest free period altogether. I have no arrears and no adverse credit file entries. Anyone else experiencing the same? Is this to pay for all those (unlike me) who will be paying late?

Willing2Learn

Why don't you use an eligibility checker to see what may be available to you?  You may be able to get a card with a zero BT fees as part of the offer.  EG Natwest/RBS and Santander

THE_DEMOCRAT

I've just checked some of my other credit cards. MBNA balance transfer page "currently unavailable" and Virgin have pulled interest free and on top of that want a 5% fee. I don't think this barrage of unwelcome news is just confined to me. It looks like the happy days of low cost balance transfers are well and truly over for now!

taylor789

My MBNA 0% balance transfer deal is coming to an end.  I am classified as self employed as I am a landlord.  Luckily I am on a guaranteed rental and my income has not been affected.  I have got a good credit rating and have never had problems in the past getting credit but it would appear from the eligibility checker  there is a blanket ban on lending to any one with a self employed status. Not all self employed people are being adversely affected by this situation.
Does any one have any suggestions? 

onlyfoolsandparking

taylor789 said:

My MBNA 0% balance transfer deal is coming to an end.  I am classified as self employed as I am a landlord.  Luckily I am on a guaranteed rental and my income has not been affected.  I have got a good credit rating and have never had problems in the past getting credit but it would appear from the eligibility checker  there is a blanket ban on lending to any one with a self employed status. Not all self employed people are being adversely affected by this situation.
Does any one have any suggestions? 

Not seen anything to suggest there is a 'blanket ban' on lending to self employed I would imagine lending criteria has tightened up across the board currently. Do you have any other cards that are currently 'empty' I think existing customer deals are still in operation as all my existing cards have deals on at he moment ranging from 12-24 months interest free with fees 3-4%.
If you don't have any other cards, just try applying for 1-2 see how you go, I don't trust eligibility checkers they're not that accurate IMO. 

Mr87

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

onlyfoolsandparking

Mr87 said:

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

Halifax reduced my deal from 18 months to 12 months (don't need any deal currently and thankfully) so your not on your own with deals altering or worse being pulled but on the bright side you say Virgin are still offering you a deal and if I was in your position I would jump in with Virgin before that offer disappears. I too believe things will improve when we get back to 'normal' albeit with stricter lending criteria for some, probably those that need it most!! 

born_again

Mr87 said:

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

I noticed that the 0% (3% fee) cash advance has changed to 3.9% & zero fee.

I think 0% balance transfers are going to be very rare for a while. Card providers have enough on with 3 months payment holidays. Without taking on a lot more debt.

Mr87

onlyfoolsandparking said:

Mr87 said:

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

Halifax reduced my deal from 18 months to 12 months (don't need any deal currently and thankfully) so your not on your own with deals altering or worse being pulled but on the bright side you say Virgin are still offering you a deal and if I was in your position I would jump in with Virgin before that offer disappears. I too believe things will improve when we get back to 'normal' albeit with stricter lending criteria for some, probably those that need it most!! 

I don't need / want so it was just a matter of curiosity for me to be honest. I had my suspicions that Hfax paring back across the piece and that seems to be confirmed from you / born again. 

onlyfoolsandparking

Mr87 said:

onlyfoolsandparking said:

Mr87 said:

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

Halifax reduced my deal from 18 months to 12 months (don't need any deal currently and thankfully) so your not on your own with deals altering or worse being pulled but on the bright side you say Virgin are still offering you a deal and if I was in your position I would jump in with Virgin before that offer disappears. I too believe things will improve when we get back to 'normal' albeit with stricter lending criteria for some, probably those that need it most!! 

I don't need / want so it was just a matter of curiosity for me to be honest. I had my suspicions that Hfax paring back across the piece and that seems to be confirmed from you / born again. 

Apologies @Mr87 I confused your post with @taylor789 too many newcomers here for me to handle lol  

PJHilder

onlyfoolsandparking said:

Mr87 said:

Hfax pulled my 0% BT deals a few days ago. Virgin CC still has a 0% deal for me. Seems there is a little bit of retrenchment for now (no surprise). Although things may improve again as the crisis abates... 

Halifax reduced my deal from 18 months to 12 months (don't need any deal currently and thankfully) so your not on your own with deals altering or worse being pulled but on the bright side you say Virgin are still offering you a deal and if I was in your position I would jump in with Virgin before that offer disappears. I too believe things will improve when we get back to 'normal' albeit with stricter lending criteria for some, probably those that need it most!! 

I have a number of cards with the Lloyds group sitting with 0 balance but haven't had a BT offer in over 12 months. Tesco has just the week started to offer them again and TSB is offering 0% for 15 months.