Balance Transfer Rates

THE_DEMOCRAT

In response to PJ Hilder, my experience with Tesco is quite the reverse. I have been dipping  in and out of balance transfers with them (paying in full by the end of course!) for ages. Suddenly in the past few days, the 0% rate has gone. Perhaps the Banks are profiling and re-assessing their risks. Mr credit file is unblemished and I have a (higher than average) pension income. But perhaps as an oldie (74), Banks think I'm more likely to peg it

BalanceTransferDude

I had the same with Tesco but now have a BT offer until Feb 2021 (2.99% fee) with them. Nationwide still offering me the best deal - 18 months with a 2.90% fee. No balance transfer offers with MBNA or Barclaycard.  

BTD

onlyfoolsandparking

PJHilder 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 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.

I too have a number of cards with Lloyds group (Halifax and MBNA x 2) and all offers are still there so I guess lenders are still offering deals but perhaps being a little more selective since this pandemic. IMO ALL lenders should be at least offering 'reasonable length' deals as this would help even many more people than 3 month payment holidays.

CRISPIANNE3

I checked my  offers on my Lloyds card today and even though money offers available they are now only offering 3.9 percent for 36 months and until recently was 0 percent with 3 percent fee for 12 months. Also Barclaycard have withdrawn any money transfer offers but have eight balance transfers.  However they did advise me recently I could draw cash on my BC's without any fees for 3 months. 
MBNA are still offering money transfer offers at good rates and Tesco at 2.9 percent. 
I hasten to add I do not need any of their offers anyway but checked out of curiosity. 

PJHilder

onlyfoolsandparking said:

PJHilder 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 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.

I too have a number of cards with Lloyds group (Halifax and MBNA x 2) and all offers are still there so I guess lenders are still offering deals but perhaps being a little more selective since this pandemic. IMO ALL lenders should be at least offering 'reasonable length' deals as this would help even many more people than 3 month payment holidays.

You’d have thought they’d want the 3% fee. I expect the offers will turn up again just as i’m close to paying off the card i wanted to transfer.

Mr87

PJHilder said:

onlyfoolsandparking said:

PJHilder 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 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.

I too have a number of cards with Lloyds group (Halifax and MBNA x 2) and all offers are still there so I guess lenders are still offering deals but perhaps being a little more selective since this pandemic. IMO ALL lenders should be at least offering 'reasonable length' deals as this would help even many more people than 3 month payment holidays.

You’d have thought they’d want the 3% fee. I expect the offers will turn up again just as i’m close to paying off the card i wanted to transfer.

Maybe they're just taking the view they don't want a rush of customers potentially under financial stress which become a default risk later on. Could unbalance lending portfolio, they are out to make money after all 😊 notwithstanding your point on BT fees, of course. 

Thrugelmir

PJHilder said:

onlyfoolsandparking said:

PJHilder 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 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.

I too have a number of cards with Lloyds group (Halifax and MBNA x 2) and all offers are still there so I guess lenders are still offering deals but perhaps being a little more selective since this pandemic. IMO ALL lenders should be at least offering 'reasonable length' deals as this would help even many more people than 3 month payment holidays.

You’d have thought they’d want the 3% fee. I expect the offers will turn up again just as i’m close to paying off the card i wanted to transfer.

If they are going to have to offer payment holidays. Then better to charge interest rather than an upfront fee. Days of 0% balance transfers were numbered. Recent events maybe the catalyst for the final death knell. 

noh

Just applied and got accepted for CoOp bank. 2 years 0% BT with a 1% fee. Available to existing current account customers only.

onlyfoolsandparking

noh said:

Just applied and got accepted for CoOp bank. 2 years 0% BT with a 1% fee. Available to existing current account customers only.

That's a great deal, I think good deals are still available maybe not to everyone though OR maybe its always been that way and I'm overthinking things. Still in my defence I don't have anything to do other than think at the moment