0% no-fee BT cards disappearing? 16 April 2020 at 1:53PM edited 25 April 2020 at 2:52PM in Stoozing: free cash from credit cards 12 replies 1.2K views

Fingerbobs

Is it just me, or have a lot of the 0% no-fee BT cards disappeared lately? I can only find Sainsbury's, NatWest (RBS), Halifax and Santander, all of which I already have. All the rest seem to have withdrawn their fee-free 0% offerings, unless I've missed any?

Throughout my Stoozing career, I've never bothered with cards that charge a fee for balance transfers.

Edit: Halifax has withdrawn its no-fee BT card since I posted this thread.

crumpet_man

I cannot find the Halifax one, all have fees, Natwest is for existing customers only and the Sainsbury's one is for Nectar card holders only - not sure I have one.  I have the Santander one already.  I think the stooze days are over.

Scotland2021

I wouldn't say it's over, but in the short term it's a lot harder for fee-free deals.

I would guess it's to do with Covid - who wants to take the risk now, no BT fee, no interest, no interchange income (as you won't be spending on the card) and cost of funds in providing your credit line... in a period where there is known to be economic uncertainty.... and the vast majority of their customers will jump ship after the intro period anyway, so they haven't even got any long term gain from all this risk!

The type of customers they want do, admittedly, seem to have very low probability of default - but in these "exceptional times" even the best customers are struggling. 

You would expect the people with higher income and stoozing etc. to have assets, but there is also a very significant proportion of people that balance transfer on promo rates but can not pay the debt down. Heavily in debt and are exactly the type of people where it's likely to come crashing down if they have any reduction in income in the short/medium term. For example, I see regular requests for unbelievable levels of debt-consolidation re-mortgages, clients have got so much BT debt they've just shuffled round for years and now can't get rid of it at a cheap rate. That's not stoozing, but is the people lenders are currently guarding against in withdrawing the best rates/tightening scoring.

If you can take low a fee deal (Barclaycard used to do rebates after account is live), that makes you a bit of money, that might be enough to tide you over until this has all passed... (and, just, preferable to paying it off and starting again??)

crumpet_man

For me it's not worth it if there is a fee involved as interest rates are so low and I have zero real debt. I'll happily start again from scratch if there are decent offers available in the future.

Fingerbobs

Same. I'm winding down for the time being. I'll just be paying off each card as the 0% period runs out. Can't see any profitable way to continue at the moment.

iwblue

Same here, in the past I've had no trouble finding good 0% BT, however I'm struggling to find anything.. Last year I had about 20k on cards, I've got about 7k on 2 cards and using the CC on MSE I'm getting accepted for 2 cards, that's it! With high BT fees, not for me. The rest are 10% chance. No issues with my report is it all down to the current crisis?? 

AWCONSMAN

You guys might be able to advise me then.  I’ve been stuck with about 10k on a Barclaycard for 6 years.  At 29% I can’t get anywhere with it.  

But things have changed and I’m slowly getting sorted.  I’ve had 999 credit score for a few years but to many credit accounts to move it to 0%.   But now I’ve realised that having water bill and car insurances on monthly payments I’ve cleared all those.  But. Is stuck as by the time I figured it I’d applied for 2   0%  Cards so that’s set me back a couple of months waiting. 

Any advice  

zx81

The problem isn't your car insurance, your water bills or your pretend score. 

It's your indebtedness and history of minimum payments.

Get to DFW boards for advice on cutting costs and repaying faster.

jnystark

New to this forum all... I am in need of a 0% rate balance transfer card, without a transfer fee. Does anyone know if there is one on the market right now? I can’t find any on the internet. Thank you

RG2015

NatWest

https://personal.natwest.com/personal/credit-cards/balance-transfer-credit-card.html

jnystark

RG2015 said:

NatWest

https://personal.natwest.com/personal/credit-cards/balance-transfer-credit-card.html

Thank you very much