Are decent 0% balance transfer cards with 0 fees a thing of the past?

shicky

Are these deals drying up and is this a trend that is here to stay?

I've normally kept about 10k debt at 0% due to being able to really. With these offers drying up, it seems prudent to clear my debts. However, I'm wondering if this is anecdotal or what is really happening? Haven't seen anything from MSE on the topic? Is there a way to submit questions to them?

MalMonroe

There has been some information about this on the site and I know Martin's discussed this very subject on one of his TV shows - a while back though.

Deals did seem to dry up a short while after covid hit. 

I've seen quite a few people on this forum commenting that they've been finding it difficult to get 0% balance transfers, even when they have good credit and few debts. 

Nobody can predict whether or not the current trend is here to stay. But things aren't what they used to be. (I think there's a song in there somewhere . . . ) 

femalemonarchfemalecanine

I had no offers off my existing cards for a while, but lately they are back, though with 3-5% fees. I did get a new Virgin card with a low fee [1%] back in December. As for the future, who knows!

MoJoeGo

With the card companies, there's definitely a push to reduce risk exposure across the board, ie get people to repay their long term debt. Reducing 0% offers is just one of the sticks being used...

hugheskevi

Santander has been the most consistent provider, offering 0% no fee on their All in One Credit Card.

Barclaycard offers seem to have come and gone quite regularly, but I have always found them to have high limits so well worth monitoring - their Platinum card looks a good offer at the moment.

Sainsbury Bank have also had offers come and go, personally I have found their limits terrible and often their poor systems seem result in having to speak to customer service contact which is frustrating and happens far more than with any other provider. I generally put them in the 'not worth the trouble' basket, but their Low Fee 18 month Balance transfer card could be worth considering.

Beyond that, there are always 0% interest, no fee cards for new spending around which can build up to be carrying decent 0% balances over time. I quite like Tesco credit cards to build up some Clubcard points and get interest-free for quite a while, but there is a decent choice in this part of the market.

But aside from the above, the offerings have been very slim since Spring/Summer 2020. There have been a few offers tied to having other accounts (banks like RBS) but little else. However, I've still got over £44K of 0%, no fee balances across the wife and I, but am now just paying balances off as offers end - but I think bouncing balances between Santander and Barclaycard along with a 0% interest spending card is still worthwhile.

cymruchris

If you're in a position to deal with the debt - then deal with the debt - nothing in future is guaranteed, so if you are still on a 0 percent deal, begin targeting the balance and bring it down. There are currently deals available with transfer fees, but who knows what might happen over the next 12 months. The debt has to be dealt with eventually, so you might as well try and do something about it now if you're able to. 

[Deleted User]

cymruchris said:

If you're in a position to deal with the debt - then deal with the debt - nothing in future is guaranteed, so if you are still on a 0 percent deal, begin targeting the balance and bring it down. There are currently deals available with transfer fees, but who knows what might happen over the next 12 months. The debt has to be dealt with eventually, so you might as well try and do something about it now if you're able to. 

And of course, paying down your debt makes you look more attractive to lenders so you're more likely to get deals anyway!

onlyfoolsandparking

shicky said:

Are these deals drying up and is this a trend that is here to stay?

I've normally kept about 10k debt at 0% due to being able to really. With these offers drying up, it seems prudent to clear my debts. However, I'm wondering if this is anecdotal or what is really happening? Haven't seen anything from MSE on the topic? Is there a way to submit questions to them?

I don't think deals are drying up OR  on the other side of the coin limits offered are being reduced as I recently applied for a Sainsburys card, 26 months at 0% with a 1% BT fee, was given a starting limit of 11K, a good deal imo. 

My existing cards have good offers too, MBNA 24 months 0%, Tesco 0% 18 months, Halifax 18 months 0% and Virgin 16 months 0%. I do believe that 'possibly' less people are being offered 'great' deals unless you are in the exemplary credit history bracket. Whether I am in that bracket I couldn't confirm but I just use deals as and when I want them, I don't rely on them but I find it's a reasonably cheap way of funding a purchase when done correctly.

Of course I can't give my opinion on this topic without mentioning good old Barclaycard, they stiffed me recently (as they have done with many others) with both my accounts and I was happy to close them but on the plus side it doesn't appear to have had any effect on how my other card companies view me currently. 

      

[Deleted User]

onlyfoolsandparking said:

shicky said:

Are these deals drying up and is this a trend that is here to stay?

I've normally kept about 10k debt at 0% due to being able to really. With these offers drying up, it seems prudent to clear my debts. However, I'm wondering if this is anecdotal or what is really happening? Haven't seen anything from MSE on the topic? Is there a way to submit questions to them?

I don't think deals are drying up OR  on the other side of the coin limits offered are being reduced as I recently applied for a Sainsburys card, 26 months at 0% with a 1% BT fee, was given a starting limit of 11K, a good deal imo. 

My existing cards have good offers too, MBNA 24 months 0%, Tesco 0% 18 months, Halifax 18 months 0% and Virgin 16 months 0%. I do believe that 'possibly' less people are being offered 'great' deals unless you are in the exemplary credit history bracket. Whether I am in that bracket I couldn't confirm but I just use deals as and when I want them, I don't rely on them but I find it's a reasonably cheap way of funding a purchase when done correctly.

Of course I can't give my opinion on this topic without mentioning good old Barclaycard, they stiffed me recently (as they have done with many others) with both my accounts and I was happy to close them but on the plus side it doesn't appear to have had any effect on how my other card companies view me currently. 

      

Deals are still there for those who manage their finances well which evidently you do

I have a couple of offers on my existing BT cards (which have around £5500 on existing deals) but not seen any need to use them at the moment as I'm paying down mine but nice they are there

shicky

MalMonroe said:

There has been some information about this on the site and I know Martin's discussed this very subject on one of his TV shows - a while back though.

Deals did seem to dry up a short while after covid hit. 

I've seen quite a few people on this forum commenting that they've been finding it difficult to get 0% balance transfers, even when they have good credit and few debts. 

Nobody can predict whether or not the current trend is here to stay. But things aren't what they used to be. (I think there's a song in there somewhere . . . ) 

I don't suppose the articles on here or the TV show dealing with this would be easy to find? I'm not having success thus far

shicky

cymruchris said:

If you're in a position to deal with the debt - then deal with the debt - nothing in future is guaranteed, so if you are still on a 0 percent deal, begin targeting the balance and bring it down. There are currently deals available with transfer fees, but who knows what might happen over the next 12 months. The debt has to be dealt with eventually, so you might as well try and do something about it now if you're able to. 

It'll need paid off indeed but no point paying off prematurely if the debt is essentially eroding over time. To me it makes more financial sense to carry some debt, I've heard this tends to look better as long as you're meeting payments etc.

Worst case I could clear it quickly but of course I'd be keen to avoid such a situation. The question was basically for me to assess whether I needed to start paying it down a little as I'll be scuppered by absence of deals soon. To me it makes more sense to have money invested elsewhere while this erodes. Obviously there's risk involved so not for everyone