Grab NatWest no fee BT now, or wait three months?

7sefton

Hi

I have a £11k balance currently sitting on a Santander 0% card until April.

My plan is obviously to BT in April to a no fee 0% card, and I’ve had my eye on NatWest’s current 0% 22nd th no fee deal for a while (I qualify as I bank with NatWest).

However a lot of MSE emails are saying BTs might be harder to get next year, so I’m wondering whether to switch now but effectively lose 4 months of the 0% period. Or would you wait it out to maximise the benefit?

MovingForwards

What's your back up plan in case there's no BT options in April? 

WillPS

Will you pay it down in the period Natwest are offering? If so, it's a no brainer in my view.

jefaz07

It’s the 0% fee which was attractive to me when I got mine. Tells you your limit before you apply too so you’ll know if you’ll get enough

Ebe_Scrooge

It's a bit of a gamble either way, to be honest.  The crucial question is, what plans do you have in place to pay off the debt?  As alluded to by previous posters, transferring a debt to a 0% interest option is great, and eminently MSE - as far as it goes.  But - and this is a big "but" - you absolutely MUST have savings in place to repay the debt once the 0% promotional rate expires.  You must NEVER assume you'll be able to keep transferring the debt ad infinitum.  Make the most of the interest-free credit, but put savings aside to repay the debt if it turns out you can't shift it again in the future.

7sefton said:

However a lot of MSE emails are saying BTs might be harder to get next year

And for some time time to come, I'd wager.  I ain't no expert in such matters, but common sense says that, if things in the world carry on the way they are, you have to take the view that any kind of credit will become more expensive and harder to come by.

born_again

7sefton said:

Hi

I have a £11k balance currently sitting on a Santander 0% card until April.

My plan is obviously to BT in April to a no fee 0% card, and I’ve had my eye on NatWest’s current 0% 22nd th no fee deal for a while (I qualify as I bank with NatWest).

However a lot of MSE emails are saying BTs might be harder to get next year, so I’m wondering whether to switch now but effectively lose 4 months of the 0% period. Or would you wait it out to maximise the benefit?

Best plan is to work out clearing the 11K debt in the 22 months.
Personally I would jump now. Who knows where interest rates will go & if balance transfers will still be offered. Card providers will be looking at their risk awareness over the next few months & if they want to carry extra debt.

Will you get enough limit to cover the 11K? 

7sefton

Thanks everyone - I have the £11k in savings, I’m just stoozing / making the most of degrading the debt by inflation by getting 0% on it 

alco_pop

I was also looking at this, though I have had a balance transfer card with Natwest. Still open, do I need end that then apply again? As the Balance transfer offer on that has a fee.

jefaz07

You can’t BT from Natwest to Natwest 

HillStreetBlues

What's the time-frame from opening the Natwest card and getting the balance transferred?

martinbainbridge1975

HillStreetBlues said:

What's the time-frame from opening the Natwest card and getting the balance transferred?

usually has to be done within 60-90 days of getting the card, card will usually arrive within 7 working days

sometimes you can do the balance transfer when applying for the card