Best Balance Transfers Discussion Area

scott_lithgows

If you work for the Post Office or Royal Mail etc,you can get a 0% balance transfer for 15 months (2.98% balance transfer fee)with 0% on new purchases for 6 months.Full details in Octobers Courier Magazine.

Moggles_2

JimmyTheWig wrote: »

This isn't of much concern when it is Egg, is it? If you can do a super balance transfer (i.e. transfer money to your current account), you can then use that to pay off any debt you want.

That's true, but you never know what's round the corner. IMO, when you've a choice, it's best not to keep all your credit card eggs in one basket

TraceyJ_2

Moggles wrote: »

Well, as you have no real debts and there's no balance transfer fee to pay, you've nothing to lose in taking up this offer for a bit.

£25 per month may not sound all that much, but these purchases remain trapped on the card, as you've said, attracting interest at your standard rate (typically 14.9% APR) until the interest-free balance transfer is fully paid off, so you'll need to be disciplined about spending no more than the required £25 per month.

Also, remember your standard purchase rate, whatever it happens to be now, is not fixed like the balance transfer deal. It's variable. Barclaycard could decide to raise this rate at any time, so be prepared to ditch & switch when necessary

Thanks Moggles. Does anyone know if there's a calculator where I can work out exactly what the interest will cost me and whether it's worth me doing this? I'm thinking that the £25 spend may be a hassle each month.

Editing to add that I've searched for a calculator and although I've found reference to one I can't actually find the calculator!

Thank you.

Moggles_2

TraceyJ wrote: »

Does anyone know if there's a calculator where I can work out exactly what the interest will cost me and whether it's worth me doing this? I'm thinking that the £25 spend may be a hassle each month. I've searched for a calculator and although I've found reference to one I can't actually find the calculator!

Martin's credit card calculator is here:

http://www.whatsthecost.com/creditcard.aspx

TraceyJ_2

Thanks again Moggles, sorry I was looking for something that would perhaps calculate the interest on the £25 monthly spend on the card which would be accruing interest at 14.9% whilst the £5k would be 0% for the life of balance. Maybe such a calculator doesn't exist

Moggles_2

TraceyJ wrote: »

Sorry I was looking for something that would perhaps calculate the interest on the £25 monthly spend on the card which would be accruing interest at 14.9% whilst the £5k would be 0% for the life of balance. Maybe such a calculator doesn't exist

Perhaps not. The interest isn't going to amount to much though and, IMO, you've nothing to lose in taking up this offer for a bit, provided that you spend no more than the required £25 per month and you're prepared to ditch & switch when necessary

TraceyJ_2

Thanks Moggles, you're right, there's nothing to lose for a while. I'll keep an eye on it and ditch and switch at the appropriate time.

Briggsy.notts

Hope iI'm posting this in the right place. Still finding my way around.

Anyway I've been thinking about moving my balance from my HSBC credit card to a 0% balance one. I have been looking around and found the Virgin Credit Card with 15 months 0% for balance transfers. It also says it will do 0% for 15 months on transferring cash into your current account. Does this mean I could use this card so also clear my overdraft? Would this be a much cheaper thing to do than keep paying the interest on my overdraft every month. I would be able to clear the new cards total amount in the 15 months. Hope that make's sense and that someone can advise me before I go ahead.
Thanks in advance.

NickX

Briggsy.notts wrote: »

Does this mean I could use this card so also clear my overdraft? Would this be a much cheaper thing to do than keep paying the interest on my overdraft every month.

Absolutely correct, you just request that Virgin transfer the funds to your Bank Account. This will pay off you overdraft and you can pay off any other debts you may have from there aswell.

It is usually best to request this over the telephone and confirm that the transfer will be at the 0% rate, also bear in mind there is usually a fee of 2.98% of the balance transferred which they collect as part of the first repayment. Thereafter Minimum Repayments are £25.

Good Luck.

Briggsy.notts

Thanks for that. Read the terms and conditions and it says the 2.98% fee is added on the 3rd month so will show on 4th statement. Just wanted to put everything in order before I go ahead. Don't want to be in a worse position. Many thanks for the help and making me feel more confident with going ahead.