Best Balance Transfers Discussion Area

spf_2

Moggles wrote: »

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

Tracey, If I have correctly understood your situation: As you are not making any dent in the accumulating £25 per month debt until the BT is paid off, then the accumulating £25 pcm debt be considered mathematically equivalent to a regular savings account (for your CC provider not you, unfortunately). As you are "depositing" £25 pcm and this debt is accumulating interest at the CC APR you can use any "savings rate calculator" on the web to check the final balance including interest that you would owe.

* Use £25 pcm as the regular monthly saving
* Use the CC APR for the interest

To calculate the term required, you will need to take your total 0% debt and divide by the payment value that you can make. e.g. if you can afford £100 pcm and the debt is £3000 then your term is 3000/100 = 30 months. At this point your 0% debt is paid off and payments will then start to reduce the remaining intererest bearing debt.

try the calculator at the bottom of this excellent web page ....

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Which, for example, using above sample data (14.9% APR, £25pcm and 30 month term) gives

"
After saving £25 a month for 2 years and 6 months,
you will have £901.89 in savings.
meaning you've earned £151.89 interest"

just replace the word "earned" with "paid" etc....

One other word of caution: As Moggles states don't spend more than the £25, but be equally careful not to spend less either! Just spending £24.99 in any one month is likely to be considered "Breach of contract" and you may end up being hit with the full APR, maybe aim for £26!

irn_bru

caroline233 wrote: »

I transferred a balance to Marks & Spencer card because of the low lifetime balance rate. Today I've come home to a letter telling me the APR is going up to 23.9% from 18th November. I really don't know what to do. Help!

This is probably the cards rate for purchases and doesn't affect your balance transfer rate. Check with M&S but this is likely the case.

spf_2

caroline233 wrote: »

I transferred a balance to Marks & Spencer card because of the low lifetime balance rate. Today I've come home to a letter telling me the APR is going up to 23.9% from 18th November. I really don't know what to do. Help!

Caroline233, recheck the letter. I would imagine that this refers to their standard rate, not their lifetime BT transfer rate. There's almost certainly someone else on this site who can clarify but maybe not logged in right now, but if this is causing you immediate stress call M&S to clarify.

caroline233

Yes - I've rung and checked and you are right. The rate is only for new purcgases. However, the balance rate is going up to 18.9% anyway. Not as bad but still outrageous!

dylanuk

Just came across this - http://www.credit-card-comparison-online.co.uk/news/best-buy-balance-transfer-virgin.html

It looks like Virgin credit card has increased it's 0% balance transfer offer to 16 months, so it's now the longest available in the UK.

Its also probably the best balance transfer credit card anyway - I've got one - and the transfer to current account is so useful.

One thing I did notice though, Virgin now requires you make your transfers within 60 days - I know before it was open ended during the whole 15 months.

Briggsy.notts

I've just applied for one of these cards and I'm waiting for them to get back to me but the off was 15 months then. Do you think they will up it to 16 months as I haven't had the decision yet.

Moggles_2

Briggsy.notts wrote: »

I've just applied for one of these cards [Virgin] and I'm waiting for them to get back to me, but the offer was 15 months then. Do you think they will up it to16 months as I haven't had the decision yet?.

Irrespective of what anyone tells you here, it's your Ts & Cs which count.

Briggsy.notts

Thanks for that. I'm happy with whatever.

dylanuk

I heard the offer was going 'live' at 12pm today - it didn't actually go up until around 2pm though.

I think it's probably worth asking... especially if you did apply today.

JimmyTheWig

dylanuk wrote: »

I heard the offer was going 'live' at 12pm today

Who did you hear this from? Do you work for Credit Card Comparrison Online?