Best Balance Transfers Discussion Area

JulesMoney

Hi, I researched this information via Which magazine December issue - details APR 18.9% 6 month transfer no transfer fee deal starts upon issue. I read somewhere that you can only get this offer by visiting a branch of Abbey or by calling them not online! I have yet to check it out so maybe this was a limited period prior to Which Mags print? I shall come back to confirm.

hotshotscot

Moggles wrote: »

No. Having made the minimum or a partial payment the previous month, you will be charged residual interest, sometimes known as trailing interest. This applies equally to all credit cards, not just Bank of Scotland.



A handling fee is payable to the new balance transfer card. Your existing provider, BOS, will not charge you. FWIW, I very much doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers.



If you clear your BOS balance to zero, there are no charges (apart from the residual interest)to pay.

Thanks for taking time to reply to a very simple question. Basically I was very naive and was earning net about 3k a month. Job is still the same without the bonus and it's gone down a grand. I cant afford to pay back the card as quickly as id of liked. So really no idea how everthing worked. I think i'll apply for new card, the amount ill save on interest surely will be much lower than the transfer fee.

Moggles_2

JulesMoney wrote: »

I researched this information via Which magazine December issue - details APR 18.9% 6 month transfer. No transfer fee deal starts upon issue. I read somewhere that you can only get this offer by visiting a branch of Abbey

That's right. This deal is still available in branch. (That's not a recommendation, btw.)

Which credit cards - besides Cap One - do you have at the mo?
You say you will need to ensure you pay off the full C1 balance. What sort of figure are you looking to transfer?

Moggles_2

hotshotscot wrote: »

Basically I was very naive and was earning net about 3k a month. Job is still the same without the bonus and it's gone down a grand. I can't afford to pay back the card as quickly as I'd have liked. I think I'll apply for a new card. The amount I'll save on interest surely will be much lower than the transfer fee.

On a 0% BT card, yes. The best deal depends, to some extent, on which cards - besides BoS - you have at the mo.

To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge.

http://uk.virginmoney.com/credit-card-v3/

Alternatively, you'd get 14 months with Tesco. A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

nichart20

I have transfered my hsbc credit card onto tesco 0% balance transfere just wanted to check if they charge interest on the balance transfere fee
Nicola x

molley

nichart20 wrote: »

I have transfered my hsbc credit card onto tesco 0% balance transfere just wanted to check if they charge interest on the balance transfere fee
Nicola x

There is an answer here
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards
Scroll down to see what they say .

JimmyTheWig

nichart20 wrote: »

I have transfered my hsbc credit card onto tesco 0% balance transfere just wanted to check if they charge interest on the balance transfere fee
Nicola x

I don't know. Most don't, so fingers crossed.
But don't lose sleep over this.

Even if they charge a wacking 30% interest, it would only make a 3% fee into a 4% fee. Compare this with what you were paying in interest to HSBC and I suspect that you are still well up.

molley

Can I ask this . If you do a BT on a card and then clear the residual balance is there any advantage or disadvantage of retaining the cleared card .I know there will be a danger of using it but this is being asked on the assumption it will not be used. I was thinking maybe if you might want in the future to go back to that particular company for a 0% offer so would it be best to return the cancelled card and close the account

Moggles_2

molley wrote: »

If you do a BT on a card and then clear the residual balance, is there any advantage or disadvantage of retaining the cleared card? I know there will be a danger of using it, but this is being asked on the assumption it will not be used. You might want to go back to that particular company for a 0% offer, so would it be best to return the cancelled card and close the account?

I think you have to treat each credit card on its own merits.

Some card companies (eg. Barclaycard, MBNA) have a reputation for regular, existing-
customer offers and MBNA will even waive BT fees sometimes, if you're prepared to negotiate over the phone. I've had offers as good or better than the introductory deals from MBNA.

At the other end of the spectrum, some lenders (eg. HBOS, HSBC) reserve their best deals for new applicants.

In general, unless a card has a particular benefit, then I would close the account. Firstly, having lots of credit available, even if not used, can put off potential lenders and secondly, by cancelling a card you can re-apply to that provider as a 'new' customer and take advantage of any introductory deals on offer.

Another good reason for phoning customer services to cancel an unused card is that occasionally you're offered an incentive to stay

mrspike5

Does anyone know whether the egg customer 0% offer is going to happen in January 2009? Best Wishes from MrSpike