Best Balance Transfers Discussion Area

Krfc07

Looking for a bit of advice as needing to transfer a balance of a credit card and iv never done it before, balance isn't alot around £300 but im also looking for something with interest free on purchases currently have a bank of scotland credit card, which one is best to get? Iv never missed a payment and always paid more than the minimum payment so i think i have a good credit rating. Thanks

albyota

I wonder how long (i.e. Years) i could string out a 0% balance transfer, for example if I were to spend £7,500

Moggles_2

Krfc07 wrote: »

I need to transfer a balance of a credit card and I've never done it before. Balance isn't a lot around £300, but I'm also looking for something with interest-free on purchases. Currently have a Bank of Scotland credit card. Which one is best to get?

Your current Bank of Scotland credit card rules out the other market-leaders in 0% balance transfer and purchase cards (Halifax All in One and Saga), as these belong to the same stable as BoS (HBOS).

The next best is the John Lewis Partnership card, which offers 0% for 6 months on BTs (2.5% transfer fee) and purchases

http://www.partnershipcard.co.uk/html/index.jsp

Moggles_2

albyota wrote: »

I wonder how long (i.e. years) I could string out a 0% balance transfer, for example if I were to spend £7,500

In the current climate, who can say?

If you will have savings to fall back on, each time a 0% balance transfer promo expires, that's great. The risk in paying off a debt this way is that you can't be sure of another 0% BT card with a sufficient credit limit when your current deal ends and the interest rate leaps to anything up to 34% APR variable. For all we know, 0% BT deals may not be around in 12 months time and BT fees could have jumped to 5% or even 6% :eek:

Please bear in mind that the reason credit card companies can afford to lend you money at 0% for X months is because, more often than not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. If this were not the case, these 0% offers would have dried up long ago.

albyota

probably best to get a 16 month CC then a loan for remainder assuming I can pay off as much as possible within th 16 months, would you agree?

biological

Thanks Moggles & Koru for advising.

The Mbna offer is a 3% fee - I decided to go with Egg since I've never had one of those before.

Just applied online through the link Moggles posted & got instant decision £4500 credit limit - hooray!

:T

Just need to pay the damn things off now.

Moggles_2

albyota wrote: »

Probably best to get a 16 month CC then a loan for remainder assuming I can pay off as much as possible within th 16 months, would you agree?

Sounds like a plan

Very best
M

Moggles_2

biological wrote: »

I decided to go with Egg, since I've never had one of those before. Just applied online through the link Moggles posted & got instant decision £4500 credit limit - hooray!

Congratulations & thanks for your feedback
:beer:

scott_lithgows

Santander shareholders card

• A preferential purchase rate of 12.9% APR typical (variable)
• 0% interest for 15 months on balance transfers from date of account opening (3% balance transfer fee, minimum £5 applies.)*
• 0% interest for 3 months on purchases from date of account opening
• No annual fee
• Exclusive Shareholder card design

for Santander share holders only,

fluffy123

Hi guys, can somebody run through this plan and see what you think overall?

I currently have an outstanding CDL loan of £10,500 with my bank, natwest and am currently £1,000 in my overdraft. These are my debts and whilst my overdraft is 0%, I’d rather clear that as quickly as possible and have just a loan repayment as my only ‘vice’.

Would it be an idea to get a virgin 0% card that has been mentioned here and use that to pay off my CDL loan and then make a couple of months of minimum repayments to clear off the overdraft. Then, just transfer what I normally pay to my loan repayment with Natwest to the credit card every month for the remainder of the 0% period.

By that point, I’d probably have say, £7000 ish left to pay back and then set-up another loan to keep on clearing that for another couple of years.

Does that sound like a plan? If so, what would the BT fee be, 3% of....?