Cheap Credit Card Loans Discussion Area

markclifden

With over 300 credit cards on the market today, searching for a cheap credit card can seem like an understandably bewildering task. Luckily much of the hassle has been removed by the host of financial service comparison sites popping up on the net, on an almost regular basis.:j

annetta123

This may not be the right topic for me to air my views, but I think it is something that many can relate to.

I currently have a Barclaycard, in fact, I've had it for many many years. However, my balance now is over £10,000 and I can only afford to pay the minimum each month sadly.

What astounds me, nevertheless, is that these people can get away with charging more than 24% i.e. 2.5% a month to be exact.

Why are they allowed to charge such exorbitant rates?

jennihen

Because its all stated in the T and Cs

fi996

Hi everyone
Ok I need help/advice - I have approx £8k on my tesco credit card and cant see any way of getting this cleared anytime soon
Does anyone have any advice on what I should do with my credit card or how to get it paid quickly?
Thanks
Fiona

YasminTiara

Thanx for the info

stainedeye

just got myself new barclay card fixed at 7%

Mark_Janet

I think its really not a cheap credit card loan but its as usual normal with no any benefits and we can get more interest to cover this loan.
So, Please give me any suggestion.

Thanks,
Mark

blobq

hi,

can someone explain this for me? I dont understand step 1 for the mule card scenario

Backup route "mule cards"

Example Scenario
Loan needed: £5,000
Bank account: £0
Egg Money: £0
Balance transfer credit card: £0
Ask your long term cheap balance transfer card to do a £5,000 balance transfer from Egg Money. What happens in practice to ‘shift the debt’ is the long term card pays £5,000 to the Egg Money card, even though no debt there exists.*
*This shouldn't normally be a problem, as most credit card's terms don't specific a debt must exist to do a balance transfer, however if specifically asked then don't lie, as that'd be fraudulent.


*** is it possible to take a new interest free card & ask them to transfer XX ammount to egg money? surely the interest free card wont have any debt on it, am i missing something? *****


STEP 2: Egg Money Current Account

Example Scenario
Loan needed: £5,000
Bank account: £0
Egg Money: £5,000 in credit
Balance transfer credit card: £5,000 in debt
Now we need to get the cash that’s in Egg Money into your bank account. This is simple as Egg Money has a direct facility to do it.
Go to the balance transfer section of its website, and then select it to do a balance transfer to your bank account. In other words it’ll pay the five grand into your bank account at no charge (because you're in credit).

STEP 3: Current Account Loan

Example Scenario
Loan needed: £5,000
Bank account: £5,000
Egg Money: £0
Balance transfer credit card: £5,000 in debt
You now have £5,000 in your bank account, which you can use for the purpose of the loan, as you choose.
The same amount of cash is sitting on your credit card at the low long term balance transfer rate, thus effectively you have a loan at this rate.

Dhingrav

Hi Guys,

I need your expert advice!!!

I have a very good credit rating. I need to raise £20,000 within the next month and a half and I need this money for the next 1.5yrs.

Are interest free balance transfers the best and cheapest way to get this money? I opened a card with RBS (0% BT for 15months but 3%fee, I bank with RBS) they gave me £3.55k automatically, I intend to ask them to increase it to 10k and get Santander to do the same (0% 12months and 0%fee as I bank with them also).

I'm not sure if credit cards are the cheapest way for me to find the money. It's high risk as I will need to refinance in 12 months time. But I hope that nationwide and another will come to the rescue at that time. I used egg and virgin about 8yrs ago for free money before fees.

The min repayments are 3-5% of the balance with RBS and 0% with Santander so that’s a max £600 a month which I will be able to afford.

A loan will be at least 8% PA and I’ve have to actually pay the loan back during its term.

What do you think??

owitemisermusa

Only one problem with this article, you have absolutely no control over the credit limit and hence, the loan amount.

Have I missed something here?