Balance transfer FEE

happyjj01

hi all,

is there any way to get out of paying the fee (2.5% / 3%) when doing a balance transfer.

Is there a cards that don't charge a fee on balance transfers.

Whats a good way to negotiate with the card lender to waive the fee.

_Andy_

happyjj01 wrote: »

hi all,

is there any way to get out of paying the fee (2.5% / 3%) when doing a balance transfer.

Is there a cards that don't charge a fee on balance transfers.

Whats a good way to negotiate with the card lender to waive the fee.

Why would a lender 'negotiate' waiving the fee? They're there to make money from you.

wayoflife

happyjj01 wrote: »

hi all,

is there any way to get out of paying the fee (2.5% / 3%) when doing a balance transfer.

Is there a cards that don't charge a fee on balance transfers.

Whats a good way to negotiate with the card lender to waive the fee.

with all due respect _Andy_ your reply didn;t help at all in resolving his queery.

happyjj01 please see this link to one of my replies in the stoozing sub board where I quote 3 cards without balance transfer fees;
http://forums.moneysavingexpert.com/showthread.html?t=659111

IMO it is better mate to post questions like this in the stoozing section. It will be worthwhile looking at this regularly, as you will see alot of handy tips and maybee even answer alot of your queeries with things like this

It depends what you are balance transfering for? (Debt or profit) as to what card is best for you,

post some more specific info if you need any advise on which card is the best for you and I will give you my opinion

hope Ive been helpful mate

Thanks

DanBarrett

Capital One have currently got a card where you do not have to pay a balance transfer fee, the 0% interest free period is only 6 months.

http://www.capitalone.co.uk/creditcards/capital-one-balance-transfer-card.jsf

I think this is the only card that does this There are cards out there that offer much better deals then this, even if you have to pay a balance transfer fee.

wayoflife

as per the link above the ulster credit card also does this. They also have additional benefits for when the bt period is finished

not to dampen your comment dan but capital one have an awful reputation of giving you any old card if you dont meet their strict criteria labelled 'excellent credit history' ensure you read the explination box on Cap Ones website. However, Cap one do offer low bt fees (1.7%) which is good

Martinslovechild

You may also consider cards which allow 'slow stoozing'. These are cards which offer 0% on purchases for a limited period (anywhere from 6-15 months).

Essentially, you use them every month and deposit the majority of your cash in a high-interest savings account.

For example, let's assume you're offered a credit limit of £5,000 and you spend £500 per month. (the following figures are approximate as they're off the top of my head )

Month Balance Min Payment Savings
1 £500 £12.50 £487.50
2 £1000 £25.00 £975.00
3 £1500 £37.50 £1462.50
4 £2000 £50.00 £1950.00

etc... etc...

Just before the 0% purchases period comes to an end, you clear the card balance using your savings and pocket the interest (6%-ish before tax).

PS - there is a slow stoozing calculator & also a full stoozing calculator (stoozulator) at http://www.stoozing.com/slowcalc.htm