Credit Card Balance Transfer Discussion Area 3

Galstonian

Continuing on from Credit Card Balance Transfer Discussion Area 2 which at 15 pages had got a little unwieldy.

LionKing

My Halifax 9 month interest free intro offer is coming to an end and i am looking for a new credit card to balance transfer the remaining amount.

I have read through the various articles and trying to decide between a Virgin card or a Lloyds TSB card (both 9 month intrest free). Just wanted to ensure there are no hidden costs and if anyone can advise any alternative better cards.

Thanks in advance.

Reaper

If you go for the LLoyds Advance card it is 12 months interest free, but don't ever use it for purchases as you pay interest from the day of the transaction.

EDIT: I should have mentioned charges. Virgin may charge you a 2% fee (max £50) on balance transfers, although you might be ok if you transfer at the time of your application. I think LLoyds may have started charging a fee too, but I forget.

smartsaver

Continued from previous thread:

Attempting to gain a pecuniary advantage by deception? Not illegal?

Johnllew: With respect if you know for sure this to be illegal please advise us and name your source. If you don't please can you stop speculating and allow others who are more informed to give an accurate and referenced reply.

None of us want to break the law that is why we asking asking for informed replies rather than opinions.

johnllew

Johnllew: With respect if you know for sure this to be illegal please advise us and name your source.

Well I'm not a lawyer but there is this from Section 15A of the Theft Act 1968

15A. - (1) A person is guilty of an offence if by any deception he dishonestly obtains a money transfer for himself or another.

Perhaps Galstonian would wish to comment? Is the request to transfer a fictitious balance from one credit card to another deception, and is it dishonesty?

DAC_3

I know this still isn't necessarily the answer, but I have just re-read Martin's article.

Quote:

"Advanced Moneysavers Option
Once you've started utilising this system, it's possible to use any 0% BT offer, not just cards offering "super BT's". Simply use the "super BT" card to pay more debt into your current account, then as soon as the debt shows on your card, simply transfer this balance to your 0% card. This process should be done quickly though as interest will build up in your account."

This would suggest that you should have the debt first, wonder if I will get a knock on the door tonight! :-/

johnllew - I would have thought this is quite an important discussion and approptiate to this thread.

It seems to me that you have now come up with a clear statement with section 15A and its sounds to me that you are correct.

If this was known earlier we wouldn't have all clogged up the thread, people only wanted advise.

kenshaz

>:(
Read the terms and conditions,and apply them,easy

smartsaver

>:(
Read the terms and conditions,and apply them,easy

Well if only one of us had thought of that, it would have saved a long heated discussion ::)

kenshaz

Good to hear ;D

Reaper

I'd stayed out of this one as it has been discussed several times before on both legal and moral grounds. I hoped that it wouldn't get transfered to the new thread, but since it has I may as well chuck my 2 cents in and say...

I can't see what the fuss is about. When you want to do a BT or SBT never lie. Don't say "I want this money to pay off a debt", just say "I want to do a balance transfer". No need to say if the balance is positive or negative. Certainly NEVER put anything false down in writing. Best of all use cards that let you do it all online so there is no need to explain anything.

If you haven't lied you haven't commited fraud because there has been no deception.

kenshaz

Reaper you are right on,no lies :-/