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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 6th May 15, 12:38 PM
    • 2,324Posts
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    Former MSE Helen
    MSE News: Balance transfer price war: New 18 months 0% and 36 months 0%
    • #1
    • 6th May 15, 12:38 PM
    MSE News: Balance transfer price war: New 18 months 0% and 36 months 0% 6th May 15 at 12:38 PM
    Save £1,000s on existing debts as the balance transfer credit card battle turns white hot...

    Read the full story:

    Balance transfer price war: New 18 months 0% and 36 months 0%




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • molerat
    • By molerat 6th May 15, 1:43 PM
    • 20,879 Posts
    • 15,158 Thanks
    molerat
    • #2
    • 6th May 15, 1:43 PM
    • #2
    • 6th May 15, 1:43 PM
    Then, BOOM, Tesco launched the longest no-fee 0% debt shift this decade, at 18mths.
    When I went to school 23 months was longer than 18. http://www.santander.co.uk/uk/credit-cards/123-credit-card
    Save on interest repayments by transferring your balances from other credit or store cards. You’ll pay 0% interest for 23 months from the date of account opening and there is no balance transfer fee during the introductory period on this card.
    Last edited by molerat; 06-05-2015 at 1:45 PM.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • MallyGirl
    • By MallyGirl 6th May 15, 3:11 PM
    • 3,820 Posts
    • 9,244 Thanks
    MallyGirl
    • #3
    • 6th May 15, 3:11 PM
    • #3
    • 6th May 15, 3:11 PM
    but you get hit with a £24 annual fee with the card
  • jamesd
    • #4
    • 6th May 15, 8:02 PM
    • #4
    • 6th May 15, 8:02 PM
    Remember to spend on your balance transfer cards when appropriate, because the golden rule that says not to is only an approximation.

    The times when you should spend include when you want more balance transfer or to keep the balance transfer amount high (stoozing, say). In these situations you can make purchases up to the monthly minimum payment and you will effectively get a balance transfer of that amount for a fee that is no higher than the interest paid on the purchase from the time it's made to the time the payment clears it. Depending on the length of deal you can also end up with a cheaper balance transfer effective cost by making purchases of up to to or three months worth of minimum payment.

    You can then use the money not spent to clear whatever other debt you'd want to balance transfer, or keep your stooze pot as high as possible.

    Depending on your circumstances it may be a better idea to apply for a different balance transfer deal instead of doing this, though that would normally mean just the no fee ones because the spending way is so cheap.
    • vns
    • By vns 7th May 15, 3:01 PM
    • 182 Posts
    • 54 Thanks
    vns
    • #5
    • 7th May 15, 3:01 PM
    • #5
    • 7th May 15, 3:01 PM
    Tesco deal is excellent!
    • MallyGirl
    • By MallyGirl 7th May 15, 4:34 PM
    • 3,820 Posts
    • 9,244 Thanks
    MallyGirl
    • #6
    • 7th May 15, 4:34 PM
    • #6
    • 7th May 15, 4:34 PM
    If you know you only need 18 months to pay off a debt, why would you pay 2.99% for 36 months, when you can pay 0.75% for 18 months?
    Originally posted by Pincher
    depends on whether you are looking to BT from a Tesco card I guess
    • Pincher
    • By Pincher 7th May 15, 9:18 PM
    • 6,516 Posts
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    Pincher
    • #7
    • 7th May 15, 9:18 PM
    • #7
    • 7th May 15, 9:18 PM
    depends on whether you are looking to BT from a Tesco card I guess
    Originally posted by MallyGirl

    I deleted my post to avoid causing confusion.

    I totally mis-read the headline, and thought the 0% was referring to 0% BT, not 0% Fee.


    Just so happens I cancelled the last Tesco Clubcard credit card about a year ago. I actually feel sorry for TESCO. Free money for another 18 months, 3% interest on £3,000. And I hardly ever buy anything from TESCO, because I get free coffees, plus free Sunday Times from Waitrose by spending £7.50 (+£2.50=£10 for the Sunday Times) on Sunday.
    • Pincher
    • By Pincher 7th May 15, 9:34 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #8
    • 7th May 15, 9:34 PM
    • #8
    • 7th May 15, 9:34 PM
    Tesco deal is excellent!
    Originally posted by vns

    Don't you get nervous when people give you FREE money?

    If I was a woman, I expect to be sent to Syria as a Jihadi bride if I sign up for this.

    I am expecting a tiny credit limit.


    I can still put around £15k into a 1.6% Cash ISA, so if they gave me £15k at 0% for 18 months, they must have bought their MBA on the internet.
    • Pincher
    • By Pincher 13th May 15, 1:53 PM
    • 6,516 Posts
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    Pincher
    • #9
    • 13th May 15, 1:53 PM
    £25 cash back AND 0% Fee !
    • #9
    • 13th May 15, 1:53 PM
    Quidco is giving £25 on the No fee Balance Transfer deal!


    I applied, and it's showing as tracked.


    Free money for 18 months? Plus I get £25?


    No wonder Tesco is losing £4 billion a year.
    • ernie-money
    • By ernie-money 14th May 15, 10:46 AM
    • 740 Posts
    • 374 Thanks
    ernie-money
    Does anyone know if the 18 months is from the account opening date, or from the date you make the balance transfer? Usually it's from the date of the transfer, but I seem to remember having read from account opening somewhere...?
    I don't think I can hang on til Friday...
    • YorkshireBoy
    • By YorkshireBoy 14th May 15, 10:50 AM
    • 30,755 Posts
    • 18,766 Thanks
    YorkshireBoy
    Usually it's from the date of the transfer
    Originally posted by ernie-money
    That would be most unusual on a new card.
    but I seem to remember having read from account opening somewhere...?
    Maybe you read it in the product summary box on their website?...


    http://www.tescobank.com/assets/sections/credit-cards/pdf/tesco-bank-cc-nobtfee-summary-box.pdf?_=cachebuster27042015


    • Pincher
    • By Pincher 14th May 15, 11:44 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    http://www.tescobank.com/credit-cards/low-fee/index.html


    Near the bottom of the page


    Important Information


    Click on Tab
    "Key product information"



    Some things to remember

    • 0% interest rates apply from the day you opened your account
    • You can transfer up to 95% of your credit limit
    • Our credit facilities are available to over 18s and UK residents only, subject to status






    Typically, you only have a window of two to three months to do the Balance Transfer, which I have not found mentioned.
    Last edited by Pincher; 14-05-2015 at 11:48 AM.
    • Pincher
    • By Pincher 23rd May 15, 7:58 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Dear Yxxxxx,

    Welcome to your new Tesco Bank Clubcard Credit Card, it's good to have you with us. Not only will you receive 0% on balance transfers for 18 months (0% fee) and 0% on all purchases for 1 months, but you'll also be able to collect Clubcard points wherever you use your card.*




    How is that different from the normal up to 54 days interest free period?
    • prowla
    • By prowla 23rd May 15, 8:04 AM
    • 10,446 Posts
    • 8,956 Thanks
    prowla
    I think that already having a Tesco card may mean that I'm not allowed to apply for another.
    • prowla
    • By prowla 23rd May 15, 8:04 AM
    • 10,446 Posts
    • 8,956 Thanks
    prowla
    Dear Yxxxxx,

    Welcome to your new Tesco Bank Clubcard Credit Card, it's good to have you with us. Not only will you receive 0% on balance transfers for 18 months (0% fee) and 0% on all purchases for 1 months, but you'll also be able to collect Clubcard points wherever you use your card.*




    How is that different from the normal up to 54 days interest free period?
    Originally posted by Pincher
    I think they're making it clear that you don't get 18 months on purchases, rather than stating the obvious.
    • Pincher
    • By Pincher 24th May 15, 8:41 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    I think that already having a Tesco card may mean that I'm not allowed to apply for another.
    Originally posted by prowla


    Does seem unlikely.


    You also need to have a balance to transfer in the first place.


    Even if you are buying something for £2,000, you have to do it on card A, so you can transfer it onto card B, the one with the actual 0% BT offer.


    The whole thing is a production process.
    • Pincher
    • By Pincher 24th May 15, 9:03 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Bum. Tesco declined the £25 Quidco cashback.


    I do have a Tesco current account, for the 3% interest, and I cancelled the previous Tesco Credit Card in April 2014.


    Well, it was too good to be true. No Fee BT Transfer AND £25 Quidco cashback.
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