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    • homealone
    • By homealone 19th Nov 08, 10:46 AM
    • 2,003 Posts
    • 1,267 Thanks
    homealone
    • #2
    • 19th Nov 08, 10:46 AM
    • #2
    • 19th Nov 08, 10:46 AM
    i have approximately 5800 on a lloyds account on 0.45% monthly interest would it still be worth me switching this to 0% for 16 months. i was hoping to have it paid off in that time anyway
  • The_Laddie
    • #3
    • 20th Nov 08, 8:32 AM
    • #3
    • 20th Nov 08, 8:32 AM
    I know it says on the front page if your an existing MBNA Customer you won't be able to apply for one of the Super Balance Transfer cards but I got a letter and some cheques from MBNA yesterday teling me I could use the facility till the March so if your an existing Platinum card holder it looks like they're rolling it out for you too.

    Chris.
  • poker_face
    • #4
    • 21st Nov 08, 3:47 PM
    • #4
    • 21st Nov 08, 3:47 PM
    I know it says on the front page if your an existing MBNA Customer you won't be able to apply for one of the Super Balance Transfer cards but I got a letter and some cheques from MBNA yesterday teling me I could use the facility till the March so if your an existing Platinum card holder it looks like they're rolling it out for you too.

    Chris.
    Originally posted by The_Laddie
    Can anyone recommend a good 0% Super Balance Transfer card?
    |Credit Card Debt Free|I'll bring you flowers in the pouring rain|

  • Former MSE Dan
    • #5
    • 21st Nov 08, 5:51 PM
    • #5
    • 21st Nov 08, 5:51 PM
    Hi The_Laddie,

    Obviosuly I can't see the cheques, but just treble check that they can be used for 0% balance transfers - often card companies can be sneaky and charge them at the huge cash advance rate.

    Hopefully not in your case, but felt like i should mention it

    Dan
  • emrobouk
    • #6
    • 23rd Nov 08, 9:29 PM
    • #6
    • 23rd Nov 08, 9:29 PM
    The Egg money is not accepting any more people at the moment to sign up...pity
  • adam69
    • #7
    • 27th Nov 08, 4:04 PM
    • #7
    • 27th Nov 08, 4:04 PM
    Hello.

    New to this site, first post here!.

    I'm just trying to understand this concept.

    Lets say i owe 1,500 on a Barclay Card. Can i transfere this balance to the Virgin Card, then get them to pay 1,500 cash debt into my account to use as i wish?

    I'm a little confused, is that correct? Or would that mean my new debt would be 3000?

    Cheers,
    Adam.
    • davemorton
    • By davemorton 27th Nov 08, 11:19 PM
    • 26,806 Posts
    • 322,537 Thanks
    davemorton
    • #8
    • 27th Nov 08, 11:19 PM
    • #8
    • 27th Nov 08, 11:19 PM
    Hello.

    New to this site, first post here!.

    I'm just trying to understand this concept.

    Lets say i owe 1,500 on a Barclay Card. Can i transfere this balance to the Virgin Card, then get them to pay 1,500 cash debt into my account to use as i wish?

    I'm a little confused, is that correct? Or would that mean my new debt would be 3000?

    Cheers,
    Adam.
    Originally posted by adam69
    If you got a virgin card, they will pay money into your current account to "clear your overdraft"... So that would be a way to get a 0% short term loan.
  • adam69
    • #9
    • 28th Nov 08, 8:16 AM
    • #9
    • 28th Nov 08, 8:16 AM
    Clear the overdraft? Do you mean the money i currently owe on the card?
  • Serial Tart
    New to this site but been lurking for a while and hopefully this may help those looking to do the Super Balance Transfer and were in a similar position as me.

    I already had a two MBNA's credit cards and tried to be cheeky and applied for a third but naturally got refused.

    However on one of them I had no outstanding balance and hadn't used it for over a year, so took the chance to see if they had anything on offer with regards to cash/balance transfers, which they did.

    I got 0% for ten months and have now cleared my overdraft which was costing over 40 per month. Only drawback was the 5% charge which is a bit higher than standard 3%. It is still worth it overall though.
  • Serial Tart
    New to this site but been lurking for a while and hopefully this may help those looking to do the Super Balance Transfer and were in a similar position as me.

    I already had a two MBNA's credit cards and tried to be cheeky and applied for a third but naturally got refused.

    However on one of them I had no outstanding balance and hadn't used it for over a year, so took the chance to see if they had anything on offer with regards to cash/balance transfers, which they did.

    I got 0% for ten months and have now cleared my overdraft which was costing over 40 per month. Only drawback was the 5% charge which is a bit higher than standard 3%. It is still worth it overall though.
    • eddieeeeee
    • By eddieeeeee 18th Mar 09, 2:41 PM
    • 12 Posts
    • 0 Thanks
    eddieeeeee
    Hi, I'm new to loans, so not sure if I got this either...

    I have a loan with lloyds, there's about 8k left on it, I want to be able to use one of these 0% cards so to shift the debt.

    So do I end up free from my loan, and just owe the card with 0% money instead?

    I'm guessing there's probably a penantly fee to pay lloyds for paying off early too?
  • koobs
    Fee
    Hi,

    Just for clarification... Can an expert confirm.

    The payable fee is x% of the amount you ask them to pay into you bank account.

    eg. Bank Overdraft is 1000, and "super balance card" fee was 2% I would owe the card issuer 1020 (1000 original debt and 20 fee)
  • kaisersoze
    Hi, I'm new to loans, so not sure if I got this either...

    I have a loan with lloyds, there's about 8k left on it, I want to be able to use one of these 0% cards so to shift the debt.

    So do I end up free from my loan, and just owe the card with 0% money instead?

    I'm guessing there's probably a penantly fee to pay lloyds for paying off early too?
    Originally posted by eddieeeeee

    The loan would be settled with lloyds, you are not free from it but you do just owe the card provider, be aware that 0% doesnt last forever and what ever amount is left on the card will have interest charged on it.

    From lloyds website "an early settlement fee will usually apply" when paying off early
  • kaisersoze
    Hi,

    Just for clarification... Can an expert confirm.

    The payable fee is x% of the amount you ask them to pay into you bank account.

    eg. Bank Overdraft is 1000, and "super balance card" fee was 2% I would owe the card issuer 1020 (1000 original debt and 20 fee)
    Originally posted by koobs
    Yep
  • boywonder
    hi.

    i was wondering if anybody can help me. i have an overdraft of 25k and paying monthlys of about 320.
    could i use the super card transfer to pay this off? and if so does this give me a certain time to pay my loan off on the card before i get wacked with the huge APR?

    Does this mean i better stay with the bank?

    sorry never had a card before and so dont get it!
    doh!
  • kaisersoze
    hi.

    i was wondering if anybody can help me. i have an overdraft of 25k and paying monthlys of about 320.
    could i use the super card transfer to pay this off? and if so does this give me a certain time to pay my loan off on the card before i get wacked with the huge APR?

    Does this mean i better stay with the bank?

    sorry never had a card before and so dont get it!
    doh!
    Originally posted by boywonder
    You have an overdraft of 25000

    In theory yes you could if you could get a card with a big enough limit on it. It would give you a certain amount of time maybe 9 or 12 months at 0% before you get whacked with the APR.
    • eddieeeeee
    • By eddieeeeee 19th Mar 09, 8:58 AM
    • 12 Posts
    • 0 Thanks
    eddieeeeee
    The loan would be settled with lloyds, you are not free from it but you do just owe the card provider, be aware that 0% doesnt last forever and what ever amount is left on the card will have interest charged on it.

    From lloyds website "an early settlement fee will usually apply" when paying off early
    Originally posted by kaisersoze
    thanks for your reply.

    so providing there's another card available at 0% when the other card runs out, I should be ok?

    is it worth me doing this? I have about 8k left to pay on the loan.
  • spand42
    Help
    I have an overdraft of 1200.00 with TSB, can someone explain simply what I would have to do and if I would be better off. I am currently paying around 20 a month in interest and not really getting on top of overdraft at all.If I could move the balance of 1200 it would relieve a lot of pressure.
    Any advice greatly appreciated.
  • CraigBlas
    Hi Guys. First time posting on the forums but I'm in the process of setting a super balance transfer up for myself so I though I'd share my views.

    spand42:
    As your situation stands at the moment, you currently owe Lloyds TSB 1200, and for that privilege you are paying them 20 p/m until your overdraft is paid off. This is an interest rate of approximately 16.6%.

    What the Super Balance Transfer lets you do is shift that debt to another provider (eg MBNA) who will not charge you monthly interest for a certain period of time.

    You effectively 'pay in' 1200 of MBNA's money into your TSB current account, thus clearing that debt and stopping any further interest payments to TSB (you don't have to actually pay anything in, that is all done behind the scenes).

    This isn't free. MBNA will charge you a 2.9% fee, but this is a one off. Instead of paying Lloyds 16.6% interest per month for the next 12 months, you only pay one interest payment to MBNA of 2.9%, at the start.

    Your total debt goes up slightly, and it's with a different provider - instead of oweing 1200 to TSB you now owe 1235 (debt + fee) to MBNA. The major plus is that as long as you clear or shift your debts by the end of MBNA's interest free period you will pay no further interest.

    The other kicker is that with Lloyds you don't have to pay off any debt or interest in a given month if you don't want to. With MBNA you must pay off your minimum amount, otherwise you lose the good rate (which was the whole point!).

    Hope this has made things a bit clearer for you,
    --Craig
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