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TheCountOfNowhere

Credit Cards

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Just been looking at credit cards.

Some of the interest free periods and balance tyransfer periods are insane.

Barclays

36

months
0% interest on transfers
Santander.

23

months
0% interest on purchases

No wonder the econopmy is booming...it's like 2001 all over again

Edited by TheCountOfNowhere

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Not surprising really.......money is made when you spend on it and also when you take a long time in drip feeding repaying.....plenty of credit available, nowhere to put it when more and more people are no longer tempted to take it....they will win however people use it, you will win if you use it for free then pay in full a month with savings before 0% rate finishes......even better don't use it at all, save and spend, by the time you have saved for it you probably will no longer want it. ;)

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I don't have a balance to transfer!

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back in the days of stopping first time round, the important card to have was one that enabled you to transfer money from it to your current account without fees or penalties.

IIRC it was the egg card that was favoured for this back then. I had one with a £3k balance. I phoned up and transferred £3k to my current account, then transferred the balance to some other card. Rinse and repeat 5 times = £15k interest free for 6 months....

Is there a similar mechanism these days?

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Thats how I bought my car...Loaned a couple of grand off one card...balance transferred the balance over to another..Interest free for a couple of years... 70 quid or so in fees.

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Just been looking at credit cards.

Some of the interest free periods and balance tyransfer periods are insane.

Barclays

36

months
0% interest on transfers
Santander.

23

months
0% interest on purchases

No wonder the econopmy is booming...it's like 2001 all over again

Isn't there usually a 3% fee for balance transfers? If not could I take out a 10k card and transfer the proceeds to my Zopz account for 36 months?

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I've got one credit card... unusually I've not logged in for a few months, where I usually check and clear balance every month... probably running a few hundreds pounds in debt on it. Use if for online and major purchases for the insurance element.

It was on HPC in June 2013.. when I read a thread suggesting Dwell wasn't in the best financial health and administration ahead.

Met a pal that evening, telling me just bought a few small furniture items from Dwell (to be delivered to him at a later date), on an early romance shopping trip with his girlfriend. He'd used his debit card (£300ish).

Relayed my concerns and she was more focussed on getting money back asap than him. He went back next day but wasn't concerned as shop still busy and quite a few people in, but followed through and cancelled his order and got a return. It didn't come through (the repayment), but he submitted all the evidence (including the point-of-sale remittance slip for refund) to his bank and they decided to refund him. Possibly helped he had a monthly fee-paying current account... but he most certainly would have lost out if he hadn't sought process for refund that day.

HPC got me some credit from that..

Edited by Venger

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Isn't there usually a 3% fee for balance transfers? If not could I take out a 10k card and transfer the proceeds to my Zopz account for 36 months?

the fees are being fazed out, so yes you probably can do this. i have a good history with serval credit companies and is getting a bit mad how they are falling over each other offering me 0% fees 0% interest, its like dfs, always a fire sale lol.

i noticed that one of the stipulations the other day was transfers from accounts in my name only at 0% fee and interest.

0% fees are out there now.

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also the limits are getting huge once you pass the introductory/ probationary period, the amout of credit i can get no questions asked is insane, might go on a binge some day as you know, if you ow a bank £1 its your problem, but if you ow a bank £100000000 its their problem lol.

but seriously their is a problem with the credit industry right now where they are charging 0% on everything, maybe because if they park their £'s at the ecb it is negetive interest, i think the banks are bust.

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Could someone give a definate example of 0% interest credit card transfers with zero fees, because I do not see any. The fees are usually between 1 an 4%, so there is no interest free credit/debt that I see.

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try lovemoney.com

these are (0% fee and interest)

Halifax 0% transfer card 16 months

bank of Scotland platinum 13 months

Lloyds platinum 13 months

Santander credit card 15 months

Tesco is at 3 months fee & interest free...

LOOK PEOPLE, FREE MONEY!! QUICK WHILE ITS HOT!!

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Tesco is at 3 months fee & interest free...

LOOK PEOPLE, FREE MONEY!! QUICK WHILE ITS HOT!!

Yes...I do see. Crazy..

So it stands to reason the banks are engineering people into debt. Of course they will deny it.

From the Tesco card site :

The Tesco* credit card offers a massive 18 months at 0%. And though it's not got as many months at 0% as the cards above, the big boon here is that you don't pay any fee at all to transfer your balance to this card.

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Anyone notice that RBS no longer do BTs?

Responsible banking? Apparently so. Their decision is based upon the fact that the ideal situation should be to close the old card when transferring the balance to the new one. They've recognised and dealt with the problem of 'freeing up credit on another card' by stopping BTs altogether.

Takes a hit on their new accounts, but it's a start.

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A lot of the points-reward systems for using Credit Cards are coming to an end though because of new EU legislation.

Bit gutted about this - I've had literally hundreds of pounds of free gear via my MBNA rewards card. I'm expecting a letter dramatically watering down the rewards scheme later this year.

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Could someone give a definate example of 0% interest credit card transfers with zero fees, because I do not see any. The fees are usually between 1 an 4%, so there is no interest free credit/debt that I see.

I got a barclaycard form yesterday with 0.99% transfer fee.

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Guest Jemmy Button

I have a debit card but dont have a credit card anymore. I got rid of mine a few years ago. Life has never been sweeter. I think credit cards are an abomination and I do not want to own one ever again.

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You can understand why the banks are pushing credit cards...however you spend/pay up its a win/win....shops have to pay for account/machine, shops pay a fixed sum per transaction and if the buyer clear their account every month the banks get a return of anything from 16-30% usually....and those that do pay up on a regular basis occasionally forget like Venger did!....god that 'hurt' when they catch you like that :-)))

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