which credit card is good at the moment?
Discussion
I've just taken out a Marks & Spencer card for the very same purpose. 0% on balance transfers and purchases for 9 months. 
Edited to add - if your current balance is on a card issued by MBNA, you won't be able to move it to another MBNA issued card (there are lots!). I fell foul of this when I tried to apply for a Virgin card....
>> Edited by thegreatsoprendo on Monday 13th June 12:26
Edited to add - if your current balance is on a card issued by MBNA, you won't be able to move it to another MBNA issued card (there are lots!). I fell foul of this when I tried to apply for a Virgin card....
>> Edited by thegreatsoprendo on Monday 13th June 12:26
Low rate loans are definetly going to be cheaper than shifting the balances across all the time in the long run (you'll have to pay it back eventually)
www.fool.co.uk/loans/loans.htm
but if its credit cards -
www.fool.co.uk/cards/cards.htm
Sorry if these have already been suggested/you already knew about them!
Jack
www.fool.co.uk/loans/loans.htm
but if its credit cards -
www.fool.co.uk/cards/cards.htm
Sorry if these have already been suggested/you already knew about them!
Jack
billb said:
i got a sainsburys one a few weeks ago that has 12 months interest free on transfers
I had a normal Sainsburys card for a couple of years and used to get reward points on it but when I moved the balance to their platinum car at 0% for 6 months and started using that card I could not earn any more reward points.
Mind you I still have the old card and will be putting £10,000 on it and paying it off straight away. Should earn me £25 worth of vouchers
Jack In The Box said:
Low rate loans are definetly going to be cheaper than shifting the balances across all the time in the long run (you'll have to pay it back eventually)
How is a low rate loan better than a 0% credit card? Provided that you are reducing the balance by actually paying off at least the minimum payment every month (as opposed to just paying it off with a different credit card). Then when that 0% offer runs out, switch to another. In fact, my theory is that when you get a 0% offer, provided there are no (or little) balance transfer fees, take out the max balance and invest it, even if it's a 5% savings account. Then pay it back just before the offer runs out.
munky said:
Low rate loans are definetly going to be cheaper than shifting the balances across all the time in the long run (you'll have to pay it back eventually)
How is a low rate loan better than a 0% credit card? Provided that you are reducing the balance by actually paying off at least the minimum payment every month (as opposed to just paying it off with a different credit card). Then when that 0% offer runs out, switch to another. In fact, my theory is that when you get a 0% offer, provided there are no (or little) balance transfer fees, take out the max balance and invest it, even if it's a 5% savings account. Then pay it back just before the offer runs out.
Unfortunately, the special rates don't apply to cash withdrawls.
You'd have to buy something and then sell it to raise the cash.
lunarscope said:
Jack In The Box said:
Low rate loans are definetly going to be cheaper than shifting the balances across all the time in the long run (you'll have to pay it back eventually)
How is a low rate loan better than a 0% credit card? Provided that you are reducing the balance by actually paying off at least the minimum payment every month (as opposed to just paying it off with a different credit card). Then when that 0% offer runs out, switch to another. In fact, my theory is that when you get a 0% offer, provided there are no (or little) balance transfer fees, take out the max balance and invest it, even if it's a 5% savings account. Then pay it back just before the offer runs out.
Unfortunately, the special rates don't apply to cash withdrawls.
You'd have to buy something and then sell it to raise the cash.
Unless you draw it from one card and immediately transfer it to another.
...plus you're credit rating will be devastated if you shift the balance across to another 0% card each 6 months more than a couple of times.
Not sure if this is applicable to anyone here, but if all you do is pay off the minimum amount of the balance each month (usually around 2%) in effect all you are paying is the interest accumulated from the previous month, never the actual balance.
I completely understand the idea of switching 0% cards every time they are about to run out, I just don't want anyone having a poor credit rating thats all.
If you want to pay off the balances, consolidate them into a loan, its not vital but i'd advise it. Many loan suppliers offer many affordable rates, repayment periods and costs.
Just trying to help
Jack
Not sure if this is applicable to anyone here, but if all you do is pay off the minimum amount of the balance each month (usually around 2%) in effect all you are paying is the interest accumulated from the previous month, never the actual balance.
I completely understand the idea of switching 0% cards every time they are about to run out, I just don't want anyone having a poor credit rating thats all.
If you want to pay off the balances, consolidate them into a loan, its not vital but i'd advise it. Many loan suppliers offer many affordable rates, repayment periods and costs.
Just trying to help
Jack
lunarscope said:
Jack In The Box said:
Low rate loans are definetly going to be cheaper than shifting the balances across all the time in the long run (you'll have to pay it back eventually)
How is a low rate loan better than a 0% credit card? Provided that you are reducing the balance by actually paying off at least the minimum payment every month (as opposed to just paying it off with a different credit card). Then when that 0% offer runs out, switch to another. In fact, my theory is that when you get a 0% offer, provided there are no (or little) balance transfer fees, take out the max balance and invest it, even if it's a 5% savings account. Then pay it back just before the offer runs out.
Unfortunately, the special rates don't apply to cash withdrawls.
You'd have to buy something and then sell it to raise the cash.
MBNA have just posted me cheques that I can pay into my bank account to the tune of £10k - I'll have to pay 1.9% interest (unless I transfer it of course to a 0%er) but I should be able to get 5.1% gross. Not a great profit but easy money nonetheless.
Jack In The Box said:
...plus you're credit rating will be devastated if you shift the balance across to another 0% card each 6 months more than a couple of times.
Not sure if this is applicable to anyone here, but if all you do is pay off the minimum amount of the balance each month (usually around 2%) in effect all you are paying is the interest accumulated from the previous month, never the actual balance.
They are 0% cards so there is no interest. If you pay the minimum amount and spend nothing for the next period then your balance will go down (obviously).
>> Edited by edc on Tuesday 14th June 16:20
have none of you been to www.stoozing.com ? there is a list of all the latest 0% cards, and a list of which company ownes which.
then a guide to actually make a profit from switching.
then a guide to actually make a profit from switching.
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