Life of Balance Tfr on Credit cards
Discussion
I cannot confirm whether this is true but I have heard of a so called credit crunch that may have slightly impacted companies out there with a more than passing interest in business of a financial nature.
Maybe, and this is just pure uniformed speculation on my part, this so called credit crunch has made them less generous when it comes to lending out money.
Like I say, I have no idea how valid this is - I would google it but I am not sure whether the widespread media will have picked up on such a niche aspect of current affairs.
I don't need to do these sort of things as I have a large BTL property portfolio that has probably increased by 3% this month already.
Maybe, and this is just pure uniformed speculation on my part, this so called credit crunch has made them less generous when it comes to lending out money.
Like I say, I have no idea how valid this is - I would google it but I am not sure whether the widespread media will have picked up on such a niche aspect of current affairs.
I don't need to do these sort of things as I have a large BTL property portfolio that has probably increased by 3% this month already.
illmonkey said:
You mean to tx the blanance of 1 card to an other?
I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Yes.I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Although I think I have been through all the cc now over the last 10 years going from one deal to another.
Note Virgin is MBNA but with a Virgin stamp.
Welshbeef said:
illmonkey said:
You mean to tx the blanance of 1 card to an other?
I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Yes.I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Although I think I have been through all the cc now over the last 10 years going from one deal to another.
Note Virgin is MBNA but with a Virgin stamp.
limpsfield said:
I cannot confirm whether this is true but I have heard of a so called credit crunch that may have slightly impacted companies out there with a more than passing interest in business of a financial nature.
Maybe, and this is just pure uniformed speculation on my part, this so called credit crunch has made them less generous when it comes to lending out money.
Like I say, I have no idea how valid this is - I would google it but I am not sure whether the widespread media will have picked up on such a niche aspect of current affairs.
I don't need to do these sort of things as I have a large BTL property portfolio that has probably increased by 3% this month already.
Still just 2 products on the market... Are you saying that only barclays & Capital one want this business? Its unsecured and has an infinite life unlike the 25yr std mortgage. Maybe, and this is just pure uniformed speculation on my part, this so called credit crunch has made them less generous when it comes to lending out money.
Like I say, I have no idea how valid this is - I would google it but I am not sure whether the widespread media will have picked up on such a niche aspect of current affairs.
I don't need to do these sort of things as I have a large BTL property portfolio that has probably increased by 3% this month already.
They could up the rates to cover the risk aspect but not to offer anything - its like a corner shop selling nothing how can the shop (i.e. the economy) make any money if the shop has nothing to sell.?
illmonkey said:
Welshbeef said:
illmonkey said:
You mean to tx the blanance of 1 card to an other?
I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Yes.I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Although I think I have been through all the cc now over the last 10 years going from one deal to another.
Note Virgin is MBNA but with a Virgin stamp.
Welshbeef said:
illmonkey said:
Welshbeef said:
illmonkey said:
You mean to tx the blanance of 1 card to an other?
I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Yes.I just got a Virgin card with a hefty credit limit to transfer a small amount onto. 15 months intrest free (3% charge)
Although I think I have been through all the cc now over the last 10 years going from one deal to another.
Note Virgin is MBNA but with a Virgin stamp.
I just BT'd from my GF's card.
Hmm yes good idea switch debt from me to her (still my personal IOU to her for the debt & me making the monthly payments).
lol - for 2 odd years I had total credit card balances of over £100k - all used for stoozing i.e. all dumped into the mortgage to vastly reduce the number of years/cut interest.
Cost of stoozing mostly was 0% mortgage 5%... so making a Net 5% saving per annum on 100k. And also maintaining the normal Mortgage repayment level - which means paying off so much mortgage capital not mortgage interest with your monthly payment. Well worth it.
Now not so easy as Im finding.
lol - for 2 odd years I had total credit card balances of over £100k - all used for stoozing i.e. all dumped into the mortgage to vastly reduce the number of years/cut interest.
Cost of stoozing mostly was 0% mortgage 5%... so making a Net 5% saving per annum on 100k. And also maintaining the normal Mortgage repayment level - which means paying off so much mortgage capital not mortgage interest with your monthly payment. Well worth it.
Now not so easy as Im finding.
to be serious, there seems to have been a serious dearth of good CC offers around for a few months now.
This time last year I took an MBNA one out where purchases were interest free for 10 months - so put it on the card, put the amount due in a savings account every month,settle up at the end and keep the interest - no brainer.
I have just started looking for another one and they are out there but it is a fraction of what was available last year. MBNA, who have always been aggressive when it comes to balance transfers and stuff seem to have a very limited range available at the moment so I am sure the crunch has played a big part here, hence the corresponding lack of cheap-ish consumer finance available.
Plus of course with houses going down in value, maybe the credit departments are taking the view that if someoen builds up a big baalnce on their card and then defaults, it could be a lot harder actually getting the cash back.
So. less money around the system + much more cautious approach = less deals for us.
This time last year I took an MBNA one out where purchases were interest free for 10 months - so put it on the card, put the amount due in a savings account every month,settle up at the end and keep the interest - no brainer.
I have just started looking for another one and they are out there but it is a fraction of what was available last year. MBNA, who have always been aggressive when it comes to balance transfers and stuff seem to have a very limited range available at the moment so I am sure the crunch has played a big part here, hence the corresponding lack of cheap-ish consumer finance available.
Plus of course with houses going down in value, maybe the credit departments are taking the view that if someoen builds up a big baalnce on their card and then defaults, it could be a lot harder actually getting the cash back.
So. less money around the system + much more cautious approach = less deals for us.
Edited by limpsfield on Thursday 11th September 14:45
I suppose that is the reality. I wonder if the approach should be to start spending normally on some of the cards I have never used before purely used for Bal Tfr (rate tarts) so by doing this for a few months it may trigger them to think opportunity here to get this customer to now BT onto a card with debt on it and then your stung... clearly I'd clear the debt first then dump in the BT debt.
Or maybe call up my current cc providers and ask what offers they have currently for me?
Its worth asking even if its a nil output.
Or maybe call up my current cc providers and ask what offers they have currently for me?
Its worth asking even if its a nil output.
One CC deal that may be worth noting is the Asda card - 2p off every litre of petrol/diesel/gas, and I have two Asda's I can use - one near home, and one near work - both of which have the cheapest high street prices for fuel anyway - then you get another 2p off by using their card.
Pay the balance in full every month, and hey presto, all fuel 2p/litre cheaper!
Very useful.
Pay the balance in full every month, and hey presto, all fuel 2p/litre cheaper!
Very useful.
abbey zero card offers transfer balance for 6 months interest free with 0% transfer fee.... and apparently you can balance transfer to your current account , put fiull balance back into abbey online saver with bonus account for 6 months, then pay back abbey card loan at end of six months and net about £200,,..
havnt tried the balance transfer to you account but it was the adviser in the abbey branch that suggested it!!
havnt tried the balance transfer to you account but it was the adviser in the abbey branch that suggested it!!
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff