Is there a 0% credit card that doesn't require.....

[M400 NBL]

I was thinking today how some people have taken advantage of 0% credit cards. Normally they do it to make it easier to pay off their debt. Constantly transferring the debt and never paying interest.

Well if I borrowed 6 months worth of mortgage payments and paid off a lump sum, then continued to pay back the c/c, I'd pay off a considrable amount more. This is based on paying off £800/month, £4800/6 mths.

Usually my debt would have been reduced by less than £2k in 6 months.

I don't have any debt on a credit card to transfer over though. I might have to go nuts on my Crimbo shopping

Is there method to my madness or am I just mad?

[o.versteer]

You're mad, as what you forget (as I have in the past) is that they may not charge you interested in the balance transfer, but they do charge you 2 to 4% of the balance you transfer. Or at least I was charged to transfer a balance anyway - maybe not all CC companies do it, but I think most do.

[M400 NBL]

I'm glad about that to be honest. I'd be gutted for not taking advantage earlier.

Still, 2-4% is still better than the 6.99% i'm tied into

[edc]

You can transfer more than the balance on one card so that the card you are transferring from is in credit .. but then you might as well get a 0% purchases card. You can also have the credit balance paid into a current account.

[timja]

The good old days of true interest free cards are over unfortunately! I once transferred 4 times over the space of 2 1/2 years before i finally paid it off :-)

I transferred £3k from an interest free on purchases card, onto a 0% balance transfer credit card last year @2% because I thought i may need the money for something. (rather than paying off the money each month, i just put it in an ISA.)

I think that if you are able to control your money sensibly, then this is a great way to borrow - you will struggle to get a loan for 2% anywhere else!! Just don't forget that you have to pay it back!

I have just been keeping the £3k in an ISA, earning about 5%, so the initial 2% fee didn't worry me much.

Great place to keep up to date with the best credit card offers is www.moneysavingexpert.co.uk - Great site!

[M400 NBL]

timja said:

The good old days of true interest free cards are over unfortunately! I once transferred 4 times over the space of 2 1/2 years before i finally paid it off :-)

I transferred £3k from an interest free on purchases card, onto a 0% balance transfer credit card last year @2% because I thought i may need the money for something. (rather than paying off the money each month, i just put it in an ISA.)

I think that if you are able to control your money sensibly, then this is a great way to borrow - you will struggle to get a loan for 2% anywhere else!! Just don't forget that you have to pay it back!

I have just been keeping the £3k in an ISA, earning about 5%, so the initial 2% fee didn't worry me much.

Great place to keep up to date with the best credit card offers is www.moneysavingexpert.co.uk - Great site!

Nice one. I'm not too bad with money these days. Having recently joined these boards, my desire to buy a Noble has increased somewhat. My goal is to pay off the mortgage on my btl (that I will be moving into) and then buy another house and hopefully the Noble.

Oh well I will have to be patient mad:

[insurance_jon]

Capital One have just launched a card for self employed peeps i.e joe blogs t/a the jeans shop which has no fee on the balance transfer.

[jamesw2000]

The principle is called stoozing... As mentioned above moneysavingexpert.com is an excellent site with loads of info on a whole host of things. A more specific one for credit cards is www.stoozing.com