0% Balance Transfers on Credit Cards

mark66

mark66

mark66

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Joined
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Hi,

Over the last few years I have been able to happily pass my credit card debt gained from my younger years between my Egg and LLoyds credit cards making use of their 0% balance transfer schemes, and over this period I have been making steady progress of paying them off. Now when I transferred my last balance to Egg I was charged a 2% fee.

After talking to a friend and having a quick look on the Internet it seems like this is now standard procedure (I guess they had to make some money out of it eventually!).

So does anyone know if there are any cards out there that still do fee free 0% balance transfers?

Thanks :)
 
Most cards have started charging a 2% fee to try and stop people from just switching all the time.

Have a look on www.fool.co.uk which should give info on the cards with the latest deals.

I think the Sky card (From Barclaycard) has a good offer on at the moment but I'm not sure if there's a fee on balance transfers.
 
LeperousDust said:
Check here, compares them all :)

I think swapping your debts like that over and over effects your credit rating though.
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No it doesn't.

If you're applying for lots of credit in a short space of time it can have an adverse affect but if you're just applying for a new card every 6 months or so and moving a balance across that's not going to affect you.
 
I think you can add the 2% fee to the balance and still pay it off at 0% though, just means your balance will go up ever so slightly when you move it across.
 
2% every 6 months is about the base rate which means its not free but just cheap. Your debt does not increase nor get any smaller from inflation.

Amex were very good for me
 
Fulcrum said:
I think they charged me 6 pounds or so, I guess they like you. Virgin is backed by MBNA as are a lot of cards
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Must do :cool: Just checked my first statement from them to make sure. Didn't pay a sausage... or any money either.
 
mark66 said:
Hi,

Over the last few years I have been able to happily pass my credit card debt gained from my younger years between my Egg and LLoyds credit cards making use of their 0% balance transfer schemes, and over this period I have been making steady progress of paying them off. Now when I transferred my last balance to Egg I was charged a 2% fee.

After talking to a friend and having a quick look on the Internet it seems like this is now standard procedure (I guess they had to make some money out of it eventually!).

So does anyone know if there are any cards out there that still do fee free 0% balance transfers?

Thanks :)
Click to expand...

Yeah, it's 'standard practice' now for them to charge a 2-2.5% fee for balance transfers. You can, however, still get fee free deals, such as:

Post Office - Credit Card

I can't see anywhere on the site (or the credit agreement they sent me) about charging a fee for balance transfers.

Also, Sainsbury's have also just launched a new card that does not charge a fee. The only 'catch' is you have to apply for the card in a Sainsbury's store.
 
Lostkat said:
.... Didn't pay a sausage... or any money either.
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If the balance was high, that could've saved your bacon when the chips were down, or at least avoided you ending up with egg on your face. If I were you, I'd raise a toast to your credit card company, and maybe butter them up for the next change. You may be jammy enough to get away with it again.


If anyone can think of a way to work a cup of coffee, and maybe a glass of juice, into that, we'd have a whole breakfast :D
 
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