0% deal - time for a second

Without a hint of irony, "John Smith" astounded uk.finance on 10 Jan

2005 by announcing:

Yes.

Yes. Do it too much (transferring a couple every month or two for instance) and you'll be less likely to be accepted. Also beware those issuers who are now charging 2% on balance transfers (Barclaycard, MBNA, Mint etc.). In fact, beware of MBNA full stop ;-)

In your case (given the info above), however, there shouldn't be a problem.

Thanks for the quick response Alex.

You'll find exactly that process described in great detail on

- look for articles on Credit Card Shufffle and Balance Transfer.

Elizabeth

I'm surprised they get away with sneaking in a 2% hit like this on a "0% transfer", as it's the equivalent of the best part of 2 months at a typically high card interest rate. They only get away with it because they bury it in the smallprint in the hope that it will go unnoticed till the bill arrives.

Without a hint of irony, "Adrian Boliston" astounded uk.finance on 10 Jan 2005 by announcing:

Not really. Mint state it quite clearly, as do Barclaycard. MBNA also state it albeit not quite as clearly, hidden as it is amongst "Other Charges" rather than along with the info on promotional rates. As long as they don't try to claim they're offering 0% APR they're fine.

Thanks all, I better check that the Sainsburys card does not have any penalties for transfering the balance from it. But, surely that is simply another vendor paying their bill?

I was going to ring Sainsburys tomorrow and tell that I had been offered another 0% deal and wished to get rid of my card. I once did some IT in a credit card centre and was amazed to learn that people regularly rang up demanding their 0% deal was extended otherwise they would go elsewhere - and they usually got it.

Without a hint of irony, "John Smith" astounded uk.finance on 10 Jan

2005 by announcing:

They will not have. They won't even care where the money comes from.

If you're a long-standing customer of theirs then perhaps. If you've just had their card for 9 months on 0% then it's a lot less likely. I wouldn't bother ringins Sainsbury's until the balance is clear and it's time to close the account.

Ah, OK, thanks - much appreciated.

Just remember to religiously keep saving the money that would otherwise have gone on paying off the credit card balance otherwise you may be in for a very expensive shock some months/years down the line when the final card in the chain calls in the debt.

I know it sounds obvious but you'd be surprised how many eventually begin to treat this as a source of free money in the mistaken belief that they can continue to do this indefinitely (despite all the best intentions at the outset). In some ways it's a very dangerous game to play if you are unaware of the strict rules to follow to avoid being stung for charges.

just my two penn'orth

RM

Be prepared to get two cards if the first one offered does not have as much credit as the debt you currently you have. Some CC co.s are very stingy and others are very generous for the same person at the same time.

Yes, I am toying with just paying this off now in March. I have the cash in my account and, well, I am a tight sod. It took me 5 years to go and buy the sofa suite in the first place. I personally think that there is a big recession heading the UK's way after the coming election, (could be wrong and paranoid of course :-)), but I am one of those few rare savers you read about in the papers. But, yes, I heed your warnings. If I can transfer it to another 0% card for 6 or 9 months then my money is earning interest in the bank. I am, however, concerned about hidden charges, as mentioned earlier in the thread, from my current Sainsburys card or any new one... but that does not appear to be a problem if I get a new 0% transfer deal one.

"Alex" wrote

Why don't you like MBNA? IME, they are the easily one of the best for 0% transfers :- (i) the fee is only 35 for larger transfers, which can be much, much less than 2%; (ii) you can transfer direct to your bank a/c; (iii) they regularly ask you to take further 0% deals after finishing an earlier one; and (iv) the minimum monthly payment can be just 5 regardless of balance (which makes the most of the 0% deal for the time allowed).

Without a hint of irony, "Tim" astounded uk.finance on 14 Jan

2005 by announcing:

Oh, I'm not disputing any of that. Keep strictly within the Ts&Cs and you're fine. It's what they do when things don't quite go according to plan.

I just had 25 charges and the 0% rate cancelled because the DD I'd set up TWICE on their online system had failed to register and I'd carelessly forgotten to keep an eye on my 3rd payment*. The first girl was quite helpful in refunding the 25 and manually setting up the DD. The "customer loyalty" line (an oxymoron if ever there was one) was another story. The initial contact refused point blank to discuss reinstating the 0% period even though she agreed MBNA were partly to blame. I informed her I was fully aware that they could reinstate the offer and was curious as to why they were unwilling to do so in this case.

It took 10 minutes talking to a manager before they agreed to reinstate the offer.

That's my most recent personal experience. A lot of people I know who have had MBNA accounts have had run-ins with them as well; more than with most other CC companies who tend to be a lot more flexible. Like I said, beware of MBNA. Don't necessarily avoid, just beware.

*Yes, I AM aware that I should have checked the statement and made sure I had confirmation.

"Alex" wrote

That's not my experience, and I've held MBNA card(s) for over ten years - I'd heartily recommend them.