My partner has 2 credit cards, one with a balance of 550 and one with
1100. The first card (Smile) are offering 6 months 0% so he transferred the
550 to the second card (Egg) with the intention of transferring the whole lot back to Smile. I assume there is nothing wrong with doing this. What I wanted to know is would it beneficial in anyway to transfer more from Egg and put that card into credit for 6 months? He will still continue to make purchases but will use Egg rather than Smile so all payments will go to reducing that balance. If Egg is in credit, will that be like using it interest free?
For extra information, his limits are 2900 with Smile and 3800 with Egg, what's the best thing to do to take advantage of this 6 month offer. He pays the min amount every month and makes other payments as and when between 100 and 300.
Are you sure Smile is offering 0% on a card that is already issued? Normally this only happens as an introductory offer on a new card (although MBNA has broken this 'rule').
Copied from the email they sent. It says it excludes transfers from smile and other co-op cards but seeing as the money has gone to Egg and then will go back to Smile that doesn't count?? You're already getting a great deal with your award-winning smile Visa credit card. Not only do you get an excellent standard variable rate and
0.5% cashback* on every purchase you make with your card, but now it's got even better still.
0% p.a. balance transfer for 6 months Transfer the balance from any of your credit or store cards** to your smile Visa credit card before Friday 19th December and you'll pay no interest on it for 6 months. You'll then revert back to a low standard rate of 11.8% p.a. (10.2% APR) (variable)?.
Alternatively, if you open an award-winning smile current account, then you'll get a special reduced rate of 9.9% p.a. (8.6% APR) (variable) on your smile Visa credit card.
It's simple to transfer your balance too. Just log into your account at
formatting link
click on 'customer services' and then 'transfer credit card balance to smile' - simple as that. On top of all that, with your smile Visa credit card having been voted best credit card at the Guardian Consumer Finance Awards for the past two years running - you can be reassured that you're better off being with smile!
** Offer excludes balance transfers from smile and other credit cards issued by The Co-operative Bank p.l.c. and transfers by way of credit card cheque. All balance transfers must be done within your credit card limit. All interest rates and APR's are variable except the balance transfer rate of 0% p.a., which is fixed for 6 months from the date of balance transfer in respect of balances transferred between 10th November and 19th December
2003. ? Rate for purchases is 11.8% APR (variable) or 9.9% APR (variable) for smile current account customers. The 11.8% APR rate will only take effect from Monday 8th December, your current smile Visa credit card rate of 9.9% APR will remain until this date following a 30 day notice period given by smile. Written quotations are available on request from smile at P.O. Box 600. Delf House, Skelmersdale, WN8 6GF. Interest rates are correct as at 10th November
2003. Credit facilities are provided by The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester, M60 4EP, are subject to status and are not available to non-UK residents or anyone under 18 years of age. We reserve the right to decline any application.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.