0.8% balance transfer fee and 0% interest for 24 months on TSB credit card - save £1,400 on £5k balance transfer
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0.8% balance transfer fee and 0% interest for 24 months on TSB credit card - save £1,400 on £5k balance transfer

34
Found 10th Feb 2014
Bear with me on this one. Spoke to TSB bank today and they offered me a credit card with balance transfer fee of 3% reduced by nearly 75% and interest free on purchase and transfer for 13 months.

I'm guessing the 13 months was account specific but if you look online at the moment they have balance transfer credit card available for 0,8% (3% but with 73% refunded) and it's then interest free for 15 months or 24 months (dependant on the card you take out).

Ideal if you have a card elsewhere with a big balance and you want to save a few quid. and spread the cost over 24 months.

With £5k owing on a typical 17% credit card you'd save nearly £1,400 in interest charges over 2 year period.

Probably loads of these deals around at the moment but this one seemed pretty good?

34 Comments

Will this one let you do a balance transfer to your current account ? It has been a long time since I did one of these, and used to keep the money in a savings account earning interest.
Edited by: "happymanuk" 10th Feb 2014

happymanuk

Will this one let you do a balance transfer to your current account ? It … Will this one let you do a balance transfer to your current account ? It has been a long time since I did one of these, and used to keep the money in a savings account earning interest.



Doubt it.
I remember 10 years ago when that was possible. CARD TART I think it was called. MBNA were brilliant for allowing it.

Thanks to the OP for the post. Am away to apply for this. I still have a TSB SPEEDBANK card from 1990. Liked the bank. Card kept for nostalgic reasons.

Original Poster

happymanuk

Will this one let you do a balance transfer to your current account ? It … Will this one let you do a balance transfer to your current account ? It has been a long time since I did one of these, and used to keep the money in a savings account earning interest.



Not sure - have checked T&C's and couldn't see anything that would stop you but a quick call to local branch might confirm?

Like the sound of that - especially if you link it to something like First Direct regular saver paying 6% AER:

www1.firstdirect.com/1/2…unt

You'd be quids in saving not even using your own money!

happymanuk

Will this one let you do a balance transfer to your current account ? It … Will this one let you do a balance transfer to your current account ? It has been a long time since I did one of these, and used to keep the money in a savings account earning interest.


This is how I do it time and again

imagine you have a credit card xyz with say £2000 limit and its all paid off and it's in 0 balance

Stage 1
. Apply for this card and tell them you have say £3000 balance on your xyz card. They will transfer the amount you requested in this scenario £3000 to xyz card.

Stage 2.

Your xyz card is in +ve balance of £3000.00 it's your money ask them to tranfer it to your bank account direct transfer or cheque. (worst case close xyz account they will have to pay you before they close it.

Ah it's not both though is it.

0.8% fee on the 15m transfer card
1.5% fee on the 24m transfer card

Do you have to have a first class credit rating?

Original Poster

thelatics

Ah it's not both though is it.0.8% fee on the 15m transfer card 1.5% fee … Ah it's not both though is it.0.8% fee on the 15m transfer card 1.5% fee on the 24m transfer card



Hadn't spotted the difference - it amounts to an extra £35 on £5k balance transfer though - still saves a shedload of cash over 15 months or 24 months.

rebeccajack15

Do you have to have a first class credit rating?



Yes you need a spot on credit rating for this particular card
Edited by: "bigben1983" 10th Feb 2014

Original Poster

rebeccajack15

Do you have to have a first class credit rating?



Don't know - if you look online it does say that different interest rate would be charged dependant on your credit rating.

If you are balance transferring though and then going to pay it off after 2 years (or 15 months) then you wouldn't be bothered about the interest they were going to charge!

bigben1983

Yes you need a spot on credit rating for this



Different from any other credit card?

ichayan

This is how I do it time and againimagine you have a credit card xyz … This is how I do it time and againimagine you have a credit card xyz with say £2000 limit and its all paid off and it's in 0 balanceStage 1. Apply for this card and tell them you have say £3000 balance on your xyz card. They will transfer the amount you requested in this scenario £3000 to xyz card. Stage 2.Your xyz card is in +ve balance of £3000.00 it's your money ask them to tranfer it to your bank account direct transfer or cheque. (worst case close xyz account they will have to pay you before they close it.



Works 100%, comment should be a sticky or at least "liked" to the top of the thread... you can also then move the % free cash around your various "cashback" back accounts [eg: santander 123] to make some more £ with the use of the positive balance interest free loan!

Aren't these cards £1200 credit limit? Is it possible to transfer a £8000 balance to something like this?

Just checked with my Lloyds Amex Card customer services. They said they would not be able to credit the current account with any over payment through balance transfer as its a balance transfer payment. I would have to contact TSB and ask them to recall that money back to TSB account

I have a Tesco Credit Card that allows transfers to a bank account as normal, it's option in the online banking. It's not uncommon. Transfer the balance to that card, then onto the current account.

the only card that allowed a positive balance was egg ..But I think they stopped that now

Nuff Said

the only card that allowed a positive balance was egg ..But I think they … the only card that allowed a positive balance was egg ..But I think they stopped that now



Eh? I've put loads of my cards in credit when overpaying, where have you got that from?

jazlabs

Eh? I've put loads of my cards in credit when overpaying, where have you … Eh? I've put loads of my cards in credit when overpaying, where have you got that from?

When I tried this, I was told it was against T&C to put my c/c into credit, as someone else said, I was told that the only way to withdraw the credit monies was for the c/c company to return payment to originating bank. From memory, I think it was a Tesco Credit card.

jazlabs

Eh? I've put loads of my cards in credit when overpaying, where have you … Eh? I've put loads of my cards in credit when overpaying, where have you got that from?

yeh i got fifty pence in positive on my santander.......

I work the interest saving to be £933 so the OP is misleading.

Depends what interest rate you are paying elsewhere, !!

rebeccajack15

Do you have to have a first class credit rating?


I thought that too, but my credit score was 2/5 with noodle and I decided to give it a go, (before I pay two credit cards balances in full to keep in saving), and I applied for the Lloyds Platinum 24month 0% BT at 1.5% fee last summer and I was accepted unexpectedly for a respective 10k limit! The highest limit I've ever had. So it doesn't matter if your credit score isn't that high, it depends on your circumstances, credit history, and who you bank with and not only your credit score.

Very misleading title if the 0.8% fee was for only 15 month 0% on BT and not for 24 month was posted. And it will be similar to loads of offers from other banks, e.g. Barclaycard has an offer of its credit card and gives 25 month 0% on BT for only 1.5% after refund, which make it even better with 1 month longer than this one.

Misleading title and wrong information as:
"We will refund 73% of your 3% balance transfer fee - so overall a 0.8% fee is payable" for the 15 month BT card.
"We will refund 50% of your 3% balance transfer fee - so overall a 1.5% fee is payable" for the 24 month BT card.

popoyaya

Aren't these cards £1200 credit limit? Is it possible to transfer a £8000 … Aren't these cards £1200 credit limit? Is it possible to transfer a £8000 balance to something like this?


The £1200 is only an example, but for Balance Transfer, most credit cards allow you to transfer 95% of your credit limit, so if they give you £10,000 credit limit you can only transfer £9,500.

pinkmonkey

When I tried this, I was told it was against T&C to put my c/c into … When I tried this, I was told it was against T&C to put my c/c into credit, as someone else said, I was told that the only way to withdraw the credit monies was for the c/c company to return payment to originating bank. From memory, I think it was a Tesco Credit card.



Fair enough, I guess they may care a bit more if it's a lot of money, but I've often put one in credit up to £20 and they've never said anything, they either return money as cheque or bank transfer when you close the account. There definitely doesn't seem to be any automated catch for this.

Amerviv

The £1200 is only an example, but for Balance Transfer, most credit cards … The £1200 is only an example, but for Balance Transfer, most credit cards allow you to transfer 95% of your credit limit, so if they give you £10,000 credit limit you can only transfer £9,500.



Thanks for replying. If you click show details on any of these cards it says credit limit £1200 on all of them. Is that only for example?

moneyexpert.com/cre…fer

Original Poster

popoyaya

Thanks for replying. If you click show details on any of these cards it … Thanks for replying. If you click show details on any of these cards it says credit limit £1200 on all of them. Is that only for example?http://www.moneyexpert.com/credit-cards/zero-balance-transfer



Example only

Amerviv

The £1200 is only an example, but for Balance Transfer, most credit cards … The £1200 is only an example, but for Balance Transfer, most credit cards allow you to transfer 95% of your credit limit, so if they give you £10,000 credit limit you can only transfer £9,500.


Mashman1974

Example only



i see. So it's just a matter of waiting to see what limit they offer when you apply? Can you ask for a certain limit when applying?

Original Poster

popoyaya

i see. So it's just a matter of waiting to see what limit they offer when … i see. So it's just a matter of waiting to see what limit they offer when you apply? Can you ask for a certain limit when applying?



It would be a discussion you had with them on phone/in branch etc. If you are transferring a card to them you would give them a heads up on the amount involved but before doing it they'd credit score etc to determine credit they would be prepared to offer.

Mashman1974

It would be a discussion you had with them on phone/in branch etc. If you … It would be a discussion you had with them on phone/in branch etc. If you are transferring a card to them you would give them a heads up on the amount involved but before doing it they'd credit score etc to determine credit they would be prepared to offer.



So it's better to apply in person/over the phone and not online to get the £25 cashback?

Original Poster

popoyaya

So it's better to apply in person/over the phone and not online to get … So it's better to apply in person/over the phone and not online to get the £25 cashback?




It's up to you - in person/on phone would give you a idea of credit limit quicker (i would imagine)

popoyaya

Thanks for replying. If you click show details on any of these cards it … Thanks for replying. If you click show details on any of these cards it says credit limit £1200 on all of them. Is that only for example?http://www.moneyexpert.com/credit-cards/zero-balance-transfer


It clearly said: "Representative Example: If you borrow £1200......."

Mashman1974

It would be a discussion you had with them on phone/in branch etc. If you … It would be a discussion you had with them on phone/in branch etc. If you are transferring a card to them you would give them a heads up on the amount involved but before doing it they'd credit score etc to determine credit they would be prepared to offer.


You can only decrease the limit if it was too much, however, and with most of them, you can try after 6 month to increase the limit but this is only ideal with the purchases credit cards and not the BT ones. My advice is to enter the maximum amount(s) you wish to transfer from all existing credit cards at the time of the online application, you're more likely to be accepted for the full amount you wish to transfer if you get through the credit check. My wife's first credit card was with Barclaycard 3 years ago, they gave her only £900 credit limit on purchases card, 2 weeks ago I applied for her the 25 month 0% for 1.5% BT fee, (was her 2nd Barclaycard credit card), but I added about 6k to transfer from 2 cards, she was accepted and with more than 12k credit limit which was a shoking figuer, very unexpected from £900 to over 12k!! so try your luck and please let us know.

Amerviv

You can only decrease the limit if it was too much, however, and with … You can only decrease the limit if it was too much, however, and with most of them, you can try after 6 month to increase the limit but this is only ideal with the purchases credit cards and not the BT ones. My advice is to enter the maximum amount(s) you wish to transfer from all existing credit cards at the time of the online application, you're more likely to be accepted for the full amount you wish to transfer if you get through the credit check. My wife's first credit card was with Barclaycard 3 years ago, they gave her only £900 credit limit on purchases card, 2 weeks ago I applied for her the 25 month 0% for 1.5% BT fee, (was her 2nd Barclaycard credit card), but I added about 6k to transfer from 2 cards, she was accepted and with more than 12k credit limit which was a shoking figuer, very unexpected from £900 to over 12k!! so try your luck and please let us know.



Great info here, cheers. Do you know if it's possible to transfer an overdraft onto one of these cards?
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