2 year 0% balance transfer credit card with low 1.5% fee @ Lloyds/BoS
465°Expired

2 year 0% balance transfer credit card with low 1.5% fee @ Lloyds/BoS

55
Found 10th Oct 2013
Both Lloyds and Bank of Scotland have 24 month 0% balance transfer credit cards with a reduced fee of 1.5% (usually 3%).

The balance transfer needs to be completed within 90 days of account opening. The balance transfer fee refund of 50% will be credited within 60 days of the qualifying balance transfer.

If you apply and get accepted via comparethemarket you can get a FREE Meerkat toy. If you go via moneyexpert.com (not MSE) you can get £25 cashback

Representative APR: 17.9% APR (variable)

55 Comments

Original Poster

Lloyds 24 month balance transfer 0% credit card - 1.5% fee lloydsbank.com/cre…asp

Bank of Scotland 24 month balance transfer 0% credit card - 1.5% fee bankofscotland.co.uk/cre…rd/

If you are unsure you will be accepted for these cards, use the MSE pre application check:

Lloyds creditcards.moneysavingexpert.com/?rzgla
Bank of Scotland creditcards.moneysavingexpert.com/?sauxc

This is not pre approval but gives you the likelihood of getting accepted without impacting your credit rating.
Edited by: "Chanchi32" 10th Oct 2013

Original Poster

If you want a cheaper balance transfer credit card and can pay back within a year the Fluid card offers 12 month 0% balance transfer for a 0.75% fee fluid.co.uk/low…rd/ (Fluid is issued by MBNA)

Edited by: "Chanchi32" 10th Oct 2013

Thanks will book into it.

to me,this is a bank to be avoid.bad history with them

Their security is very weak.
Edited by: "ag248" 10th Oct 2013

Original Poster

ag248

to me,this is a bank to be avoid.bad history with them



If you don't like Lloyds you could always go for Barclaycard. A potential option for a long balance transfer with a low fee is the 27 month 0% Balance Transfer credit card (2.49% fee)

barclaycard.co.uk/per…fer

ag248

to me,this is a bank to be avoid.bad history with themTheir security is … to me,this is a bank to be avoid.bad history with themTheir security is very weak.


Tell us
a) which bank, and
b) how their security is weak.

If you can't then it just looks a bit like trolling.

Nothing hot about this in my opinion.

You're paying 1.5%, regardless of the length of the loan. That's 1% higher than Bank of England base rate.

Call it 0% all you like, it's always going to be at least 1.5% more than that - even if you clear the balance after a week. The quicker you pay this off, the worse value it gets.

Juggling credit cards is a mugs game and should always be avoided.

cheapest way to borrow money for two years right now!

ro53ben

Nothing hot about this in my opinion.You're paying 1.5%, regardless of … Nothing hot about this in my opinion.You're paying 1.5%, regardless of the length of the loan. That's 1% higher than Bank of England base rate.Call it 0% all you like, it's always going to be at least 1.5% more than that - even if you clear the balance after a week. The quicker you pay this off, the worse value it gets.Juggling credit cards is a mugs game and should always be avoided.



I don't follow....

Where can you payback let's say 5k over 2years cheaper?

nice deal

For the journey...

Is there any credit cards available that new purchases will be 0% for about 1 Year?

Debt, debt, debt. OMG.

Are there still people out there spending money they don't have on things they don't need on credit cards? Haven't you learned anything? oO

ro53ben

.Juggling credit cards is a mugs game and should always be avoided.


That's all very well if you are in credit, but there are many people out there who live on the edge of solvency, and for them, this sort of card is an absolute necessity. I just applied for the Natwest one with 15 months 0%. I thought that was good. I have transferred a balance of roughly £1000, so instead of paying the 15% monthly my current card will charge on anything I don't pay, I now pay a one off charge of 1.5% and get the next 15 months to pay it off. Make sense to me.

Original Poster

bauk

Is there any credit cards available that new purchases will be 0% for … Is there any credit cards available that new purchases will be 0% for about 1 Year?



If you just want a purchase card, the best purchase card in terms of length is the Tesco card with 0% on purchases for 18 months tescobank.com/cre…tml

If your looking for purchases and balance transfer, the best card currently on the market is the Halifax all in one card with 0% on purchases for 15 months and 0% on balance transfers for 15 months (0.8% fee)
halifax.co.uk/cre…ll/

Hope that helps

Since we're on the topic and I have no idea who else to ask:

Looking to get my first ever credit card to bump up credit rating for future house purchase.
I intend to use it for daily purchases and clear any debts every month (i.e. replace my debit card)
Is this what you mean by a "purchase card"? Where's the best place to go? I have no intention of using it to make purchases I wouldn't normally be able to afford.

Also I've been told I have a zero credit rating. Not good. Not bad. Is there anything I should do prior to applying for a credit card?

Sorry if these are annoyingly stupid questions, but sometimes it's nice to have these things explained by people who aren't trying to sell you stuff. That I'm embarassed by my ignorance and asking online is easier.
Edited by: "moonkeh" 11th Oct 2013

ro53ben

Nothing hot about this in my opinion.You're paying 1.5%, regardless of … Nothing hot about this in my opinion.You're paying 1.5%, regardless of the length of the loan. That's 1% higher than Bank of England base rate.Call it 0% all you like, it's always going to be at least 1.5% more than that - even if you clear the balance after a week. The quicker you pay this off, the worse value it gets.Juggling credit cards is a mugs game and should always be avoided.


Err, no it isn't actually. BoE base rate is 1% per annum, this is 1.5% over 2 years which equates to 0.747% per annum.

Even if it were 1.5% per annum, when did you last see any loan offered on those terms? Most around around 5.5%-8.5% depending on the amount and credit history.

If you have a decent income and credit history (and thus are rewarded a high credit limit) this could work out very good value if you have alot of debt you want to consolidate onto cheaper terms.

Your point about the 1.5% being fixed so you're always going to have paid at least that, and the quicker you pay the balance off the worse the deal gets is certainly not incorrect, but that is using the deal in its worst way, which no-one in their right mind would do. You would service the debt by setting up a DD for the minimum payment and leave the card in a drawer not to be used. Then clear the remaining balance at the end of the 0% period.

backtothecaves

That's all very well if you are in credit, but there are many people out … That's all very well if you are in credit, but there are many people out there who live on the edge of solvency, and for them, this sort of card is an absolute necessity. I just applied for the Natwest one with 15 months 0%. I thought that was good. I have transferred a balance of roughly £1000, so instead of paying the 15% monthly my current card will charge on anything I don't pay, I now pay a one off charge of 1.5% and get the next 15 months to pay it off. Make sense to me.



Paying a smaller fee for money you don't have is cheaper than paying a larger fee for money you don't have. Well done.

So now you'll only pay ~£15 for the privilege, instead of the £150+ you would have paid with the old card.

What you fail to see is that the new card isn't good...the old card was just worse.

To put it another way, you're still paying £1/mth more than you needed to.

Chanchi32

If you just want a purchase card, the best purchase card in terms of … If you just want a purchase card, the best purchase card in terms of length is the Tesco card with 0% on purchases for 18 months http://www.tescobank.com/creditcards/clubcc/index.htmlIf your looking for purchases and balance transfer, the best card currently on the market is the Halifax all in one card with 0% on purchases for 15 months and 0% on balance transfers for 15 months (0.8% fee)http://www.halifax.co.uk/creditcards/landing/dual-offer-card-all/Hope that helps




Thank you so much. Just looking at options of paying outright or spread the cost over a period if it is 0%.... I have nothing to lose as there is no interest unless I go over the term.

crgritchie

Err, no it isn't actually. BoE base rate is 1% per annum



Wrong! It's been 0.5% since March 2009.

bbc.co.uk/new…495

bauk

Thank you so much. Just looking at options of paying outright or spread … Thank you so much. Just looking at options of paying outright or spread the cost over a period if it is 0%.... I have nothing to lose as there is no interest unless I go over the term.



If you've got the money, pay in full now. If you haven't, save up first.

ro53ben

Paying a smaller fee for money you don't have is cheaper than paying a … Paying a smaller fee for money you don't have is cheaper than paying a larger fee for money you don't have. Well done.So now you'll only pay ~£15 for the privilege, instead of the £150+ you would have paid with the old card.What you fail to see is that the new card isn't good...the old card was just worse.To put it another way, you're still paying £1/mth more than you needed to.

So I can get a loan for a thousand pounds at a better rate can I? Please show me where.

backtothecaves

So I can get a loan for a thousand pounds at a better rate can I? Please … So I can get a loan for a thousand pounds at a better rate can I? Please show me where.



If you can afford the £67+ per month repayments, you didn't need to borrow in the first place. You threw about £10/mth away on the original card, likely more. If you didn't throw you money down the drain and saved instead, you'd be wealthier in the long term.

e.g. don't waste £80/mth on credit card payments, put it in your savings account.

ro53ben

Nothing hot about this in my opinion.You're paying 1.5%, regardless of … Nothing hot about this in my opinion.You're paying 1.5%, regardless of the length of the loan. That's 1% higher than Bank of England base rate.Call it 0% all you like, it's always going to be at least 1.5% more than that - even if you clear the balance after a week. The quicker you pay this off, the worse value it gets.Juggling credit cards is a mugs game and should always be avoided.



What!!!
It is 0%, yes there is a fee but that is all you will pay for two years and no other charges, how can this be a bad offer???
Juggling Credit cards is NOT a mugs game its sensible and recommended on many sites, Tv Shows and by experts. How have been doing it for years and not paid a penny in interest payments. Its the Mugs who pay any interest at all. So you carry on, ill keep my balls in the air.
Try doing some homework before you post stupid comments

sirmaggie

What!!! It is 0%, yes there is a fee but that is all you will pay for two … What!!! It is 0%, yes there is a fee but that is all you will pay for two years and no other charges, how can this be a bad offer???Juggling Credit cards is NOT a mugs game its sensible and recommended on many sites, Tv Shows and by experts. How have been doing it for years and not paid a penny in interest payments. Its the Mugs who pay any interest at all. So you carry on, ill keep my balls in the air.Try doing some homework before you post stupid comments



They created APR/AER to avoid confusion for people like you. The APR includes fees/charges. You'll see for this deal it is 17.9%, not 0%. It is illegal to market a 0% credit card that attracts fees as 0% APR as it isn't.

Money experts recommend that people move debt away from high interest rate store cards etc. Nobody recommends the use of credit cards at all.

Mugs are indeed the ones who pay interest, there are no deals cheaper than not borrowing at all. Mugs also pay fees for credit though.

Juggle all you like, feel like your beating the system, it only takes one change of circumstances and it all comes tumbling down.
Edited by: "ro53ben" 11th Oct 2013

Original Poster

moonkeh

Since we're on the topic and I have no idea who else to ask:Looking to … Since we're on the topic and I have no idea who else to ask:Looking to get my first ever credit card to bump up credit rating for future house purchase.I intend to use it for daily purchases and clear any debts every month (i.e. replace my debit card)Is this what you mean by a "purchase card"? Where's the best place to go? I have no intention of using it to make purchases I wouldn't normally be able to afford.Hi Moonkeh, not to worry I will reply soon in full on this when hAlso I've been told I have a zero credit rating. Not good. Not bad. Is there anything I should do prior to applying for a credit card?Sorry if these are annoyingly stupid questions, but sometimes it's nice to have these things explained by people who aren't trying to sell you stuff. That I'm embarassed by my ignorance and asking online is easier.



moonkeh

Since we're on the topic and I have no idea who else to ask:Looking to … Since we're on the topic and I have no idea who else to ask:Looking to get my first ever credit card to bump up credit rating for future house purchase.I intend to use it for daily purchases and clear any debts every month (i.e. replace my debit card)Is this what you mean by a "purchase card"? Where's the best place to go? I have no intention of using it to make purchases I wouldn't normally be able to afford.Also I've been told I have a zero credit rating. Not good. Not bad. Is there anything I should do prior to applying for a credit card?Sorry if these are annoyingly stupid questions, but sometimes it's nice to have these things explained by people who aren't trying to sell you stuff. That I'm embarassed by my ignorance and asking online is easier.



I will reply soon on this, not to worry :).

moonkeh

Since we're on the topic and I have no idea who else to ask:Looking to … Since we're on the topic and I have no idea who else to ask:Looking to get my first ever credit card to bump up credit rating for future house purchase.I intend to use it for daily purchases and clear any debts every month (i.e. replace my debit card)Is this what you mean by a "purchase card"? Where's the best place to go? I have no intention of using it to make purchases I wouldn't normally be able to afford.Also I've been told I have a zero credit rating. Not good. Not bad. Is there anything I should do prior to applying for a credit card?Sorry if these are annoyingly stupid questions, but sometimes it's nice to have these things explained by people who aren't trying to sell you stuff. That I'm embarassed by my ignorance and asking online is easier.



It's always a good idea to build up a credit rating, clearing the debt each month is essential.

If you've genuinely had no credit before, not even a mobile phone contract, it may be best to get a card from your bank - the same one that issues your debit card. You at least have a background with them and they understand your financial circumstances, regular bank balance etc.

Get one from them, use it for a while to build up a credit record and then perhaps apply for a card from another issuer - perhaps somebody that gives you an incentive, like Tesco with clubcard points or similar. I'm currently considering an Amazon card as I make a lot of purchases with them these days.

Some fools in this thread. Rather than advising people to turn back time and not get into debt, why not offer them cheaper alternatives of managing their debt and stop preaching?

Do these two cards allow transferring the money into a debit card?

wywywywy

Do these two cards allow transferring the money into a debit card?



No. That would be a cash advance and cost even more.

ro53ben

No. That would be a cash advance and cost even more.



So no chance of stoozing?

wywywywy

So no chance of stoozing?



You can, no need to transfer to a debit card for that. I think you are misunderstanding how it works. Many do, which is why they spend their time juggling from card to card and paying fees they didn't need to.

Original Poster

wywywywy

Do these two cards allow transferring the money into a debit card?



If you are looking to do a money transfer e.g transfer money from your credit card to your bank account, then you may want to try the MBNA 2 year balance transfer card. You can get 0 percent for 24 months on money transfers for a 4 percent fee

mbna.co.uk/cre…34U

Was going to pay off a £9400 debt on a Virgin card on Jan 1st 2014, as I was saving enough to get that paid when my 20 month 0% deal (3% fee ended) (They let you add the fee to the loan)
Now thinking if I could get this card at 0% with the 1.5% fee, it would cost me £141, spread over 2 years.... hmmm.

I could leave that money in the bank and earn interest, but would it be worth the hassle?

- Just been thinking - its better to be as debt free as possible, for the sake of £20-£30 profit...

Edited by: "cxxr" 11th Oct 2013

ro53ben

Wrong! It's been 0.5% since March … Wrong! It's been 0.5% since March 2009.http://www.bbc.co.uk/news/business-24471495


You're right - I just took your 1% as the per annum rate. But that doesn't invalidate my post, so they (Lloyds) are charging 0.247% above the BoE base rate.
Unless you have some sort of deal with Mark Carney to lean you money at that rate directly, or you own your own bank, then show me where you can get a loan (or even a mortgage, which are generally cheaper than personal loans) at that rate? Someone pointed out the fluid card at 0.75% for 1 year which approximates to this and is a hot deal in its own right, but this still beats that one slightly unless you're definitively paying off the balance after 12mths and don't want/need the extra time.

ro53ben

You can, no need to transfer to a debit card for that. I think you are … You can, no need to transfer to a debit card for that. I think you are misunderstanding how it works. Many do, which is why they spend their time juggling from card to card and paying fees they didn't need to.



How else can you get it into a saving account if you don't balance transfer to a bank account first?

ro53ben

Money experts recommend that people move debt away from high interest … Money experts recommend that people move debt away from high interest rate store cards etc. Nobody recommends the use of credit cards at all.Mugs are indeed the ones who pay interest, there are no deals cheaper than not borrowing at all. Mugs also pay fees for credit though.



Thing is, you're comparing the attractiveness of this deal with not borrowing at all and simply being in credit all of the time. Aside from the fact that some people might not have that luxury, it's not comparing apples with apples.

This is a cheap source of credit - if someone thinks that there are much cheaper sources then vote cold and point out the alternative - but to offer the alternative of not borrowing at all isn't really the point. You'd be as well going on every thread on this site and posting "Cheaper to not buy anything at all, keep your money in the bank" at that rate, or voting a cheap car cold on the grounds it's still thousands of pounds more than walking, cycling or getting the bus.

Original Poster

moonkeh

Since we're on the topic and I have no idea who else to ask:Looking to … Since we're on the topic and I have no idea who else to ask:Looking to get my first ever credit card to bump up credit rating for future house purchase.I intend to use it for daily purchases and clear any debts every month (i.e. replace my debit card)Is this what you mean by a "purchase card"? Where's the best place to go? I have no intention of using it to make purchases I wouldn't normally be able to afford.Also I've been told I have a zero credit rating. Not good. Not bad. Is there anything I should do prior to applying for a credit card?Sorry if these are annoyingly stupid questions, but sometimes it's nice to have these things explained by people who aren't trying to sell you stuff. That I'm embarassed by my ignorance and asking online is easier.



No problem.

Firstly, in terms of improving your credit rating here's a few links on some tips to improve this covering various items including your credit report
barclaycard.co.uk/per…dit
capitalone.co.uk/cre…jsf
moneysavingexpert.com/cre…rds

Secondly, there are a number of providers that offer new to credit products. The main players are Capital One, Vanquis, Aqua Card (SAV) and Barclaycard. Each provider has a different scorecard to accept/decline new applicants. Generally Capital One have a higher risk appetite than the other providers. Always look to pay in full as these have a high APR . Before you apply for any of these cards, you should use the MSE pre application check service which gives you the likelihood of being accepted without impacting your credit rating
creditcards.moneysavingexpert.com/?ba…dit

Something you may want to consider in the future is Barclays new to credit product. By opening a bank account with Barclays and paying your salary you can apply for their credit card. Here's a link for more info barclaycard.co.uk/per…her

I hope this helps and let me know if you have any further questions.

I just applied for this card, they would only give me £1600 so I cancelled, then I tried with Barclaycard, they gave me £12,900, bingo!!!
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