Banks still giving away free money?

[NorthWestPerm2Contr]

Thinking of getting a comfy contractormobile and while I have the money there I want to keep my warchest healthy in case of downtime. I had a look at the latest bank transfer credit cards on offer and I was shocked. 29 months @ 0% with a 4% fee. That works out at 1.65% APR. is that not classified as free money?!

Looks like the cheapest loan one can get.....

Is this not symptom of the same disease we had before the crash?

[northernladuk]

Wait till you see the credit limit they will lumber you with though..... Next to bloody useless.
And you can't transfer it to current accounts so will have to pay for whatever on the credit car which will normally incur a 5% charge.

They are not that stupid.

[NorthWestPerm2Contr]

Wait till you see the credit limit they will lumber you with though..... Next to bloody useless.

Actually I have opened an account with these guys several times. Usual credit limit is around 10k. Last time I managed to get 15k out of them.....

I tend to annualise my day rate rather than quote my accounts.

[northernladuk]

Actually I have opened an account with these guys several times. Usual credit limit is around 10k. Last time I managed to get 15k out of them.....

I tend to annualise my day rate rather than quote my accounts.

Good luck with that. I applied for the Barclaycard with 2 year period and they gave me 2.5k. There are different limits applied to different cards. They will be a lot more nervous about giving you large credit on products that you will obviously use just to transfer it all out.

Editing my comment about paying for whatever on the card as well.

[d000hg]

Is that 0% on the transferred balance only?

[NorthWestPerm2Contr]

Good luck with that. I applied for the Barclaycard with 2 year period and they gave me 2.5k.

Editing my comment about paying for whatever on the card as well.

MBNA credit cards I am talking about - 29 month interest free with a 4% fee. Can transfer straight to account. Don't tell too many people about it though.....

I never get less than 8k on credit cards. I close down accounts before opening new ones.

[NorthWestPerm2Contr]

Is that 0% on the transferred balance only?

Here is how it works:

1) Open credit card account.
2) Transfer e.g. £10,000 to your current account
3) Fee of £400 gets added onto that so you have £10,400 to pay over 29 months
4) Make minimum payments or setup however much you want to pay by direct debit
5) End of term pay it off or transfer it to another 0% interest free deal
6) Sit back and enjoy free money

Last time I did this was to bring down my mortgage interest rate. Was able to transfer 13k to my account. awesomeness

[northernladuk]

MBNA credit cards I am talking about - 29 month interest free with a 4% fee. Can transfer straight to account. Don't tell too many people about it though.....

I never get less than 8k on credit cards. I close down accounts before opening new ones.

Interesting. I had over 20k credit from MBNA back in the rate chasing days with 0% interest with no charge and used it to buy my first flat. It did indeed allow transfers to current accounts. I applied back to them many years later and they said no. Might have a look at that again if they have reverted back.

[NorthWestPerm2Contr]

Interesting. I had over 20k credit from MBNA back in the rate chasing days with 0% interest with no charge and used it to buy my first flat. It did indeed allow transfers to current accounts. I applied back to them many years later and they said no. Might have a look at that again if they have reverted back.

Here you go:

Money Transfer: Shift loans or overdrafts - Money Saving Expert

[northernladuk]

Here you go:

Money Transfer: Shift loans or overdrafts - Money Saving Expert

Might have a look at this. Tried get back in to rate chasing a couple of times over the last decade and it's just been a non starter due to the only people offering any decent length of time wouldn't allow transfers to current accounts and the credit limits were paltry. I still can't believe these will be much different but might be worth a further sniff.