Probably limited takers but...
I have just opened a Post office CC with 14 months 0% BT at 2.98% handling fee (Hopefully £30 Quidco too). I did a BT online from Barclaycard when applying but it did not go through due to technical problems and I just rung them to find out why. It turns out they can not process BT's from some institutions but will do a cash transfer into your current account at the same rate and terms. So £4k cash over 14months for £119 - Cheap loan? or stick in ISA and get a few pennies from the difference!
All comments (56)
MackTheGun
15 Mar 12#1
*Saved for later*
archer1204
15 Mar 12#2
When i took the post office cc i got £50 quidco it took ages to get from quidco but they did pay out eventually.When the post office sent the pin the envelope turned up with a big chunk of out the letter .They tried to say was the sorting machine but when they looked at it you could see someone had torn around the pin.They then paid £15 for the inconvenience thats what they called it.As for the card its still sitting in my draw.
cau96176
15 Mar 12#3
Good to know - I've just had the letter telling me they couldn't do a virgin transfer
cau96176
15 Mar 12#4
Good to know - I've just had the letter telling me they couldn't do a virgin transfer
ourdave
15 Mar 121#5
it'll probably be because it's the same underlying bank.
There's loads of MBNA underpinned credit cards that don't let you do bank transfers from one to another.
Sarah7
16 Mar 12#6
Post Office CC isn't MBNA. At least, mine isn't; it's Bank of Ireland.
android_36
16 Mar 12#7
Yep Sarah7 is correct PO CC = Bank of Ireland
tam_mo
16 Mar 12#8
We are currently experiencing some technical difficulties with our site
Please bear with us while we are try to fix it as quickly as possible.
taffy1719
16 Mar 12#9
yes i think it's bank of ireland uk. this was posted before and it said when you apply use branch code 1524054 to track the quidco. well it worked for me, took alittle while for quidco payment but eventually got £50.
freccle
16 Mar 12#10
I suppose this is only for new customers? I have a PO credit card I've not used for months (only got it for cheap holiday spending)
HereKittyKitty
16 Mar 12#11
Post Office = Bank of Ireland
Virgin = MBNA
Barclaycard = Barclays
I don't see why balance transfers shouldn't be allowed between them
Also, it's worth pointing out that Virgin let you do money transfers as well. I don't know if the money transfer rate is the same as the card balance transfer rate for new customers (0% APR for 20 months (2.99% handling fee)) but they're certainly pretty keen on offering them to existing customers and the rates are very good (as an existing customer, I've just been offered 0% on money transfers for 13 months with a 4% handling fee)
Trickytimes to HereKittyKitty
16 Mar 12#16
MBNA has just changed their T's & C's and are now introducing a 5% fee for transferring cash from your card to your current account.
ReflexReact
16 Mar 12#12
Very handy to know - it's a VERY cheap loan!
ednamay78
16 Mar 12#13
All post office products are part of the bank of ireland and great for holiday spending
rolo28
16 Mar 12#14
I have conducted a BT from Virgin to PO in the past. - no problems
c00li0
16 Mar 12#15
Surely it can be a cheap loan regardless of whether they do the transfer or not.
For example, pick a card with no debt on it, ask for a BT, then when your card shows in credit, ask that cc company to issue a cheque for the credit.
pet2000
16 Mar 121#17
how is £119 for a £4000 loan cheap? surely it would be better to spend your money after you've saved up £4000 @ £0 cost, plus accumulated interest over the time you save.
BobbyMcDougall to pet2000
16 Mar 121#18
If the person needs the money now then it is a cheap alternative to a traditional loan. As long as you clear the balance by 12 months of course.
mymymy to pet2000
16 Mar 12#21
£119 is cheaper than the interest would work out.
mattgra to pet2000
16 Mar 121#23
God I hate self-righteous comments like this...
ssjkudos to pet2000
16 Mar 12#26
You're right that saving is almost always better than borrowing, however if you chuck it in a ISA for the 14 months and then pay it off you'll be up for a few quid.
Alternatively, if your car irreparably breaks down or you need a extra cash for a deposit on a house or something this is one of the best ways to raise cash.
Or even better, chop it off your mortgage if it's anything like mine (~6%) over the course of the 14 months I'd save £140 (plus cash back).
m5rcc
16 Mar 12#19
Old news.....basic arbitrage here
mymymy
16 Mar 12#20
I have a Virgin Money loan that needs to be paid off by the end of the next month. It was a 14 month loan with 2.8% handling fee. I was going to pay it off, can i get this one out and start again?
chester123 to mymymy
16 Mar 12#22
Yes
slkluv
16 Mar 12#24
does anyone know whether Bank of Scotland credit card falls into this category????
r1mmm3r
16 Mar 12#25
Not sure i understand.
If I have £4000 on a credit card (virgin for example) I can open a PO credit card and instead of transfering the balance they will give me £4000 cash?
Wouldn't that just mean I'd doubled my debt?
slkluv to r1mmm3r
16 Mar 12#27
I have an outstanding loan of about £3000 and I am paying interest on it. So if I workout this would be super cheap compared to my current one I can probably save over £100. I will pay off my existing loan and can reduce my monthly interest.
dhope
16 Mar 12#28
Not just self righteous but ill informed. If you can borrow at 3% and lend at >3% (/pay down a 6% mortgage) then it's free money. Feel free to save another £4k over the same time if you're able.
cameronjac
16 Mar 12#29
quite a few cards do this in order to repay overdrafts but they dont check if youve actually got an overdraft lol
dolphin28
16 Mar 12#30
I don't understand that a loan of £4000 over 14 months is £119.00 a month?
zararh to dolphin28
16 Mar 12#36
If you goto Martin Lewis website, you might understand the situation a bit better
slkluv
16 Mar 12#31
can someone help me out here please..... I tried to call Postoffice but they said they cant check whether they can do BT from Bank of Scotland. They said I need to have a Post office credit card to check this .....
johnro to slkluv
16 Mar 12#33
i guess you have to get your credit card approved first and then to ask for a BT
johnro
16 Mar 12#32
i've done the application dance 3 times. every time i got an error at the last step :disappointed:
yobear
16 Mar 12#34
I always BT to my Nationwide Select Credit card. Once the money gets transfeered, give a call to Nationwide card center and they transfer cash to my current acount within 2 days.. absolutely no charges. Doing this from last 4 years.
slkluv to yobear
16 Mar 12#35
Sorry I didnt understand, could you please elaborate ... You BT from where to your Nationwide credit card? and do Nationwide transfer cash from your credit card to your account for no fee?
r1mmm3r
16 Mar 12#37
So you would use the cash to pay off your existing credit card?
how does that differ from a normal balance transfer.
My understanding is this post is been sold on the basis that it is a cheap loan and not a means to pay off your existing credit card balance.
slkluv
16 Mar 12#38
You are not getting my point, I would take this to clear my existing loan not an existing balance on my credit card. If that was the case I would have taken up any other normal balance transfer option. But with this deal I am getting an oppurtunity to clear my loan and make some saving.
yobear
16 Mar 12#39
Any available cheap Promotional BT can be transferred to Nationwide CC. Once it reaches there, Nationwide CC will transfer that available money to your Nationwide Current account for free and that to within 2-3 days. Yes you heard it right.. free transfer of cash from your Nationwide CC to Nationwide Current account.
r1mmm3r
16 Mar 12#40
So you have an existing loan and credit card.
You'll get the money from the post office based on your credit card balance but use it to pay off your loan instead?
Inquisitor
16 Mar 12#41
How about, spend the same amount of time doing productive things like an extra few hours shift than to waste hours, stress and hassle on gaining a few quid in your pocket over the 12 months..?
Cold.
peroxidase to Inquisitor
16 Mar 12#42
Maybe you need a loan to buy the car to get you to a place of work to do a regular shift. It would be more than a few quid if the difference between loan rates was 5% (2.9% and 7.9%)
Deal Searcher
16 Mar 12#43
Sounds interesting. Will read into this closer later on tonight.
zararh
16 Mar 12#44
BUT would you still pay a balance transfear fee to BT credit card?
zararh
16 Mar 12#45
do they put this into your bank account?
insubordinateboy
16 Mar 121#46
Have you lot been living under a rock for the past 5 years? This has been going on for ages.
mymymy
17 Mar 12#47
I dont see how everyone is so confused.
I got a £1500 Virgin loan last Feb and it cost me about £30 for the handling fee, similar to this deal. It was for 14 months. I have paid the minimum of £25 a month by standing order to Virgin, no interest on the payments.The balance is due next month. I have about £1200 left to pay. I was about to clear the balance.
I can get another £1500 and have another 14 months to pay the PO one off. Even if i do nothing with the cash, its there, interest free if i need it and its only got me about £30 if i pay it back on time.
I have applied and have to wait 5 days for a reply.
mymymy
17 Mar 12#48
Yes, its really easy to do.
I couldnt get a loan until i had a 'loan record' on my Credit Report. I had to get a loan from my bank and pay it off without defaulting. That gave me a perfect credit score then i was bale to get the Virgin Loan. It took less than 2 weeks for the money to be available.
desired.value
17 Mar 12#49
I am just trying to understand..it and see if i could benefit from it.. appreciate if anyone could answer the below:
1) Do I need to have a balance of existing credit card in order to be able to get the loan from PO? Or can I get it without any balance, if so how? wht fake credit details i should give?
2) Is the money paid in to Bank Account?
3) Do I just pay the BT fee of 2.98% of the amount i transfer and the money is completely free?
I am an existing PO credit card customer, so do you need to call the PO credit helpline to do a Balance transfer?
Please help..
peroxidase to desired.value
17 Mar 12#50
1) I was thinking about this myself. Do you need proof that you have the CC? It's worth a try. You would need to ring up and speak to a person (so not online) and say something like - I would like to make a BT from a Barclaycard (or other if you know which CC they also can't process) but I understand that you can't process these but will transfer cash into my current account is this correct.
2) Yes. I gave my account details and they said it would be 5-10 days. So not seen it yet.
3) Yes same as any BT. They(PO) pay the requested amount into your other CC (or in this case bank) from your PO CC account. They then charge 2.98% of total money moved and also add that that to credit card. But as it is 0% for the 14 Months that will be the only cost (Just make the minimum payments which are 2.5% - £25 for every 1k borrowed.
The bad news maybe that because you are an existing customer they would offer different BT terms - usually poorer in my experience- 6 months instead of 14 and then you need to do the maths and see if it is still worth it. 14 months is nice as you can lock it in an ISA for 12 months but still have time to move it back and pay off the CC without the interest.
zararh
17 Mar 12#51
Even if you pay 2.5% for the balance transfear fee whats the highest interest account? 3.0%? making a profit of 0.50%?
Some credit cards only give you an average £1200 credit limit
zararh
17 Mar 12#52
Interest free on balance transfers for 22 months with
Barclaycard Platinum
(2.9% handling fee applies)
peroxidase to zararh
17 Mar 12#53
This is for cash transfer not straight forward BT. But I agree the offer you id is great - and I have it.
zararh
17 Mar 12#54
There are some novice peoplw here.
we need to tell them to go to martin lewis web site for more information.
Inquisitor
18 Mar 12#55
Gonna spend £4k+ on a car for a job? How long would you need to work before you recoup that? Job is to make money not to splash it before you earned it.
You don't spunk on a baby grand to learn piano, you don't need to spunk that kind of money to get from A-B for a job, unless its highly paid and secure. If thats the case they'll probably provide you with options to get to work.
Edit: To add - what if in the unlikely case one was unable to keep that job? £4k down the pot, maintenance fee's and interest to rack up.
Not being a troll but lets be realistic.
dupuymichael
30 Mar 17#56
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Opening post
I have just opened a Post office CC with 14 months 0% BT at 2.98% handling fee (Hopefully £30 Quidco too). I did a BT online from Barclaycard when applying but it did not go through due to technical problems and I just rung them to find out why. It turns out they can not process BT's from some institutions but will do a cash transfer into your current account at the same rate and terms. So £4k cash over 14months for £119 - Cheap loan? or stick in ISA and get a few pennies from the difference!
All comments (56)
There's loads of MBNA underpinned credit cards that don't let you do bank transfers from one to another.
Please bear with us while we are try to fix it as quickly as possible.
Virgin = MBNA
Barclaycard = Barclays
I don't see why balance transfers shouldn't be allowed between them
Also, it's worth pointing out that Virgin let you do money transfers as well. I don't know if the money transfer rate is the same as the card balance transfer rate for new customers (0% APR for 20 months (2.99% handling fee)) but they're certainly pretty keen on offering them to existing customers and the rates are very good (as an existing customer, I've just been offered 0% on money transfers for 13 months with a 4% handling fee)
For example, pick a card with no debt on it, ask for a BT, then when your card shows in credit, ask that cc company to issue a cheque for the credit.
Alternatively, if your car irreparably breaks down or you need a extra cash for a deposit on a house or something this is one of the best ways to raise cash.
Or even better, chop it off your mortgage if it's anything like mine (~6%) over the course of the 14 months I'd save £140 (plus cash back).
If I have £4000 on a credit card (virgin for example) I can open a PO credit card and instead of transfering the balance they will give me £4000 cash?
Wouldn't that just mean I'd doubled my debt?
how does that differ from a normal balance transfer.
My understanding is this post is been sold on the basis that it is a cheap loan and not a means to pay off your existing credit card balance.
You'll get the money from the post office based on your credit card balance but use it to pay off your loan instead?
Cold.
I got a £1500 Virgin loan last Feb and it cost me about £30 for the handling fee, similar to this deal. It was for 14 months. I have paid the minimum of £25 a month by standing order to Virgin, no interest on the payments.The balance is due next month. I have about £1200 left to pay. I was about to clear the balance.
I can get another £1500 and have another 14 months to pay the PO one off. Even if i do nothing with the cash, its there, interest free if i need it and its only got me about £30 if i pay it back on time.
I have applied and have to wait 5 days for a reply.
I couldnt get a loan until i had a 'loan record' on my Credit Report. I had to get a loan from my bank and pay it off without defaulting. That gave me a perfect credit score then i was bale to get the Virgin Loan. It took less than 2 weeks for the money to be available.
1) Do I need to have a balance of existing credit card in order to be able to get the loan from PO? Or can I get it without any balance, if so how? wht fake credit details i should give?
2) Is the money paid in to Bank Account?
3) Do I just pay the BT fee of 2.98% of the amount i transfer and the money is completely free?
I am an existing PO credit card customer, so do you need to call the PO credit helpline to do a Balance transfer?
Please help..
2) Yes. I gave my account details and they said it would be 5-10 days. So not seen it yet.
3) Yes same as any BT. They(PO) pay the requested amount into your other CC (or in this case bank) from your PO CC account. They then charge 2.98% of total money moved and also add that that to credit card. But as it is 0% for the 14 Months that will be the only cost (Just make the minimum payments which are 2.5% - £25 for every 1k borrowed.
The bad news maybe that because you are an existing customer they would offer different BT terms - usually poorer in my experience- 6 months instead of 14 and then you need to do the maths and see if it is still worth it. 14 months is nice as you can lock it in an ISA for 12 months but still have time to move it back and pay off the CC without the interest.
Some credit cards only give you an average £1200 credit limit
Barclaycard Platinum
(2.9% handling fee applies)
we need to tell them to go to martin lewis web site for more information.
You don't spunk on a baby grand to learn piano, you don't need to spunk that kind of money to get from A-B for a job, unless its highly paid and secure. If thats the case they'll probably provide you with options to get to work.
Edit: To add - what if in the unlikely case one was unable to keep that job? £4k down the pot, maintenance fee's and interest to rack up.
Not being a troll but lets be realistic.
with this card you can buy properties online and you can make maximum withdrawals daily from any ATM machine in your country,
if you need this card contact me on my email [email protected]
many persons have received this card and they have been saved from poverty and financial stress get your card now just contact me [email protected]
regards