Lloyds TSB vs Mint – credit card balance transfer question.?
Financial experts out there?
I have a credit card with Lloyds TSB at 11.9%. I owe £2,500. There is a new card (Advance card) available with Lloyds with 5.5% on the life of the balance transfer.
THE CATCH
I cant transfer the balance from a Lloyds TSB card onto a new Lloyds TSB card. B*stards!
HOWEVER
I could transfer my balance to MINT (for example), then transfer it back to the new Lloyds card immediately.
MEANING
Id be charged 3% (£75) then 2% (£50) to transfer the balance to MINT then back to Lloyds, BUT I’d only be paying 5.5% for the life of the balance transfer (instead of 11.9%).
Does this sound like a good long term idea, or a waste of time.
Isnt it worth looking into getting a loan? Alliance & Leicester do an online one for 5.9% i think. You could pay the card off with the loan and cut it up so you arent tempted and avoid the fees. This way you wont have the hassle of transfering balances and the transfer fees.