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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 6th Dec 04, 2:25 PM
    • 7,700Posts
    • 19,374Thanks
    MSE Andrea
    Credit Card Shuffle Discussion area
    • #1
    • 6th Dec 04, 2:25 PM
    Credit Card Shuffle Discussion area 6th Dec 04 at 2:25 PM



    This thread is specifically to discuss the content of the

    Credit Card Shuffle Article

    To discuss or ask a question about this article: click reply
    Last edited by MSE Archna; 10-06-2010 at 1:31 PM.
Page 1
  • lottieoflondon
    • #2
    • 9th Dec 04, 10:22 AM
    Re: Credit Card Shuffle Discussion area
    • #2
    • 9th Dec 04, 10:22 AM
    I have two credit cards with £3500 and £3000 owing with Barclaycard and monument, my problem is as i discovered when I called to do a balnce transfer is that barclaycard took over monument and they won't do a balance transfer as they are run by one company.

    My inital aim is to get rid of the monument card as the interest rate on this card is high.
    I was considering capital one but I am not sure what deal to look for, and If I got a capital one card and the balance I am offered is lower than my debt is it really still worth it in the end then paying off three companies

    any help and advice most welcome

    thanks
    Lottie
  • PW
    • #3
    • 9th Dec 04, 11:55 AM
    Re: Credit Card Shuffle Discussion area
    • #3
    • 9th Dec 04, 11:55 AM
    I normally have an excellent credit rating but I messed it up a few months ago. I had quite large balances with MBNA and capital one but when their 0% offers ran out the cards I applied to only gave me limits of between £500 and £2500, so I had to apply for three cards instead of one. So many credit checks has messed up my credit history, my problem is the 0% on the new cards are only for 6 months so I need to start applying again soon. Will my credit history be suitably rested to allow me to get new credit ? Also how long after closing a credit account down should I leave it before applying to them again ?

    Help ???
  • Gotabiscuit
    • #4
    • 10th Dec 04, 12:44 AM
    Re: Credit Card Shuffle Discussion area
    • #4
    • 10th Dec 04, 12:44 AM
    !Also how long after closing a credit account down should I leave it before applying to them again ?
    A lot of companies won't accept a new application for 6 months after closure.

    However, MBNA are behind a number of different cards (eg Abbey, A&L, Virgin) and allow you to have more than one. They will even shift credit limits - for example, if you had an Abbey card with a £5k limit and then applied for a Virgin card and were only given a £1k limit, you could close or reduce the limit on the Abbey card and shift it across without having to wait.
    • Reaper
    • By Reaper 10th Dec 04, 1:15 AM
    • 5,887 Posts
    • 3,892 Thanks
    Reaper
    • #5
    • 10th Dec 04, 1:15 AM
    Re: Credit Card Shuffle Discussion area
    • #5
    • 10th Dec 04, 1:15 AM
    According to my latest Experian report closed accounts are kept on file for 6 years, credit searches are kept for 1 year.

    Of course it is up to each company that uses it how far back it wants to count these against you.
  • Talos
    • #6
    • 13th Dec 04, 8:34 PM
    Re: Credit Card Shuffle Discussion area
    • #6
    • 13th Dec 04, 8:34 PM
    I tend to have six cards activated at a time. 3 are 'live' and are maxed out at 0%. The other 3 are older cards which have no balance but are still active. Every 6-9 months a phone call to the unused card companies requesting "they close the account, unless they have any 0% rates to offer" is usually successfull, so I transfer the maxed out cards to these.

    I do find that a least one will not offer any new deal so have to close and apply for a new card, but it restricts the cards I have to apply for to 1 a year. Seems to have worked for the last 18 months so far

    • Money_Man_Steve
    • By Money_Man_Steve 14th Dec 04, 4:27 AM
    • 436 Posts
    • 5,122 Thanks
    Money_Man_Steve
    • #7
    • 14th Dec 04, 4:27 AM
    Re: Credit Card Shuffle Discussion area
    • #7
    • 14th Dec 04, 4:27 AM
    Got a 7.9% APR [glow=red,2,300]life of balance[/glow] deal on a standard NatWest Mastercard just by calling up customer services and asking what rate they had for transfers. Not great, but way better than their standard 17 or 18% APR.
  • malcolmord
    • #8
    • 6th Jan 05, 12:49 PM
    Re: Credit Card Shuffle Discussion area
    • #8
    • 6th Jan 05, 12:49 PM
    Signed up for a lloyds 12 month 0% - Great
  • Margaret_Millne
    • #9
    • 6th Jan 05, 5:50 PM
    Re: Credit Card Shuffle Discussion area
    • #9
    • 6th Jan 05, 5:50 PM
    Lloyds TSB only offering 0% six months on web site, where did you get the 12 months deal?

    edit: Ignore me - just found it :-[
    • Martinslovechild
    • By Martinslovechild 7th Jan 05, 1:02 AM
    • 1,500 Posts
    • 1,550 Thanks
    Martinslovechild
    Re: Credit Card Shuffle Discussion area
    MM - don't spend on the Advance Card, whatever you do - only use it for 0% BT's. That's because they charge interest from the day an item is purchased, i.e. there's no interest-free period for purchases.

  • Margaret_Millne
    Re: Credit Card Shuffle Discussion area
    Applied for husband, as his Equifax file looks better than mine at present. He never gets his hands on these cards of course, I lock them away . Only intended to take the balance transfer offer then close anyway. Thanks for the advice though.
  • AlexB
    UK Credit Cards Living abroad
    I moved abroad and took my English debt with me, I have 4 credit cards or varing limitis £5K-£12.5K, all of which are just under the limit as I can only just pay a little over the minimum payment which is nearly equal to the interest charged every month so basically Im going no where fast... I would love to be able to transfer even one of these balances to a 0% but because I am no longer a UK resident I cannot apply for one of these cards... any ideas? I also read that its best to pay off the smallest balance first and not the largest am I doing it the wrong way?
    • YorkshireBoy
    • By YorkshireBoy 19th Sep 05, 1:47 PM
    • 27,229 Posts
    • 15,250 Thanks
    YorkshireBoy
    I also read that its best to pay off the smallest balance first and not the largest am I doing it the wrong way?
    by AlexB
    I think so. The best way generally is to pay minimum payments on all cards, but throw all your spare money at the card with the highest APR.

    Loads of articles on the credit card section (orange box to left of this screen) and see also the "snowball" calculator at...

    http://www.whatsthecost.com/snowball.aspx
  • Innys
    What's new?
    I notice this guide was updated on Friday. Does anyone know what has changed in the article? Martin - for future reference - perhaps it would be an idea to highlight that part of an existing article that has been updated? or is that already done and I've missed it???
    • MSE Martin
    • By MSE Martin 19th Sep 05, 3:25 PM
    • 8,093 Posts
    • 42,219 Thanks
    MSE Martin
    Innys:

    This is a completely re-written article. It's explained in a new way to try and make it easier to read, and a few small technical changes are also there about how debt shifting works, also the research on which cards offer what, is completley new and up to date.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • Margaret_Millne
    Martin, you say in your article Barclaycard offers existing customers 6.9% until debt paid off. I rang them just a few days ago, asking for this, and was told no balance transfer facility was available to me at all, at any rate, despite having lots of credit limit available. I told them to reduce my credit limit then, which they did without argument. Bit late for this one now, but any tips on how to handle it better next time?

    By the way I have never defaulted on any payment with any card provider ever, nor gone over my credit limit.
    Last edited by Margaret_Millne; 19-09-2005 at 3:40 PM.
    • MSE Martin
    • By MSE Martin 19th Sep 05, 6:24 PM
    • 8,093 Posts
    • 42,219 Thanks
    MSE Martin
    I'd try again Margaret - the key to these things is they are typical rates and no individual customer is guaranteed to get it
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • Clariman
    I'd try again Margaret - the key to these things is they are typical rates and no individual customer is guaranteed to get it
    by MSE Martin
    Martin is correct (of course !). IIRC, the ruling is that at least 66% of customers must be offered the "typical rate", otherwise they can not advertise it as such, so it does offer some guidance on the rate that you may be offered.

    Clariman
    Co-author/owner of the official stoozing website
    (site sponsored and supported by Martin Lewis & MSE)
    Creator of the SOA & Snowball calculators at MSOC
  • dixi
    is per annum the same as APR?
    Hi

    I have no balance on a virgin card, after transfering it a few months ago to a cheaper rate HSBC card (which low rate of (about 5.6% APR) is due to run out in next month or two).

    Virgin have now written to me offering to take balance transfers at a rate of 2.5% per annum until Sep 06. Is this the same as 2.5% APR? If I take up the offer there is also a fee of 2% (max of £35 I think).. is it worth it?

    Just like to add also, that a few months back I have been refused new 0% cards a couple of times, even though I have never defaulted on the cards I have, so I dont want to apply for a new card, but would rather shuffle what I have.

    currently I have nil balance on the following:

    Virgin
    Capital One
    Mint

    and £4,500 on HSBC
    and £1.400 on Tesco

    thanks for any advice or info in advance

    dixi
    • grumbler
    • By grumbler 8th Mar 06, 9:57 PM
    • 50,671 Posts
    • 21,345 Thanks
    grumbler
    Virgin have now written to me offering to take balance transfers at a rate of 2.5% per annum until Sep 06. Is this the same as 2.5% APR?
    by dixi
    I am 99% sure that yes. I think they call it 'per annum' because by definition the APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee (in your case BT fee).
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
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