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  • FIRST POST
    • swindiff
    • By swindiff 7th May 16, 9:40 PM
    • 246Posts
    • 77Thanks
    swindiff
    Applying for multiple cards
    • #1
    • 7th May 16, 9:40 PM
    Applying for multiple cards 7th May 16 at 9:40 PM
    Just though I would post my experience on creating a stooze pot. I have applied for 8 cards this weekend, outcome as follows.

    Clydesdale Bank 0% on purchases for 26 months. Application approved, limit unknown until I receive my card.

    MBNA 40 Months 0% balance transfer, transfer fee 2.55%. Application approved, credit limit £10,000

    Barclaycard 20 Months 0% balance transfer, no transfer fee. Application approved, credit limit £8,200

    Bank of Scotland 39 months 0% balance transfer, transfer fee 2.95%. Application approved, credit limit £8,000

    Halifax 39 months 0% balance transfer, transfer fee 2.48%. Application approved, credit limit £1,600

    Tesco 40 months 0% balance transfer, transfer fee 2.69%. Application approved, credit limit unknown until I receive my card.

    Virgin 40 months 0% balance transfer, transfer fee 2.49%. Awaiting to see if application is approved.

    AA 22 months 0% balance transfer, no transfer fee. Awaiting to see if application is approved.

    Existing cards that I already hold are:

    Halifax Clarity, Balance £0, credit limit was £8450, I asked for it to be increased to £12,000 and they incresed it to £10,450

    Virgin Card at 0% credit limit £7,000, balance £1,500

    Lloyds Card at 0% credit limit £10,800, balance £4,000
Page 1
    • YorkshireBoy
    • By YorkshireBoy 7th May 16, 10:01 PM
    • 29,396 Posts
    • 17,181 Thanks
    YorkshireBoy
    • #2
    • 7th May 16, 10:01 PM
    • #2
    • 7th May 16, 10:01 PM
    I'm struggling with your strategy here?...

    1. You only have one fee free card (I suspect BOI will decline you, as they have myself and others on here who are heavily indebted). Those fees are going to hit your profit somewhat aren't they? I think with the recent increase in fee-free offers I'd have stuck with shorter duration fee-free cards.

    2. When I had my last big push I went for Halifax, Sainsbury's, Santander, Tesco, & Lloyds...none of which had a BT fee. All were muled through my VA card. What's your route to the stooz pot?

    3. Why the need for a very large limit on Clarity?

    4. How come Virgin & Lloyds have such small balances with respect to their limits? Aren't they BT cards?

    5. I thought Virgin limited you to one card at a time?
    • swindiff
    • By swindiff 7th May 16, 10:23 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    • #3
    • 7th May 16, 10:23 PM
    • #3
    • 7th May 16, 10:23 PM
    The clarity card will be used to withdraw cash to my current account (can withdraw 50% of credit limit free of charge), with a larger limit I can do less withdraws (more convenient, as have to go into branch to authorize withdraw from CC to current account).

    The zero fee Barclaycard will be used as the intermediary card. I obviously can't balance transfer from the Clarity card to the other Halifax card or the BOS card so it will have to go through the Barclaycard first.

    The Virgin and Lloyds cards I have held for a while. I could balance transfer the remaining credit, but I would pay a similar transfer fee for around 18 months as I can get for 38-40 months with the other cards.

    Even if I had to pay 3% on all balance transfers, I can earn between 3% and 5% per year. As most of these cards are at 0% for over 3 years there is a decent amount of profit to be had. I did think about the fee free balance transfer cards, but there are not as many to choose from and I would need to look at repeating the process again in around 18-20 months. Doing it this way I can set up my direct debits and forget about it for 3 years, bar the Barclaycard.

    With any luck BOI won't see that I am heavily indebted "yet" which Is why I made all the applications at the same time.
    Last edited by swindiff; 09-05-2017 at 10:34 AM.
    • YorkshireBoy
    • By YorkshireBoy 7th May 16, 10:40 PM
    • 29,396 Posts
    • 17,181 Thanks
    YorkshireBoy
    • #4
    • 7th May 16, 10:40 PM
    • #4
    • 7th May 16, 10:40 PM
    The clarity card will be used to withdraw cash to my current account (can withdraw 95% of credit limit free of charge), with a larger limit I can do less withdraws (more convenient, as have to go into branch to authorize withdraw from CC to current account).
    Originally posted by swindiff
    Normally Halifax cards have a 50% cash limit. Presumably you have a special deal? Have you double checked with them?
    The Virgin and Lloyds cards I have held for a while.
    At only 1% minimums I'd have expected much larger balances unless you've had some limit increases granted outside the intro 0% BT period?
    Even if I had to pay 3% on all balance transfers, I can earn between 3% and 5% per year. As most of these cards are at 0% for over 3 years there is a decent amount of profit to be had.
    Possibly. I was hit with Sainsbury's (and now Barclaycard's) 2.25% minimums, which do eat into profit. Sadly I'm maxed out on the 3-5% accounts so have to be careful what I take these days.
    • swindiff
    • By swindiff 7th May 16, 11:05 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    • #5
    • 7th May 16, 11:05 PM
    • #5
    • 7th May 16, 11:05 PM
    I phoned and checked with Halifax and the card I have I can transfer upto 95% of my credit limit into my current account.

    The Virgin and Lloyds cards were never intended as stooze cards. The Virgin Card was used to buy my sons car and insurance. He needed about £3k, Virgin gave me a £7k limit. Have had the card about a year and he has paid half of the debt off.

    I got the Lloyds card about 2 1/2 years ago when I was buying a house. I needed 8k to get to the 75% LTV mortgage rate. Was planning to get it paid off by the end of the 0% period so was paying more than the minimum, so thats down to £4k. Have now reduced that to the minimum payment and banking the remainder.

    All the cards I have applied for are minimum payment of 1% except the Barclaycard and I only need to use that as an intermediary card anyway.

    Lets say I get £30k and I pay 3% on all the balance transfers (it's actually less than that). Thats a fee of £900

    In the 1st year I will have £13.5k at 5%, £15k at 4% and £1.5k at 3%. Thats £1320. So in the 1st year thats £420 profit

    In the 2nd and 3rd year's I will have £6k at 5%, £15k at 4% and £9k at 3%. Thats £1170 per year.

    So for 3 years thats a profit of £2760.

    Most of these cards have 0% greater than 3 years, and this does not include cashback that I can get on a Santander account from my mortgage and utility bills.

    In total the profit should easily exceed £3k over the 38-40 month duration.
    • YorkshireBoy
    • By YorkshireBoy 7th May 16, 11:13 PM
    • 29,396 Posts
    • 17,181 Thanks
    YorkshireBoy
    • #6
    • 7th May 16, 11:13 PM
    • #6
    • 7th May 16, 11:13 PM
    It's looking better now.


    With such a long 0% period, and 1% minimums, I'd be looking to get as much of the 3% & 4% cash as possible into the 5% regular savers (should be able to get 6 between you...taking some £1,900 a month). You'll need to juggle a bit with the 3 Club accounts though, as you deplete funds for the reg savers.
    Last edited by YorkshireBoy; 07-05-2016 at 11:16 PM.
    • swindiff
    • By swindiff 7th May 16, 11:16 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    • #7
    • 7th May 16, 11:16 PM
    • #7
    • 7th May 16, 11:16 PM
    Not looked into the regular savers yet. So far have only opened 3xTSB and 3xNationwide. so all the 5% accounts

    I have done a bit of a search and can't find anything that says you can only have one Virgin Credit card. That of course does not mean its not the case.
    Last edited by swindiff; 07-05-2016 at 11:18 PM.
    • YorkshireBoy
    • By YorkshireBoy 7th May 16, 11:19 PM
    • 29,396 Posts
    • 17,181 Thanks
    YorkshireBoy
    • #8
    • 7th May 16, 11:19 PM
    • #8
    • 7th May 16, 11:19 PM
    Nationwide will take £1K per month (2 x £500). TSB will take £500 per month with the same split. Santander is 2 x £200.


    Of course you may have to use Club Lloyds regular saver in the 2nd & 3rd years if still available.


    Should end up with very little at 3% at any one time.
    • YorkshireBoy
    • By YorkshireBoy 7th May 16, 11:19 PM
    • 29,396 Posts
    • 17,181 Thanks
    YorkshireBoy
    • #9
    • 7th May 16, 11:19 PM
    • #9
    • 7th May 16, 11:19 PM
    Re Virgin, I seem to remember seeing it posted on the credit card board a couple of months ago? Apologies for worrying you if I've remembered incorrectly.
    • swindiff
    • By swindiff 7th May 16, 11:21 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    No problem. The worst that can happen is they say no. Cheers, I'll look into the regular savers.
    • swindiff
    • By swindiff 11th May 16, 9:24 AM
    • 246 Posts
    • 77 Thanks
    swindiff
    Virgin gave me £9,900 so no problem having 2 cards with them. I found out that I actually still had a Tesco card open too which I had asked them to close months ago, even so they still gave me another card for £5,700

    So to Recap

    New Cards
    Clydesdale £8,500
    Tesco £5,700
    MBNA £10,000
    Bank of Scotland £8,000
    Halifax £1,600
    Barclaycard £8,200
    Virgin £9,900
    AA (Still awaiting decision)

    Existing cards
    Halifax £10,450
    Virgin £7,000
    Lloyds £10,800
    Tesco £7,250

    Total for new 0% credit £51,900
    Total available credit £87,400

    Thought this might be useful as a gauge to see what card providers limits are likely to be for others thinking of doing the same.
    • frank777
    • By frank777 11th May 16, 2:01 PM
    • 294 Posts
    • 136 Thanks
    frank777
    a little bit extra
    Stoozers - don't forget the cashback sites for credit cards
    topcashback pays BOS/Lloyds/Halifax £21 Barclaycard £26.25 Tesco £31.50 AA £30.45

    E&OE
    • swindiff
    • By swindiff 11th May 16, 2:34 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    !!!!!!, didn't even think about Topcashback lol
    • LJB290
    • By LJB290 17th May 16, 2:48 PM
    • 92 Posts
    • 118 Thanks
    LJB290
    I've just asked questions on another thread about applying for more than 1 credit card for balance transfer purposes and was amazed to come across this saying that you applied for 8 in one sitting and have been approved for the majority!

    I was concerned that applying for more than 1x 0% balance transfer cards would look desperate???.

    I want to transfer some money to 0% to ensure we focus on the higher interest cards first to reduce our debt before worrying about debt at 0%.

    I have several joint mortgages with my husband - all good.
    He has 2 credit cards in his name (with me having a joint card)
    I have 1 card in my name with him having a joint card.
    He has a couple of defaults on his file on old cards that are no longer around
    I dont have any defaults or issues on my file.

    I'm worried about having hard searches on my file and not being accepted.
    • swindiff
    • By swindiff 17th May 16, 2:53 PM
    • 246 Posts
    • 77 Thanks
    swindiff
    I figured if I apply for them all at the same time then they would not have time to appear on my credit file as most are approved pretty much straight away doing a while you wait credit check. The only exceptions were Tesco who wanted a signed form returned. And the AA who Wanted all sorts of stuff (hardly worth the hassle), but I have sent it off now anyway.

    The AA is the only one I am waiting on, all the others have been approved.
    • LJB290
    • By LJB290 17th May 16, 3:42 PM
    • 92 Posts
    • 118 Thanks
    LJB290
    Ahhhh - that's a good call.
    I will do a bit of research and then take the same approach!
    • MallyGirl
    • By MallyGirl 17th May 16, 5:16 PM
    • 1,901 Posts
    • 6,353 Thanks
    MallyGirl
    I have certainly applied for 1 0% purchases and 1 0% Money Transfer on the same day with no issue. Then you wait for 6 months before applying for anything else if you need it. And always close down the ones you don't need any more as the offers have run out
    • faddy
    • By faddy 17th May 16, 11:04 PM
    • 366 Posts
    • 36 Thanks
    faddy
    Virgin gave me £9,900 so no problem having 2 cards with them. I found out that I actually still had a Tesco card open too which I had asked them to close months ago, even so they still gave me another card for £5,700

    So to Recap

    New Cards
    Clydesdale £8,500
    Tesco £5,700
    MBNA £10,000
    Bank of Scotland £8,000
    Halifax £1,600
    Barclaycard £8,200
    Virgin £9,900
    AA (Still awaiting decision)

    Existing cards
    Halifax £10,450
    Virgin £7,000
    Lloyds £10,800
    Tesco £7,250

    Total for new 0% credit £51,900
    Total available credit £87,400

    Thought this might be useful as a gauge to see what card providers limits are likely to be for others thinking of doing the same.
    Originally posted by swindiff
    Would it be rude to ask what income you're stating on applications?
    • adindas
    • By adindas 17th May 16, 11:31 PM
    • 3,219 Posts
    • 1,555 Thanks
    adindas
    The clarity card will be used to withdraw cash to my current account (can withdraw 95% of credit limit free of charge), with a larger limit I can do less withdraws (more convenient, as have to go into branch to authorize withdraw from CC to current account).
    Originally posted by swindiff
    Could you transfer the balance from a creditcard to Halifax Claritycard even if you do not have balance in Halifax Claritycard, leaving it on credit and then you ask Halifax to transfert it to current account without fee ??

    I have heard other cards but this is the first time hears abut Halifax allow to do this. Have you treis it in the past, what sort of amount we are talking about here about £5000+??
    Last edited by adindas; 18-05-2016 at 12:08 AM.
    • swindiff
    • By swindiff 18th May 16, 7:19 AM
    • 246 Posts
    • 77 Thanks
    swindiff
    Would it be rude to ask what income you're stating on applications?
    Originally posted by faddy
    Income £50k, no dependants. Mortgage/rent payments £800/month. That's the big 3 they seem to ask for.
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