Best Balance Transfers Discussion Area

MOJO2460_2 · 11 January 2008 at 11:47AM

Hi have a ballance of £8000 on an marbles card paying high rate and have a Halifax card with zero on the balance. So I can be a bit prepared has anyone got any idea what rate the Halifax might offer me if i call them and ask what is the best deal they would offer me on a balance transfer?

Any help gratefully received
pete

Moggles_2 · 11 January 2008 at 5:36PM

Originally Posted by sammy452
The M & S card sounds interesting, however I suspect it will take me longer than 2 years to clear the debt.

You would still save money. Remember, there's no balance transfer fee and in two years time (or sooner if the right offer comes along) you could shift any remaining balance back to Barclaycard or the Hally, provided that - and this is crucially important - the balance on the card that pays off M & S is zero.

Moggles_2 · 11 January 2008 at 5:40PM

Originally Posted by sammy452
Do you happen to know how many cards can be applied for before it affects a credit rating as I have a good rating and don't want to affect it?

In itself the effect of a couple of credit card applications in the same month would be insignificant but, in the context of your credit history as a whole, could certainly have an impact.

Think about the number of applications for credit you've made in the past 3 months. Include catalogues, store cards, mobile phones etc. not just credit cards, as all can leave footprints on your file. Then consider your plans over the next 3 months. Credit checks appear on your credit file more or less in realtime. Too many in a short space of time will put off other lenders so, where possible, it's best to space them out through the year.

doveman · 12 January 2008 at 3:10AM

Mutton_Geoff wrote: »

Virgin are offering £40 towards the cost of your Virgin Media bill if you sign up for their card before the end of January

Virgin told me this offer has been extended to the end of February 2008.

I got quite excited about this, being a Virgin Media customer, but according to the website http://uk.virginmoney.com/whatshot/discounts/media/ the deal is that new customers signing up for the £30 for 3 services package get the first month free when they pay with their Virgin credit card. The T&Cs still say that the offer expires on 31 December 2007 as well!

MaureenH · 12 January 2008 at 2:04PM

Hi, Last month I transfered a balance from Barclaycard to Halifax because Halifax offered me a low fixed rate for the life of the loan. This month I have recieved a bill from Barclaycard. When I queried what it was for, I was told that their policy is, that if you have only made the minimum payment in the past and then clear your balance, they charge you the interest from the date of the statement to the date of payment.
I have transferred balances on credit cards for many years and have never known this practice before. It is now obviously done to deter people transferring the whole balance. I suppose the answer is to leave a small balance on your credit card to be paid at a later date, but I am wondering if anyone else has experienced this practice?

Moggles_2 · 12 January 2008 at 4:32PM

Originally Posted by Arbie
...they [Halifax] also suggested that I pay the card off; cancel it; and re-apply for the new one.

This had crossed my mind. It's feasible because Halifax is one of a handful of lenders who treat former cardholders as new customers little more than a month or so after an account is closed down. Unfortunately, there's no guarantee you would be handed the same credit limit the second time round and you would lose your 0% on purchases which has another 12 months to run.

Moggles_2 · 12 January 2008 at 4:37PM

Originally Posted by Arbie
My primary concern is the amount of credit I have available, which is as follows, and it's effect on an application for further [credit].

Virgin: £14300 limit, £3000 balance
Smile: £7400 limit (used for day-today, paid off every month)
HSBC: £9000 limit, £6000 balance
Halifax: £9250 limit, £2000 balance

None of your cards is maxed out, which is very much in your favour.

There have been no applications [for credit] since August when I applied for the Halifax card

Excellent. If I were you, I'd give Egg Card a go. Instant decisions are also available from Capital One and Mint (although Cap One scores more harshly, so please check you can meet the criteria listed on the C1 website before you apply. Mint credit limits tend to be less generous than some.)

Virgin has been traditionally good for deals for existing customers, so I definitely want to keep it long-term.

Absolutely. Once your Virgin balance is zero, you may get a good follow-on offer
- useful, perhaps, if there's any remaining balance on your HSBC card

Moggles_2 · 12 January 2008 at 5:48PM

Originally Posted by jeledaka
I have had the same cc for the last few years and never changed so have no idea what to do, look for etc.
My Lloyds Tsb credit card has a limit of £2400 and I owe £2320 They have just put up my interest rate from 20% to 26.5%.

If your Lloyds TSB card is the only credit card you've held in the last 6 years and you bank with Lloyds TSB as well, your options are limited.

That said, if you've kept within the terms & conditions and have no late payments on your credit file, why not apply for a low-rate, life-of-balance type card?

I am a housewife so little income of my own.

This also works against you, admittedly. I would have a look at the Marks & Spencer &More card. This card is aimed at ladies and I believe the application asks for household income rather than salary.

The current deal offers fee-free balance transfers at 7.9% p.a. for two years. You can request your BT(s) at any time up to 6 months from account opening, but - and this is mighty important - remember not to spend on it

Once you've cleared the balance on your existing card, you could shop with Lloyds TSB interest-free, provided that you settle the bill in full each month.

Moggles_2 · 12 January 2008 at 6:32PM

Originally Posted by mojo2460
Have a balance of £8000 on a Marbles card paying high rate and have a Halifax card with zero on the balance. So I can be a bit prepared, has anyone any idea what rate the Halifax might offer me if I call them and ask what is the best deal they would offer me on a balance transfer?

Well, the Halifax is certainly not known for great follow-on offers. The best posted on this thread was a life-of-balance deal fixed at 6.95% APR (max 95% of Halifax credit limit) but that was 6 months ago and things change over time.

Given that Halifax reserves its best offers for new customers, you may want to consider
#37 above.

That said, you already hold a Halifax card and the balance is zero, so it has to be worth a phone call to the Hally (0800 389 3456) to ask.

Very best
M

soulstripper · 13 January 2008 at 12:56PM

i had an abbey card with 0 %
that ran out in jan
i tried to transfer my balance to a new barclaycard but they refused because they said it was taken over by SANTADEIR "they're spannish" she said
"if ther's any problems we can't get hold of them,"

:eek: W.T.F.:eek:

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