Balance Transfer - advice required

thatwilldo · 31 May 2016 at 6:16AM

Hi,

I am in a position where I have built up a balance on my Barclaycard Cashback Amex/Visa of around £2500, but I hope to be in a position to pay this in until early to mid 2017.

I have the following credit cards:

Tescobank - had this since 2011 - nil balance
Barclaycard - had this since 2013 - £2500 balance
Natwest - had this since 2014 (formerly World MasterCard) - nil balance

I understand the Natwest card offers 6.9% on balance transfers and I am considering closing this account now that rewards are not offered.

So my question is: with Tesco and Barclaycard offering 0% on balance transfers for new customers,do you think either of them would offer it to me as an existing customer? I appreciate that the debt with Barclaycard could not be subject of a balance transfer with them but I wondered if they may offer me a deal on the £2.5k without the balance transfer?

Looked at Tesco and they offer 40 months 0% for new customers but I am struggling to find the offering for existing customers.

I want to avoid applying for a new credit card.

Any advice would be appreciated - many thanks.

Dobbibill · 31 May 2016 at 6:47AM

Ring them - it costs nothing to ask, there are plenty of providers who offer deals to existing customers.

I would probably be inclined to ask about a 0% deals before opting for Natwest 6.9% deal.

You won't find existing customer deals anywhere on their website as all customers are different and therefore will be offered different deals.

jamesd · 31 May 2016 at 9:51AM

If NatWest does have a 6.9% balance transfer deal with no fee and you are paying interest on the Barclaycard balance, first take the NatWest deal to cut the interest cost. Then you can seek a no fee new card balance transfer deal to eliminate the NatWest interest cost, while paying less in interest until the deal is done.

Barclaycard often do existing customer deals but it may not be worth paying the fee if you expect to clear the balance in early 2017. Depends in part on how fast you expect to reduce the 2500 balance.

Candyapple · 31 May 2016 at 10:45AM

http://forums.moneysavingexpert.com/showthread.php?t=5306706

Barclaycard offer monthly deals (log into your online banking and check). You would need a money transfer deal though, not a balance transfer one if you want to use Barclaycard to clear your Barclaycard debt. You would transfer the cash to your bank and then pay off your Barclaycard from there. You would however need an overall credit limit of £5,700 with them because they only allow you to use 90% of your limit, plus the fee on top.

If you find you have no offers from Barclaycard, you would be better off closing the Natwest and Tesco cards, wait a month or so until they both show up as closed on the CRAs and then apply for a brand new card elsewhere and not limit yourself solely to 2 companies.

thatwilldo · 3 June 2016 at 6:22PM

Thank you to everyone who posted and viewed.

I spoke with Tescobank and they offered 18.3% and a balance transfer fee of 2.95% (the Barclaycard is 18.9%).

I will transfer the balance to Natwest I think and look to clear it as soon as possible.

Balance Transfer - advice required

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