Applying for multiple cards
Comments
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There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.
% return varied, but all were at either 3, 4 or 5%, many reduced at some point during the 1st year. i.e. Santander went from 3% to 1.5%, TSB from 5% to 3%, Club Lloyds from 5% to 2% etc
1st years return will be about £1900 once the 5% savers mature next month, that averages out to about 3% return, minus the balance transfer fee.0 -
Does that include tax on the £1,900, or is your figure after tax?0
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It is saved as a couple, so no tax as we both have an allowance of £1000.0
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There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.
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Yes, I decided to do the opposite and so am having to do it all again now. If I was on my own then I don't think that I would have been able to get any more BT cards as my credit rating is so poor now and so would be stuck. However, my husband has just applied for 6 BT cards with no BT fee and managed to get another £30k in credit. They are all for 24 months and so we will be ok until they end.0 -
My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.0
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edinburgher wrote: »My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.
Yes, but might need to wait for a while for your credit rating to recover before you can remortgage, but I suppose it depends on the lender as some probably won't mind if you tell them why you did it.0 -
Will do, 6 month gap planned, doubt it will be an issue past this point.0
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edinburgher wrote: »Will do, 6 month gap planned, doubt it will be an issue past this point.
Yes, 6 months should be fine. I will see how long it takes for my credit rating to improve once I've transferred all my balances to my husband and let you know. If I forget, reply to this thread in 6 months' time and I will let you know.0 -
Can I drop another query in please? It's related to applying for multiple cards.
When a MT/BT card has a max balance of, say, 95%, is this inclusive of any fees? So would a 95% max balance card with a 0.5% fee be 94.5%?0 -
Hi all
I thought I might share my experience with my latest bout of multiple applications:
Credit cards BEFORE applying for multiple: (nil balances on all as I had recently completed on the above mortgage)
Card and limits:
Barclaycard - 13,000
MBNA – 6,000
BA Amex – 12,000
Tesco clubcard CC – 13,000
AFTER (additional cards obtained to the above) All on 0% BT deals – using MBNA card as the mule card for money transfers:
TSB – 9,500
Amex preferred gold card (charge card)
Barclaycard platinum – 4,000
Lloyds bank – 3,000
Bank of Scotland – 3,000
Halifax – 3,500
Tesco clubcard CC (2nd) – 3,500
HSBC BT card – 5,500
M&S BT card – 2,000
REJECTED for – Virgin BT card, MBNA BT card (offered a deal not worth it so didn’t apply), Sainsbury’s, Santander, AA.
I couldn’t see any other cards out there worth applying for!
Situation before applying:
Experian Credit score – Excellent (999)
Income: £60k – no dependents - £500pm mortgage.0
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