Half Price Plastic Personal Loan Discussion

MSE_Martin

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mickyboy_3

I have just applied for the Capital One Card (by clicking on your link) however it seems they have changed the balance transfer rate to 4.9% not 3.9% as the article states. ( the same as the Blue American Express card ) I have a bank loan of £6900 with my bank First Direct at 7.9% and although I can pay it all off now I don't want to. Transferring the loan to a credit card gives me much better flexibility without redemption penalties.

Thanks Martin for another great tip !!

mickyboy_3

sorry, they have not changed the rate I have clicked on the wrong link and looked at the wrong card product !!! now I have to call them and change my application to the No Hassle Card... Duh.

MSE_Martin

Im confused how this has happened - there are a no of different platinum cards. If you go for the direct link or the direct money supermarket link you will get it at 3.9% not 4.9%

martin

Lizzy

What to do, what to do ??
should I transfer some of my cahoot flexi loan 6.3% (i think) to my new capital one 3.9%. The cahoot has a rate that could increase. If I were to transfer about £2k how do I do it because the cahoot is an online only loan and I dont have any statements etc?
any ideas or is it not worth the fuss.......

Regards
Lizzy

System

I'm in a slightly similar position as you, trying to work out the best way to do this.

I have £5700 on a Cahoot Loan and about £3000 on an egg card. I am thinking the best bet is to apply for the platinum card. Now for this to work I would need a credit limit in the 9k region, this might be unlikely :-/

I would then transfer my 3k from my egg card to the new capital one card, leaving me space on my egg card to "pay off" some of my Cahoot loan, I would then transfer the new debt from the egg card to the capital one card again, i would repeat this process until i had nothing on my cahoot loan or my egg card. Its 3.9% on transfers made in the first 6 months so there shouldn't be any reason why I can't do it like this in sections should there?

Sounds like a great idea on paper, hmmmm, any obvious floors in this great plan?

Cheers

Lizzy

Oh I see Mat you do all the swapping on the internet ?
that may not be possible for me the only internet account I have is the cahoot.

It may be worth you applying to capital one though because they gave me a 9k credit limit straight away. This is much better than the reviews on the barclaycard transfer that many have gone for and only getting a credit limit of £500. Capital One do say they you cant transfer up to the full limit you must have some spare to SPEND ON.

Mine is already cut up Martin I had witnesses to it.

I wont be spending on it.

Regards
Lizzy

System

Martin,

Im in a similar position to mat. I have an egg card with 1k balance on it and a lloydstsb loan of 13k @ 7%. If i applied for a platinum capitol one card of 3.9% for life of the balance, paid off part of my loan until my egg card was maxed out, then transferred this balance to a capitol one card and then repeated this process to a point where I have exhausted my limit on a capitol one card, thus reducing my lloydstsb loan.

Would it be possible to repeat balance transfers from the same credit card?

regards

ryan

System

is it possible 2 do this 2 buy a car ? Say take out a 0 % on new purchases card 4 6 months then transfer 2 the
capital one card ? is this possible ?

do you have 2 apply 4 a card 2 find out how big of a credit limit you can have ?

MSE_Martin

It is possible to do this to buy a car. Absolutely. However here's the key - you need to ensure you a. get the right credit limit with capital one and b. make sure you get the money on the card in time - ie while you still get the 3.9% - so the timing is crucial

Tr@cker

Not sure exactly what criteria they use to set your credit limit. The obvious first one is what earnings you declare. My application is approved just waiting for the card and i'll transfer all 6 k from my other cards near the end of their intro periods. It's a really good deal and one advantage, i reckon of integrating your debts is you have just one creditor to deal with if you get in to trouble.