Credit Card Balance Transfer Discussion Area 2

drsteve

I recently cancelled my Barclaycard and waited till I'd got a "settled" status on my Experian Credit Expert report and re-applied via the web.

Indeed they told me I was an existing customer so could not offer me a Barclaycard Visa. They offered me a Mastercard though which had a lifetime BT offer of 2.9%.

I'll hold off for a bit before applying again. I've probably knackered my Credit scoring for the next few months anyway because I've recently applied for loads of credit cards and now have access to £70K worth of credit for 6 and 9 months at 0% and £7K Life of Balance at 2.9%. This ought to cool the interest payments on my Current Account mortgage for a few months before I transfer the lot back at the end of the offer period !

This should net me between £2K and £4K in saved interest this year alone !

Here's to free money and :P :P :P to the credit card companies !

Yorkieds

Very Impressive, well done ::)

luv_my_brass

I've just applied for a MBNA cc over the phone. Firstly I was offered 6 months 0% on BT, so I said I'd think about it and fill in the application online. So then I was offered 9months, and again I said I'd do it online. Then came the clincher! The lovely man offered me 0% on BT for 12 months! I need to pay off a Cahoot Flexi Loan and this was just the way to do it, even though I will have to pay £35 for the pleasure of doing the Bt, it will save me hundreds of pounds!!!

But did you get the phone????

Pos_2

If we already have a Barclaycard, which we are currently running at 0% LOB for £1.50/month, would we still be able to get a transfer onto this card at 2.9% and just pay off the 2.9% first?

Turbo_4

I'm about to apply for a mint card for transfering cash to my savings account, should I go for the visa gold or the mastercard platinum, and also I notice they offer 7 months @ 0% or 0% to 1st Feb 2005, is there any catch with the longer option of 7 months.

Galstonian

If we already have a Barclaycard, which we are currently running at 0% LOB for £1.50/month, would we still be able to get a transfer onto this card at 2.9% and just pay off the 2.9% first?

I doubt it. First, will they offer it to you as an existing customer? Second, will the limits apply to individual BTs or the sum of them? Third, if you do get it then usually all payments are applied to the cheapest borrowing first.

moana

Sorry guys if this question has already been asked and answered but 20 odd pages is a lot of reading on a screen.

Got approval for an MBNA card today.

Small print says there may be a charge for some balance transfers.

Any idea which balance transfers they are referring to and what the amount of charge there might be?

Vanessa

Hi moana,

I think I applied for the same card as you, Virgin Credit card administered by MBNA. At the back of the letter they sent me it says the same. ie 2% handling fee for credit card cheques and some balance transfers! I have just phoned them and yes they would be charging me 2% on the balance transfers cos "how else would MBNA make their money?"

I have £1,200 to transfer and am not prepared to pay £24 for the privilege, so it looks like I will be searching for another 0% parking lot for this debt!

The phone operator told me that this transfer fee is sometimes waived when they charge you a high interest rate, but as this is a 0% offer, they would charge you transfer fee!

No thanks, methinks!

moana

Thanks, had a feeling something like that occurs.
Egg didn't charge me for SBT's.

I suppose if you SBT then use the money at 5.5% say in Cahoot for 9 months then after tax you come out on top but not by much maybe 1.25%, so it's hardly worth the effort.
In fact considering you're paying back on a monthly DD then unless you keep topping up the SBT then you come out well less than 1% to the good.

Looks like MBNA lost another customer after I check with them on the phone.

Martin is it worthwhile you recommending MBNA at all??

moana

Or is there a difference in the charges for SBT and BT??????????