Credit Card Balance Transfer Discussion Area 2

MSE_Martin

Using 0% balance transfers: Yes. There are two articles on the site called 'Free Cash' which explain exactly how to do this (and in even more detail in m'book)

martin

Callyanna

is the £35 charge correct then Martin?It's a MBNA Platinum Plus card with a 9 month 0% introductory interest rate

MSE_Martin

No it's absolutely not.

Cally would you please send me an email to martin@moneysavingexpert.com with your name, address & card number. Please a note saying

"i give martin lewis permission to discuss my account on my behalf"

I will then talk to mbna

If you headline the email "MBNA £35 FEE" I will make sure i see it

martin

moana

Good stuff Martin.

But it's not right that we should have to rely on you.
Why can't these banks sort themselves out.

Since I've been opening accounts and transferring cash as well as getting SBT's and BTs I found out how appauling some are and you really have to double check and push for your rights by phone.
Internet just isn't enough.
But it should be.

Callyanna

Just emailed all my details Martin and had an automated response to say you couldn't reply to emails...the subject of mine was MBNA £35 charge so hope it reaches you.
Incidentally, when I asked whether it would make any difference if I applied to do a bt online she told me that the £35 charge would still apply!

lillybeth_3

Good morning all
Just to let you know ,i am doing the cc shuffle at the moment and got a rate of 2.9%  last night off barclays for the lifetime balance transfer , im already with barclays and didn't feel i would get a 0% if i applied so im going this way but very pleased with the 2.9 ,
when i asked they did say there were 2 rates 2.9 and 6.9 i asked what the differance is they said its just that 2.9 is the new offer , it does have a one off 2% of the balance charge but im happy with that too
they aslo gave me 5% off the normal rate of the card just for the asking so im a happy bunny
and thank you martin for the tips in your article that set me on the way

planetf1

Ok. Need 15k over 3-5 years. Want flexibility, am happy to place on CC - which of these *existing* accounts makes the best option? Especially as most loan providers are using "rule of 78" - only one I've found who isn't is Amex (7.9%), and virgin tell me theyre using "both daily and rule of 78 - eh?". Done this before, so happy about making decent payments back.

MBNA - no lifetime balances, credit limit sufficient, currently 4.9% until Nov (presumably they'll negotiate?)
EGG - credit limit ok, no idea on conditions/rate - awaiting answer
Capital one - credit limit around 40%, although very active account - currently offering 4.9% lifetime on web - should I chase to increase limit?
Cahoot - tried online app, but canceled before confirmation as limit not sufficient and interest rate (10.8%) not great (they stated this had nothing to do with credit rating, only commercial decisions)
Amex - regular, credit limit only 50% but offering 2.9 for 6 months

Or should I go out and get something new?
A lifetime 3.9/4.9 sounds good..... maybe the capital one no hassles equivilent as money could be bounced to & fro easily. What companies are likely to offer good limits immediately?
I'd need to get the amount into C/C which both egg & mbna will do, although not sure which has least charge

Milarky

Ok. Need 15k over 3-5 years. Want flexibility, am happy to place on CC - which of these *existing* accounts makes the best option?

I'm tempted to say 'any or all'... is there any reason why you can't 'pick and mix'?

Especially as most loan providers are using "rule of 78" - only one I've found who isn't is Amex (7.9%), and virgin tell me theyre using "both daily and rule of 78 - eh?". Done this before, so happy about making decent payments back.

Look for the lowest rate personal loan. But apply once you have sorted out credit card deal(s). Regard the personal loan option as 'in reserve'.

MBNA - no lifetime balances, credit limit sufficient, currently 4.9% until Nov (presumably they'll negotiate?)
EGG - credit limit ok, no idea on conditions/rate - awaiting answer
Capital one - credit limit around 40%, although very active account - currently offering 4.9% lifetime on web - should I chase to increase limit?

Can't see any harm in raising a limit in advance of using it - that's what ccs want you to do, mostly. [what does '40%' mean here - the proportion of the amount you want/intend to borrow?]

Cahoot - tried online app, but cancelled before confirmation as limit not sufficient and interest rate (10.8%) not great (they stated this had nothing to do with credit rating, only commercial decisions)

Fringe benefit of cahoot card is that balance transfers benefit from the interest free period [although this is for the 'dedicated' rate tart because you get clobbered it you miss payment by one day - perhaps you'll go back to cahoot another time?]

Amex - regular, credit limit only 50% but offering 2.9 for 6 months

That '50%' - again referring to the amount you mentioned at the top?

Or should I go out and get something new?
A lifetime 3.9/4.9 sounds good..... maybe the capital one no hassles equivilent as money could be bounced to & fro easily. What companies are likely to offer good limits immediately?

Break down the problem.. Identifying life-of-balance products in order of ascending interest rate [and don't forget the size of minimum payment - 2% is better than 3%] and then enquire of each one how easy it is to get. If you can't/aren't likely to get your 'first choice' look at the second - and so on.

I'd need to get the amount into C/C which both egg & mbna will do, although not sure which has least charge

What is 'C/C'? Do you mean 'Current aCcount'? In which case Egg has the edge as it's online, quicker and fee-free.

Milarky

They [Barclaycard] also gave me 5% off the normal rate of the card just for the asking so I'm a happy bunny - and thank you Martin for the tips in your article that set me on the way.

lillybeth,
Please remember that any purchases do not get REPAID until the rest of the balance is. Even with 5% reduced purchase rate you would be hammered with interest charges just by using the card for any thing else.

Please DON'T NOT MAKE ANY PURCHASES using this card. Just set up minimum payments from your current account and put the card in a draw (or cut up in an envelope).

next step, look for a new credit card for spending. Even Barclaycard should offer you one if you ask them

Good Luck

Reaper

EGG - credit limit ok, no idea on conditions/rate - awaiting answer

The answer is definitely a card to use. You can easily pay the money into your bank account, and best of all on every aniversary of when you first took out your card you will get 5 months interest free balance transfers.