Credit Card Balance Transfer Discussion Area 2

lyeping

To Galstonian, thanks for the advice. I do like your pig icon. How do I get one for myself?

To Ziggy ;D, I've applied online on the 30th night itself, after reading your post, all at one go. Texaco, got GBP 500 credit limit :P, Egg (just received the contracts today which I've got to sign and send back, credit limit not known yet) ::) and MBNA (no news yet.

Almost did Alliance & Leceister but then found out that it was together with MBNA. So that's the 4th card under MBNA, so far.

To Muppetyness, I know your feeling about the low credit limit. I've got Tesco card and Barclaycard with GBP 2,000 credit limit. Just applied for Texaco and got a miserable GBP500.00 :-/. I was hoping for more because I was only applying for the 3.9% BT rate!! Hopefully we'll both have better luck next time.

Anyway, about your GBP1,700.00 problem. Did you realised your barclay card is offering 2.9% life of the balance on BT with a 2% charge on the amount BT or 6.9% with no charge on the amount BT? I've read that someone on this post actually got another 0.5% off the rate because he actually enquired about the difference between between the 2 deals. Just his lucky day? Don't know but worth a try. Better than nothing when you cannot get enough 0% deals to BT to.

Now, I know for a fact (coz it happened for my hubby) that you can request for a SBT straight to your bank account. The trick is to keep calling until you find an unsuspecting/ new staff. The more experienced/ professional ones are very aware that Barclay do not BT into bank accounts and will keep to that rule. Apparently, if you've been promised of a special rate or special transaction by a personel before, then when you next call them again, the then person you're talking to will 'honour' that 'deal', as happened to my husband on his SBT mission. He spoke to first guy who agreed to SBT, hubby said will get the figures right and call back. When he call back, second guy said Barclay do not BT into bank accounts, only credit or store cards. But husband insist the first guy said no problem, so, second guy said he'll honour the deal.

Good luck.

m_jstap

MBNA balance transfers & Note to Cally

MBNA balance transfers:
OK have been trying to batter down MBNA on an exact foolproof definition of when the 2% fee is charged for balance transfers.  The answer i currently have (no guarantees, it doesn't seem 100% ever) is

If the balance transfer is

a. An intro offer balance transfer
and
b. This is done on the application form

then there is no fee.  Assume a fee at all other times (ie intro offer bt but done after application).

As for Cally, as a non-prejudicial goodwill gesture, they've refunded your £35

martin

well....I think this could get quite interesting. I am in a similar situation to cally -I have an mbna platinum plus card - I am about 6 months into my 9 month intro offer of 0% on BTs. I have made atleast 2 BT's into my current account - one about 1.5 months after the account was opened - this attracted NO charge, and the second 2 weeks ago.No charges have yet to appear on my online statement for this second BT. Since I am an avid reader of these discussion boards I was aware of mbna's introduction of their 2% charge capped at £35 (and yes it does still say very clearly when you do a bt online that you MAY be charged the 2% / £5 max).Before I made this second BT (the one 2 weeks ago) I called an mbna operator who confirmed to me that I would not be charged the £35 for any bt's made over the 9 months. I hope that they keep the records of the conversations between the mbna operators and their customers, because if they do they will not have a leg to stand on. (and I hope they dont charge me 'cause today I have just done a 3rd BT!)

Unbelievable_2

Same thing happened to me mse_jstap (as I posted elsewhere - can't remember where)

I called MBNA (Virgin) late at night to ask about balance transfers. She checked my account and stated that it said on her screen 'fee waived during introductory period'. She said that she couldn't vouch for online BTs but if I did it by phone she 'guaranteed' I would not be charged! (Haven't tried it yet tho). :-/

Rozi

Hi,
I'm new here and sorry if this has already been delt with.

I'm a bit at my wits end tbh, I'm in quite a bit of debt on a capital one card, the interest free period is about to run out and I want to find a card to transfer the balance (£6300) to that is also interest free. I've managed to stop spending on it so just want to pay it off but really don't want to be paying interest on it.

Please please could you tell me which cards do this?
I really don't seem to be able to understand all the information and it just reduces me to tears when I try.

Thankyou. :-/

Unbelievable_2

Rozi

You could try Halifax or Bank of Scotland One cards - they have 0% on BTs and purchases for 9 months.

Lloyds Advance card has 0% for 12 months which would be ok for a BT but DO NOT use it for anything else because of the way they charge interest.

m_jstap

Rozi, Martin's own guide on balance tranfers has recently been updated.
have a read, and you'll have all the answers.

http://www.moneysavingexpert.com/articles.phtml

and look for the article entitled "best balance transfers"

Rozi

Unbelievable-Tried halifax but they won't do interest free on that amount

I had a bank of scotland card a while ago...that would affect the intrest free bit I think....

Will give Lloyds a go ta!



I know martins guides are on here, that'a where I tried first but as I explained, I really don't seem to be able to undertand things properly at the moment and the whole thing is reducing me to tears so I was looking for someone to put it very simply indeed.

Unbelievable_2

Rozi

Will Halifax do interest free on any amount? - you can split the balance transfer over more than one card.

Also you could try Alliance and Leicester credit card (an MBNA card)- they give 0% for 9 months and may charge a BT fee of £35, but generally don't during an introductory period.

There are other 0% cards but most of them give no more than 6 months at 0%. You could use one of these and then transfer again in 6 months time (remember to apply about a month before the interest free period expires).

Suggest whichever card you get you cut the card up when you get it so that you are not tempted to spend on it!

Good luck!

isasmurf

How long is MBNA taking to process applications at the minute? I need to do a BT by beginning of November, and another one by beginning of December (preferably both onto the MBNA card!) When should I be thinking of applying?

Would it harm my application if I applied for another card now (for 0% purchases) and then MBNA in a couple of weeks?

What is MBNA's policy on transfer's between affinity cards that it runs? My old university does a very nice card which I'd like to switch to, but it only has 6 months for BTs, whereas an MBNA branded card is for 9 months. Could I switch between the two at the end and get both offers?

Sorry a lot of questions there. But this is my first time with the credit card shuffle.

weatherwax_2

Rozi said -

I know martins guides are on here, that'a where I tried first but as I explained, I really don't seem to be able to undertand things properly at the moment and the whole thing is reducing me to tears so I was looking for someone to put it very simply indeed.

Aye, there's the rub. It's great that people on this thread (and site) are so helpful but unfortunately nobody seems to realise that, to someone who simply cannot get their heads round anything re financial matters, even what are regarded as the most basic explanations can sail right over one's head.

I have read every post re BTs and SBTs until my eyes are practically falling out of their sockets and it's all still incomprehensible to me. :-[

Replies are given about going for xxxx card because it has 0% interest for xxxx months but nobody actually explains the process, step-by-step. I pride myself on reasonable clarity of thought and speech in most things, but when it comes to finance ie credit cards, mortgages, interest rates etc , my brain automatically flicks the 'off' switch and my husband is'nt much better. ::)

We've somehow managed to stagger along without owing vast sums to anyone but I would like to sort out our credit cards, on which we do owe a reasonable amount. What's going to happen when our endowment mortgage (see? I told you!) pays out does'nt bear thinking about.

So, would some kind soul be willing to explain the ins-and-outs of BTs and SBTs in a John-has-a-bat, Janet-has-a-ball way?