Credit Card Balance Transfer Discussion Area 2

Unbelievable_2

Weatherwax

You are quite right - this stuff does seem complicated but I think that's because it IS complicated. Different credit cards have different terms and conditions, different introductory offers and different facilities which can lead to utter confusion.

Some people do balance transfers to avoid paying interest on a credit balance that they already own, others actually don't have any debt and are playing the credit card shuffle to make money!

The best thing to get started is to say (Janet style) what it is you actually need to do with your current cards and someone (lots of people) on this forum will be available to give you advice.

Of course kids today don't do Janet and John anymore - its Magic Key stuff - and that's what we really need ;D

Katys_Grandad

Weatherwax

Judging by the time of day you posted perhaps the problem is that your brain isn't getting enough sleep!!

Seriously though, I do empathise with what you have said. It is complex and although I do participate in it I do sometimes wonder whether it is worth all the time and effort that I put into it. On balance it probably is worth it.

The advice above is good - I think that in its simplest from, a transfer to a 0% balance card from one with an interest requirment has to be worth the bit of effort required.

If I was you, and you have balances attracting interest on other cards, I'd do that and then :)see if you want to get into the shuffling stuff and 'super balance transfers'.

Whatever you decide, I hope the penny eventually drops - it did with me after quite a while!

fatbob10

Yo all,

I have a question about the Egg card. It certainly seems to be the easiest to perform a balance transfer credit to your current account. The question I have is this:

Once you are out of the interest free period on your egg card and you have paid off the balance, is it legal/ethical or whatever else to do a balance transfer from another card (non SBT) to your egg card thus creating a balance on you egg card. Then, with this credit balance, you credit your current a/c via a balance transfer from egg taking egg back down to a zero balance?

Could be potentially useful when you have run out of SBT cards at 0% . ???

Gotabiscuit

On past threads I have read that a lot of people have done this successfully without a hitch.

It has been mentioned, though, that moving large credit balances (above £5k?) can arouse money laundering suspicions.

Reaper

Once you are out of the interest free period on your egg card and you have paid off the balance, is it legal/ethical or whatever else to do a balance transfer from another card (non SBT) to your egg card thus creating a balance on you egg card. Then, with this credit balance, you credit your current a/c via a balance transfer from egg taking egg back down to a zero balance?

That is one of the common techniques and it is particularly easy with the Egg card. I've done it and so have many others here. Legal & ethical? No idea - but Egg get a stack of cash for a few days which they can make use of so they benefit too.

Unbelievable_2

Does anyone know how long it takes for a BT on Lloyds TSB cards?

I have a Premier card and the online BT site says allow 2 - 3 weeks - is this really the case?

Riser

I am new to this super BT, and I know you've probably heard this question before, but If I apply for an MBNA online, how do I SBT to my current account at the time of application to avoid potential BT charges? ???

The online form will only let me transfer to credit cards.

Thankyou.

Unbelievable_2

Riser

I applied on line for the card but didn't do a BT at that point.

When they send the application form for you to send there will be a BT application slip with it - fill it out with your current a/c details and they will do the SBT for you (it will probably be in your bank before you get your card!).

Turbo_4

Does anyone know how long it takes for a BT on Lloyds TSB cards?

I have a Premier card and the online BT site says allow 2 - 3 weeks - is this really the case?

From my records it took 3 working days to BT my Egg 'debt' to my Lloyds TSB Advance card.

mediamonkey

Has anyone tried informing their current credit card supplier that they are about to transfer their balance, in order to see if the current provider will offer them 0% instead.

i.e. I have a co-op Visa card - they offer 0% on new balances. I'd like to stay with them but need to get 0% on my existing balance of £2k. If I tell them I'm transferring to Barclaycard might they drop my interest to 0% to keep me?