Credit Card Balance Transfer Discussion Area 2

Unbelievable_2

Pete.g

You need a card that won't charge you for the BT - you could try Lloyds TSB Advance (0% for 12 mths - but never use it for purchases) or Halifax/BOS One card (0% for 9mths on transfers and purchases). There are lots of others - check out Martin's articles (if you see what I mean! )

koosie1943

today I received a letter from Abbey advising of changes to my credit card terms and conditions stating "we may totally withdraw any promotional rates that apply to your account etc etc Has anyone else received this letter? I did a BT last month. are they on to it?

zcaprd7

I wouldn't worry, I think its more for people who make a late payment can/will have their 0% offer removed...

...having said that the wording was rather vague, onlong the lines of "if you do anything we don't like, we'll pull the offer".

baffcat

???

Excuse me if this has already been asked & answered somewhere, but I've looked around quite a bit and don't see an answer, so........

I have a One account mortgage, which I'm pretty certain has a 5.7% interest rate at present. I have a Tesco c/card which I use & pay off every month (to keep as much in the One account for as long as possible).

I've applied for the Texaco card with a balance transfer rate of 3.9%, and I have nominally been accepted & offered a £10k limit.

My question is this - If I transfer a cash sum of £8-10k out of the Tesco account into the One account, to reduce the balance, will the saving I make on the lower interest rate with Texaco offset the charge for withdrawing cash from Tesco?

Thx

Billy

Smitty

Billy,

I think you should look at getting a credit card which allows you to do put cash into a current account without any charges. (An SBT)

The Egg card (among others) allows you to do this.

zcaprd7

Yes, and if you can't work it out maybe the process is not for you?

(not trying to sound harsh)

abbott1

I see that today MBNA have raised their ceiling from £35 to £50 for Balance transfers.

zcaprd7

Just managed to get Egg to increase my limit just before my anniversary offer - worth a go...

Emmacw

I have been reading this thread for a while and thought I would make a post!

Having read and read until I had built up enough courage to take the first step I have now successfully got a 0% card for husband (Virgin MBNA with free MP3 player offer) and am transfering the balance to our current account.

I also have just received my Egg card and am transfering £6k into my current account for onward travel to my Cahoot account.

Am now in the process of cancelling 2 other c/cards so they should shortly be off my credit file and will be applying for another card soon.

Only problem is trying to keep track of everything!

Thanks to everyone who continually posts on here as people's experiences have enabled me to have a go at this money earner!

mary

You've done the hard part (getting the money from the credit cards into a savings account), the easy part is keeping it going. Several weeks before the interest free periods run out apply for more credit cards offering 0% balance transfers. Then just do a balance transfer between the new and old cards such that the old ones are fully paid off. You have finished with the old ones then and can cancel them if you wish.

My first 0% Credit Card with Egg expires on Jan 1st
When I start applying for a replacement card, I'm not sure when it will be valid from. Will it be when I sign and send the agreement back and they set the account up, or when the welcoming letter lands on the doormat, or when I make the first balance transfer. What I don't want to do obviously is cut short the first card I hold and do myself out of a month's 0%