Credit Card Balance Transfer Discussion Area 2

System

Myself and my husband would like to clear our overdraft which stands at about four thousand pounds what is the best way of doing this without getting a loan out.

Would a credit card with 0% suit us? so we would could pay off the overdraft in the bank if so which one.

Thank you any advice would be really helpfull.

Galstonian

Do you have savings? Unless they are earning a better return (after tax) than your borrowing costs then I would argue they would be better used to pay off debts.

eddie986

Hi! I recently applied for a Barclaycard offering 0% until August 05. However my application was rejected on the grounds that I already had a Barclaycard on record, with a Zero balance, which admittedly I'd forgotten about. I have been playing the 0% card swap game for the last 2 years at least and I have swapped Mastercard several times without any problems so has anyone any idea why Barclaycard are being awkward. I have tried to close the Barclaycard account which I managed to do very much against Barclaycards wishes. Will this be sufficient to apply for a new Barclaycard with 0% or is there more to it than that.
If anybody else has had a similar problem I would appreciate any feedback.
Thanx in advance

System

I have logged on to barclaycard as an existing customer (with zero balance) to transfer another balance at 2.9% forever. Cannot seem to get this offer. The offer on line ceases the 2.9% in 2005. Is this correct or am I missing something??

System

My apologies if either of these points were raised in the first thread - to which I have been unable to gain access.

I can see no reason why one cannot 'have one's cake and eat it' by using a cashback card and then transferring the balance to a 0% card - except that there will be relatively little to transfer. However...

... is it possible to transfer non-existant debts from one card to another, thereby building up a credit to be used against future expenditure on the cashback card while maximising the benefit of the 0% card?

bpyoung

... is it possible to transfer non-existant debts from one card to another, thereby building up a credit to be used against future expenditure on the cashback card while maximising the benefit of the 0% card?

You could use eg Egg or MBNA to do a SBT to your current account, and then credit your cashback card from your current account. I don't know if they actually check that the debt is "real" when doing normal BTs.

Or better still, you'd set up the cashback card to pay off in full every month with the SBT'd cash sitting in a high interest account and just dripfeeding through to your current account as necessary.

highwayman_2

I'm not sure but I think I may have inadvertently found a way of getting a 6 month intrest free balance transfer from an existing card.
I recently mis-placed my MBNA Platinum card and phoned to report it lost, the account was stopped immeadiately (I know this because I found the card later on that day and phoned back to be advised that the account was no longer active) and a replacement card sent out.
The balance from the 'lost' card has been transferred to a new card from MBNA but it would appear that the replacement card is being treated as a new account and I will be getting 6 months interest free on the transfered balance.

bpyoung

Interesting... I hope I don't "accidentally" "lose" my MBNA card a few weeks before my current 0% period expires...

stead_2

Hi can anybody please tell me how to get the funds off a credit card without being charged, because companies are now not sending cheques out with new cards applied for or are putting a charge on them. cheers.
:P

cashflow

In this week's poll I note that Martin is going to start a new board in the Chat Room based on, 'Revenge. How to get free cash from credit cards article', and he has asked for suggestions to name the process.

I'd like to suggest the term 'paybacker'. In the early 90's the interest rate came down considerably. I stand to be corrected, but I don't recall a single company reducing their interest rate for several years. It seemed to me that it was only when Egg introduced their credit card -at a rate of about 10% - that companies started to reduce their own rates?! To me the new trend to switch frequently is simply a way of 'paying back!' the greed that so many of the companies displayed.