Credit Card Balance Transfer Discussion Area 2

eggdog

???
Just a question. I've tried to check the threads, but can't find reference to this. Apologies if this has been covered.
When I transfer a balance to another 0% card, is it best practice to close the other card (Halifax One) account? I'm not likely to use the Halifax card again. I suppose I am looking to the future, thinking Halifax may decide to have another 0% offer at some time, and any new offer may not be open to existing customers.
Any advice from Moneysavers?

madbart

im confused doesnt take a lot i know ??? i have a balance of £3500 on an alliance and leicester card that i wish to transfer over to a zero percent or a very low rate for a reasonable period of time. was thinking of virgin as they had dropped a leaflet through my door however after inputting 2 pages of info i spot the following we cannot transfer balances of mbna cards which A&L is. i already have an egg card so not able to utilise that avenue.
i used to have a very blaise attitude to money then i had an aneurysm and now all i want is to be debt free i have managed to clear 2 cards. any and all advice for this confused individual gratefully recieved small words even better ::)

westernpromise

There are a limited number of underlying card providers - about 20 or 25, if memory serves - so what you need to do is find out who's the provider of your current or recent previous cards. Then apply to providers other than those. Most of the major providers have some sort of 0% deal.

I'd avoid Barclaycard as they seem to give poor credit limits. Morgan, Halifax, and Mint are all quite generous in my experience, as are Egg.

Gotabiscuit

after inputting 2 pages of info i spot the following we cannot transfer balances of mbna cards which A&L is.  i already have an egg card so not able to utilise that avenue.

You've got two options:

Any MBNA card will allow you pay money into a bank account (known round these parts as a super balance transfer) rather than to another card (theoretically to pay off an overdraft or loan) but they may charge a one-off fee for this. You then use this cash to pay off A&L.

If your Egg isn't carrying any debt (or you are well under your credit limit) you can always do the balance transfer between Virgin and Egg.

Get Virgin (MBNA) to 'pay' Egg. If your Egg card has nil balance then this will put it into credit. You can then move this credit balance into a bank account. Egg, who are also one of the few providers who offer 'super balance transfers' will not charge for this.

Unbelievable_2

madbart

I think the longest 0% for BTs (not counting the elusive Capital 1 card) is Lloyds TSB Advance - 0% for 12 months but never to be used for purchases. After that the Halifax/Bank of Scotland One card is 0% for 9 months.

MINT and Texaco do life of balance for 3.9% I think.

EDIT: Lloyds Advance card is now only 0% for 6 months - shan't be applying now!

madbart

hi everyone first let me say a huge thankyou for all the advice i have had from everyone. i have been productive since my last post ringing goldfish who i have a zero balance and asking for the 0% on balance transfers to be told i have to apply for that new credit card to get that offer otherwise they can offer me 4.9% for 6mths which i personally thought it was a bit tight of them. however when i came in from work i had a letter from a CITI platinum visa card telling me i was pre approved guaranteed acceptance with 0% on purchases for 12 mths and 0% interest on balance transfers for 12 mths too. after 12 mths their interest is 13.9% but seeing as i dont plan on keeping it past 12 mths im not sure that would apply, and i have no intention of ever using it other than for this balance transfer. so why am i writing well it all seems too good to be true. again i throw myself at your mercy for your advice and guidance.
on a happier note well done to mr rochdale guy i am so pleased for you the relief must be fantastic. I want to be like you ;D

johnllew

Lloyds Advance card is now only 0% for 6 months - shan't be applying now!

Not so - it's still 12 months - Look Here.

thefirs

Hi, Can anyone please advise on how much to transferee, I was talking to customer services at MBNA who said I could move upto 98% of my credit limit.

I have also seen this figure a couple of times in posts, is this the case for all credit cards or just MBNA? should you only try to move 98% from Mint and Egg too?
What would happen if I tried to move more that 98%?

I initially attempted to do an online BT (on my new Virgin card) but that failed to go through. I was told 95% this morning by the the man in Limerick, though his arithmetic was slightly awry and he gave me 96% anyway. Obviously there's some variation and in the past I have been able to get 100% on the MBNA Platinum (credit limit now reduced to a nominal £100).

I think it's worth trying to squeeze the last few percent out after a week or two.

Reaper

i had a letter from a CITI platinum visa card .... so why am i writing well it all seems too good to be true. again i throw myself at your mercy for your advice and guidance.

I wouldn't worry - it sounds fine to me. Normally they only offer 6 months but it is not unusual for banks to give improved offer to customers who are of a type they are targeting. There is no fee for the card and no catches I am aware of.

I would always recommend not mixing balance transfers and spending on the same card even if they are both interest free as it is easy to lose track of your finances, but you are intending only using it for balance transfers.

I say go for it.

By the way guarenteed pre approved acceptance doesn't always mean guarenteed pre approved acceptance! They always have some clever wording that lets them worm their way out if your credit rating turns out to be bad when they do a search.

Unbelievable_2

Thanks johnllew

Confusing - says 6 months on the front page and then 12 months when you get to applying. Anyway - have submitted my application - here's hoping!