Credit Card Balance Transfer Discussion Area 2

Figment

Ahhhhh (sound of penny dropping!) I get it now :-[

Unbelievable_2

Ahhhhh (sound of penny dropping!) I get it now  :-[

Hope it's making a ker-ching kind of noise ;D ;D ;D

oscarhugo

i have just under 3000 on an abbey card, at 0% until end of feb. i pay the minimum of a fiver every month. the money is 'hidden' away in a mini cash isa. i have a mint and an egg card with zero balances, though the 0% offer ends in jan/feb respectively.

i have recently been snubbed by other companies when applying for new credit cards. obviously i would like to replace the abbey card when its 0% offer ends to maximise my isa gains.

have the credit card companies cottoned on to this free cash making trick (paranoia is setting in), and are they refusing me because they know they will not make much/any money from me if they give me a new card? should i leave it until next year before applying again, or will the refusals from the last couple of months still be listed on my credit history?

There seems to be very little rhyme or reason why one gets refused for a credit card, as far as I can see.

Take my case:-

Since getting into the SBT lark a few months ago I have now started to get turned down fairly regularly for new cards when I applied [previously I'd never had any bother]. But! Amongst these refusals I have recently been accepted for a Sainsbury's Visa with a c/l of £3600 & a MorganStanley card with a c/l of £5k which have both proved to be quite useful!

Maybe different companies have less intensive credit checking than others?

Figment

Hope it's making a ker-ching kind of noise ;D ;D ;D

Yes it did. Was it that loud that you could hear it too? ;D

zcaprd7

Glad to be of help...

The interest rates for 'cash advances' or even worse taking cash out of a machine and getting charged a fee is madness - they are trying to charge a premium for convenience and I suspect most don't realise you can balance transfer to a bank acount and spend the money as you like?

Smitty

Far too soon - you're wasting money. I pay off MBNA balances from my Smile current account by BACS - I arrange the payments to leave 4 working days before the due date. They are always there at least a day before the due date.

How much time do you allow for a balance transfer from CC to CC?

johnllew

How much time do you allow for a balance transfer from CC to CC?

Now that's a good question. Most BTs will take 3 or 4 working days to go through but you can never guarantee it. There could be a glitch in the system, they could write down the wrong number etc and if you leave it too late, you haven't got time to recover the position. I like to give 2 weeks minimum though I have left it much later than that (and prayed!). Some cards are very good - RBS cards (Tesco, Mint, Lifeboats etc) you can pretty much rely on because they input the BTs online while you're on the phone. With some, like Nationwide, BTs are transferred to a different department to effect and that can cause delays.

kirbs_2

Hi

I have 3 credit cards, Mint gold, Barclays Plat and Egg. I was being quite successful at doing the 0% tarting thing, however am running close to 0% offers running out! Am now being declined when i apply to balance transfer preferably onto one card.
If this continues would it be wise for me to get a low interest loan to clear all cards? I am reluctant at signing up for a loan term, so balance transfer the best option so i can pay the balance off quicker.

Can anyone please advise
Thanks
E

FieryBlondeScot

seeing as i cant get another credit card :-[ i had a bright idea. could i get my mum to take out a credit card in her name and for me to transfer my credit card debt onto her new card? am looking for a long 0% rate card that will allow this :-/

Smitty

thanks for that John/Lew
It sounds like you have some anxious times waiting for BTs