Credit Card Balance Transfer Discussion Area 2

johnllew

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?

Yes - but can your mother trust you to repay her?

FieryBlondeScot

lol............ course
;D

she trusts me so much as to stick her 3g into MY isa and for me not to spend it ::) mind u, lead me not into temptation........

thespacecowboy

Thought it best to ask this question in here

I have a MBNA card, which (the free watch deal) which has 9 months interest free credit (6 months to go).
The credit card statement clearly says 0% for BT and cheques, and ~1.2% for purchases.

I have some money on a Tesco credit card. I phone up MBNA to ask to transfer some money onto the card (a balance transfer) and the guy tells me they charge 2% to do this!
Perhaps it's just me, but I've never come across this before, and have been surfing the credit cards for a little while now ;D

Is this correct????

Reaper

Yes. There has been lots of discussion about this in other threads.

All MBNA cards started charging 2% with a maximum of £35, although I heard that has now been increased to £50 or more.

In theory it is waived if you do the balance transfer at the same time as applying for the card but even then people report being hit by it.

In your case where it is an existing card you will have to pay it.

jetboy

Having spent a few months working in a credit card department years ago, I reckon the reason people are getting turned down for new cards is the fact they are paying minimum balances on the 0% cards. Your credit score is weighted on the proportion of the outstanding balance that is paid off each month. If you are paying off the minimum on several cards then your credit rating will fall. The same scoring method is used in assessing eligibility for credit limit increases.

Robert_Sterling_3

Very interesting and very understandable.

smartsaver

What happens if you pay off the full balance (with stoozed money) at the end of the deal - does your credit rating then go up?

dthyer

Hi Jetboy

What you say is consistent with my experience with Barclaycard, who have consistently declined to increase my credit limit (I'm on the 0% to August '05 deal). I've been just paying the minimum, and saving the rest of the money I would normally pay the bill off with.

But, based on looking at my credit reference records from Equifax and Experian, when applying for a credit card from a separate organisation, I don't think they can tell size of repayments, just the limit and amount outstanding, and whether past payments have been on time or not.

DT

Smitty

I'm still not wholly convinced by the Egg card.  It has some advantages but I'm not sure whether holding the  card during the times when it has none is outweighed by the times when it does.  Obviously everyone is different but if I have a high limit on a card for more than half the year going unused I start to ask is it worth it?

The use of the Egg card as a mule, to get money into a current account even outside of the offer periods makes it a 'must have' for me.

smartsaver

Without a doubt Smitty - totally with you. No other cards allows this without a fee.