Credit Card Balance Transfer Discussion Area 2

moana

Thanks  Galstonian, No i haven't asked barclays.I read the article but I am still not confident about it.can I   BT  to another Credit card? then that card is on credit .Now I ask the cedit card company to give me the money sitting in there.Does it work like that? I have no idea.

The amount of my credit limit or 90% of it, was more than the amount available for transfer but Barclays actually put all my 90% credit limit into the account I was transferring from thereby putting that account into the black.
I'll shortly reduce that to zero with some purchases

Dunno about cash usage though.

System

I have about half a dozen cards with BTs from my offset mortgage (One Account). My credit score is starting to hurt me; I've had a couple of rejected card applications. In two or three months, I'm going to need more cards to transfer the debt onto. Would it help my credit score to first repay all the cards and cancel them, before applying for further cards. (I would intend to keep one super BT card as a conduit for further BTs) ???

System

I'd like to ask who has taken out the most cards to do sbt's? What's the total amount you've managed to 'borrow'  and what was the consequent 'earnings' and did you manage to keep all the cards in the air without dropping any? (ie. ending up paying interest)

Leia_Stephens

Yes, it would be enlightening to hear thoughts on this

johnllew

I'd like to ask who has taken out the most cards to do sbt's? What's the total amount you've managed to 'borrow'  and what was the consequent 'earnings' and did you manage to keep all the cards in the air without dropping any? (ie. ending up paying interest)

You may find people reluctant to give precise figures. I know of people who have dozens of cards with amounts borrowed into 6 figures. Multiply that by 5% or so to give an idea of the potential return. I've been doing this for over 10 years and have never missed a payment nor incurred interest other than on very low rate deals.

Perhaps a set of polls would be illuminating; something like this: How Much Have We Bagged?

System

Current cards:-

Halifax £3500 ***
Cooperative £3000
Egg £1250
Capital one £6000
Abbey £3000
Barclaycard £1300

I am retired so my credit limits are quite low.
Closed cards are:-
Mint £7900
Mbna £3500

*** My halifax 0% runs out next month but a very nice lady in Cardiff has arranged for an upgrade so I shall now benefit from another 9 months of 0% balance transfers.

John

Goitster

Having applied to Barclaycard for a credit card to take advantage of the Aug 2005 0% interest offer I did a balance transfer of £4000.00 from my curent card. When my first statement arrived only £350 had been transferred. When I questioned this I was told It was policy to only allow £600.00 credit for the fist 6 months. I was assured it was nothing to do with my credit rating , which is good. Needless to say I am brassed off.
Any suggestions whst I might do next? :-)

System

Barclaycard Super Sparkly BT's!
Thanks to Martins super tips I have managed to organise my debt into a totally manageable form which I can pay off at a really low rate using balance transfers. I am an existing barlclaycard customer and I transferred my balance off my card onto another mastercard and then transferred it back onto my barclaycard to get the 2.9% interest for the life of the balance. I then called them and the nice man upped my credit limit and I have now performed a super balance transfer of my loan and overdraft at the same rate. This is far better than any rates I was quoted including graduate loans whcih I am eligable for and means I can pay the minimum payment if I am running a bit short or make overpayments with no charges and its all in one place so very easy to keep a track of the balance.
The card is now firmly buried at the bottom of my stationary draw where it will remain until I have paid it off.

Would never have know this was possible or such as good dela especially the Super BT bit without this site - Thank you very much and hope some other people might be able to use this method.

JonW_3

Can recommend the best card for a balance transfer in the following circumstances, please?

I currently have approx £4000 on 0% Lloyds TSB Classic, approx £400 on a Smile Visa and a loan of about £900. Both cards have credit limits of around £5000.

The 0% deal on the Lloyds card runs out soon. I'd like to transfer all these debts onto a new 0% card - the question is which one.

Barclaycard sounds like the best deal, but would they give me a big enough credit limit?

I've recently had a Virgin Mastercard so that might rule out of any MBNA group cards for a while.

Any suggestions gratefully received.

bpyoung

Try for an Egg card - you can transfer the full balance straight into your current account which you can the use to pay off each of your other debts. Might also be worth applying for a Halifax/Bank of Scotland card too, despite their rubbish customer service, their 0% for 9 months offer on purchases and balance transfers is not to be sniffed at. Also, if you don't get a high enough limit on the Egg card to cover all your current debts, you should be able to place the remainder on to this second card.