Credit Card Balance Transfer Discussion Area 2

K10

I was coming to the end of my 5 months 0% with Egg, so having not used my MBNA card for a while I rang them to see if I could transfer £2500 at 0%. They advised that they could only offer me 2.9%, "on that amount", but they could, "pay the money into my Current Account"!
I said I'd leave it and shop around, but after coming off the phone I had second thoughts and rang them back.
This time I asked, "How much would I have to borrow to get 0%?". My credit limit was £6000, so I presumed that would be the maximum. Their answer shocked me!
I would have to borrow £10,000, but I could do that as my credit limit had been increased to £10,200!
I tried asking if I could do this over the Internet to avoid their £35 charge, but was told it was only available over the telephone!
I decided to go ahead, hopefully the interest on £10,000 will make up for the charge (unless someone out there can tell me otherwise!)
Incidently, I only work part-time, earn around £4000 a year, and have only just come off the sick. No checks were made to see if I could AFFORD to borrow £10K, no wonder some people get into debt!!!

phillai

Hi guys!

First of all, this is my first post ever and let me just say that this forum is absolutely fantastic and I wish I discovered it much sooner so I could've sorted my debts alot quicker!

Anyway I would like some advice.

I'm currently interested in getting another a new 2nd credit card (maybe to replace my current Egg credit card).

The main reason I want a new credit card is 'cause I want to clear my outstanding overdraft which is £900 on my current Natwest bank account and also clear my outstanding credit card bill which is £1000 which I hope never to use that Egg credit card again of which I'd close immeadiatly upon settlement.

Which is the best credit card company which will allow me to do this as well as giving me the best 0% rate?

I wanna do it ASAP so ease of access is more viable to me like applying online rather than visiting a bank in town.

I basically wanna pay it all off within around 8-10 months or pay no more than £250 a month to clear these debts.

I'm currently on a 15k per annum salary.

Hope you guys can really help me out.

Regards, Phil

bpyoung

i've just made my first payment (minimum) of £60 back to egg for my £3000 BT (to my current account). does this mean i can SBT that £60 back into my current account (taking me back up to my credit limit)? could i do this for the 9 months and then just pay the £3k back in one go?!??

I asked the same thing in another thread, and apparently the answer is yes! Hurray!

Yorkieds

MBNA is a good 0% credit card for balance tranfers as the minimum payment each month is only £5.00 irrespective of the balance.

bug_bloke

Beware! I don't know if anyone else has noticed, but there is a little twist with quite a lot of these long term 0% offers.

I first noticed it on the Lloyds TSB 0% for 12 months offer. The interest is 0% for 12 months but it only applies to transfers made within a short time from opening the credit card account. So as long as you make an transfer within say 6 weeks you get the 0% interest for 12 months. If you make the transfer after 6 weeks, you will pay interest.

This isn't ideal for people who are planning on spending on one card and transfering over every month.

luv_my_brass

MBNA is a good 0% credit card for balance tranfers as the minimum payment each month is only £5.00 irrespective of the balance.

Now you tell me! I've just opened a 0% account with Sainsbury for £6,300 and the minimum monthly payment is £177! Egg is £80 for £4000.
Doing a BT with Egg was easy peasy as they opened an online account for me, I transferred all of the £4000 into my bank a/c and then into my online savings a/c. But Sainsbury seem to do everything by post so now I'm not sure how to proceed with transferring the money as with Egg - experienced SBT'ers please advise! Btw, I haven't touched the money yet - can I refuse it and go with MBNA instead? -Just a thought ;-)

luv_my_brass

"Incidently, I only work part-time, earn around £4000 a year, and have only just come off the sick. No checks were made to see if I could AFFORD to borrow £10K, no wonder some people get into debt!!! "



Sainsbury's went through my credentials with a fine tooth comb! And you have to have an income in excess of £20,000 - it's useful to know all the ins and outs of varoius lenders - helps us to cherry pick. ;-)

rinoa778

I finally did it! It wouldn't let my fill up to my credit limit so I just rounded it up. There was no need for a reference/roll number. Now I just have to sit back and wait for the cash to come in.

fieldhouse

Hi, i wonder if anyone can help me.

I have a Gold credit card with Lloyds TSB with a balance of £3,500. I want to transfer this balance onto another credit card with 0% - what would be the best card to use?

Thanks for your help!! ::)

Yorkieds

Refer to Martins Best Credit Card for Balance Transfers article.