Super Balance Transfers discussion area

moranking6

I want to apply for this card to pay off my overdraft, but am unemployed at the moment. Does anyone know whether being unemployed means I won't get it please?

McrRed

I have an overdraft of £4k plus a flexiloan of £2k both with Firstdirect which we're paying a small fortune in interest and fees for.

I've applied for an MBNA platinum card with the idea of SBT to clear both debts and rationalise payments.

I was accepted but only have a credit limit of £2k. Obviously, I need more.

MBNA say there is a way to increase the credit limit but in practice will they?

JJadeja

I switched to Halifax's Current Reward account few months back and not eligible to their new switch service features (i.e. 0% interest on overdraft for 12 months)

Anybody has managed to blagged this offer for existing customer?

ratty2601

I have just received the above card. I thought I would shift my debt on a Topshop Store card here, which I have done sucessfully. Then I thought I would do a SUPER BALANCE transfer to pay off a loan from the bank £700. However have called them today to do 'super balance transfer' and the chap on the end of the phone said I cant do it as its a new account :-( Has anyone else experienced this or did I just get some numpty on the phone?
ANY HELP MOST GREATFULLY APPREICATED!:(:(:(:(

Applecider_2

Sign in to your Barclaycard account and if that offer is available to you it will be in the 'transfer money to your bank account' section. Hope it works out for you. MBNA do a card that does this at the moment when you open an account with them.

hi_ho

Hi this is my first post here and i was wondering if someone could help me.

I have a graduate loan from Natwest which has an interest rate of 8.65% and has around 15k on it. I have to pay around 1300 pounds a year in interest and as i only pay 255 a month that counts as a large portion of my repayments going just on interest. The total cost of the loan is around 21k if taken to full term with minimum repayments.

I have just started my job and was going to pay off 1000 a month into the account to cut down interest as fast as possible but thought maybe i could move some (or all of the loan if i could get a bank to allow it) onto a 0% balance transfer card - seen one offering 27 months interest free.

Would it be possible to pay off my graduate loan with one of these cards and then pay the 1000 pounds a month back so i am debt free within the 0% interest period? It just sounds too good to be true that a bank would allow me to do this.

As you can probably tell i am a little naive when it comes to loans etc so any help would be greatly appreciated, thanks.

CarysOx

Hi everyone
I have an agreed overdraft of £2500 with Natwest and am looking to clear this over the next 2 years. I applied for the Virgin card and was approved, but as part of my application I only requested £1,000 as a money transfer. I slightly got worried that I wouldn't be accepted if I applied for the full £2500 and that being turned down would affect my credit rating. I based the £1,000 on the fact that the typical rates quoted on the Virgin website was on £1,200 so assumed that was the average credit amount. In fact they've given me £5,000 credit! (which will not be used!)
So far, so naive. I can always try to phone Virgin to see if they would increase this cash transfer, but I assume they would only go with whatever is agreed in advance? So, how good/bad an idea would it be to apply for say the MBNA card? Would it look bad on my credit record if I'm applying for two credit cards in the space of a month? Or in the future if I was applying for a mortgage, does it matter than I have debt spread in more places, or is it just the total value of the debt that would affect things? I only have 1 other credit card at the moment that I recently paid off in full and that I now just use each month for a small purchase and pay off in full. I would get direct debits set up to both so would make sure they're both paid off over the time limits in full.
Any advice gratefull received.

CarysOx

hi_ho wrote: »

Hi this is my first post here and i was wondering if someone could help me.

I have a graduate loan from Natwest which has an interest rate of 8.65% and has around 15k on it. I have to pay around 1300 pounds a year in interest and as i only pay 255 a month that counts as a large portion of my repayments going just on interest. The total cost of the loan is around 21k if taken to full term with minimum repayments.

I have just started my job and was going to pay off 1000 a month into the account to cut down interest as fast as possible but thought maybe i could move some (or all of the loan if i could get a bank to allow it) onto a 0% balance transfer card - seen one offering 27 months interest free.

Would it be possible to pay off my graduate loan with one of these cards and then pay the 1000 pounds a month back so i am debt free within the 0% interest period? It just sounds too good to be true that a bank would allow me to do this.

As you can probably tell i am a little naive when it comes to loans etc so any help would be greatly appreciated, thanks.

Hi
Yes, this is the point of these loans, as the bank is looking to entice you into using one of their credit cards and so make money from you in the future from interest from other spending. They're also hoping you won't pay it back in time, as obviously then you'd end up paying a lot of interest on any remaining debt. So, as long as you have your direct debit set up, and you store the card away in a drawer so you're not tempted to spend, you should be fine. Have you carried out the eligibility check on the MSE website as well, as this will give you an indication of whether you'd be accepted or not. Worth checking, as you want to make sure rejections aren't noted on your credit record.

YorkshireBoy

CarysOx wrote: »

I can always try to phone Virgin to see if they would increase this cash transfer, but I assume they would only go with whatever is agreed in advance?

Depending on how much time has passed you may find your initial request is in progress. Simply call them and they'll either increase it or make a second transfer.

So, how good/bad an idea would it be to apply for say the MBNA card?

You'd almost certainly be declined (being as they're both underwritten by MBNA), so soon after the other application. You may even spook them into cancelling or cutting the limit on the Virgin card.

hobbs

Is it theoretically possible to apply for a money transfer on my CC and use this amount to clear the same card?

The theory is that I would ultimately have the same level of debt but my minimum payments would, for the next 6 months at lease, go against the more expensive existing balance.

Thoughts welcome!