Super Balance Transfers discussion area

YorkshireBoy

Your plan will work, and is a common approach with, for example, MBNA debt.

hobbs

Thanks very much - did this last night so should have funds available on Tuesday.

Part if the plan is to reduce my Halifax overdraft which I pay £60 per month in charges for plus a £10 fee. This is based on a £2,500 overdraft but I will reduce this to £2,000 so charges are then only £30 a month. Unfortunately the money transfer won't cover the whole overdraft but I need to clear this first before tackling my barclaycard.

A further thought is whether, at a later date, I could do another money transfer and effectively end up with my overdraft on my credit card. I would rather keep paying the £60 per month to them, and at least partly be reducing the balance rather than more money down the drain financing an overdraft!

snootycow

I have a Barclaycard that i've never used (It was issued post Egg takeover after i'd paid off my Egg balance) Does anyone know if Barclaycard offer their existing customers the same deals on Money Transfers as they do on Balance Transfers (around 6.9% for the life of the balance I believe)? I desperately need to get my bank account back in the black as i'm paying over £60 a month in interest for £5,000 overdraft. I'd rather have a minimum of to-ing and fro-ing as the credit limit on a new credit card wouldn't be enough to cover the 5k. I'm not really bothered about the amount of debt, just the amount of interest i'm paying.

Foxy-Stoat_3

If you log in online with the Barclay card website you will see the offers you have....BC keep sending me letters offering to transfer £10K into my personal account for 2.9% interest rate...thought the pressure borrowing was over!!

Esoog

snootycow wrote: »

I have a Barclaycard that i've never used (It was issued post Egg takeover after i'd paid off my Egg balance) Does anyone know if Barclaycard offer their existing customers the same deals on Money Transfers as they do on Balance Transfers (around 6.9% for the life of the balance I believe)? I desperately need to get my bank account back in the black as i'm paying over £60 a month in interest for £5,000 overdraft. I'd rather have a minimum of to-ing and fro-ing as the credit limit on a new credit card wouldn't be enough to cover the 5k. I'm not really bothered about the amount of debt, just the amount of interest i'm paying.

BC send me a rate letter each month, this months had money transfer for 6 months at 0% (same as balance t) and at a cheaper cost 1.9% as opposed to 2.9%

KG14

The current balance on my Barclaycard is 5300 (of which 3150 is 0% until July 2014 - that'll be paid off by then) which leaves 2150 that I'm paying regular interest on - 1.873%for the month - about £40
Barclaycard are offering me up to a £1780 transfer of cash to my current account for a fee of 1.9% and 0% interest until June 2014.

Is there anything stopping me taking this transfer and then using it to pay off my Barclaycard (as I believe payments pay off the highest interest amounts first) - thus swapping 1780 of my 2150 outstanding standard balance to a 0% balance?

Hope that makes sense!
Thanks in advance for any help x

forgotmyname

Sorry, Bump to hide a spam post.

red_devil_1

Hello, apologies for this being my first post - I have been a lurker for some time and suppose I have to start somewhere. I was wondering if you could help?

I have never had a credit card and dont really understand the terms however I currently have a 2500 overdraft which I have fully been in for over a year. I am not in a position at the minute to save and pay this off and i'm paying between £25-£30 a month interest. I'm looking at the 'MBNA - 29 MONTHS 0% WITH 4% FEE' card with the rationale that I can transfer the debt to this card, clear the bank overdraft and then pay off £30 a month from the card debt. Now i'm aware this wont clear the debt in 29 months however it will lower it.

With the 4% fee my new balance would be 2600, the minimum payment is 1% or £25 so essentially I could get the figure down to (29*30 = 870, 2600 - 870) £1730 in 29 months should I continue to just pay £30. Is this correct? Are any other fee's involved? HOw do i make a payment each month to the credit card? What would my options be after the 29 months...transfer to another card?

Many thanks in advance.:beer:

bigadaj

In theory your plan looks fine but the question is will you get this card if you haven't had a card before and maybe have a thin file, ie not much use of credit.

It's worth applying, but you'll need a plan in place a few months before the deal ends, no guarantee you will be able to transfer to another zero card. If you can't switch then you'll be incurring interest of 2% per month, possibly more, which would be double what you are paying currently.

Charlieuk01

I'm currently travelling. I get back in a month and fairly confident I'll have a job again within another month. As for now, I'm unemployed. As I've built up overdraft debt over the last 12 months I'm now paying over £70/month interest. A cash transfer sounds perfect, but do I stand a chance without a monthly income? (I may have to wait till my first paycheque - just a shame that's at least £150 of interest away). All help, as ever, appreciated.