Super Balance Transfers discussion area

IM

Hello all.

I'm looking to buy a second hand car, from a family member, and am looking at a money transfer 0% credit card as the cheapest option to raise the cash....

What sort of credit limits do these cards typically offer/is there any way of knowing in advance of applying?

I need c£4.5K

iamrosemary

Hello All

Can someone please help?! I'm up to my eye-balls in debt and can't seem to get back on track.

I took out a MBNA Credit Card last year to pay for a horrendous tax bill and cover me while I was on maternity leave. The bill currently stands at £5,300. I also have the following:

Barclays overdraft £1,500 (which I always seem to be in after two weeks of being paid)
BarclayCard £400
Next Card £517
HMRC Debt (another bloody tax bill) £1,600

I ended up defaulting on my repayments with MBNA twice because I was on Maternity leave and had absolutely no money to pay it. However, I'm back in work now and earning not a bad wage but my monthly outgoings (not including food, clothes and baby bits etc.) is £1,500. Any advice would be greatly appreciated......

Rose x

ps sorry if I'm posting this in the wrong place, wrong order.... I'm not sure how to start a new thread.

jmm8997

Existing Tesco Bank credit card, called today to ask if I may transfer another balance from another card. I was told it was for new customers only. I was disappointed with this. I could be offered a deal at random as an existing customer, or I could close my account, and be considered a new customer after 6 months. As someone who pays off balances in full, (unless on 0% APR), perhaps I am not going to make them any money through missed payments or later interest?

Tixy

jmm8997 wrote: »

As someone who pays off balances in full, (unless on 0% APR), perhaps I am not going to make them any money through missed payments or later interest?

Promotional rates are generally there to attract new customers. Credit card companies make money from the fees on transactions/purchases being made on their cards.

If you are using the card regularly then they will be making money from you. If you are not using the card regularly for purchases then yes you may well not be their ideal customer.

fernando_vaz

Sorry, probably a very sill y question, but I've never had a credit card before.

I would like to get one of the new Virgin credit cards with 0% 32mths on bank transfers. I'm going through the applcation now ,and it asks how much I would like to transfer to my bank (if successful).

How do I know how much credit I can have on the card? Does it matter at this point how much I put in this box?

YorkshireBoy

fernando_vaz wrote: »

Sorry, probably a very sill y question, but I've never had a credit card before.

I would like to get one of the new Virgin credit cards with 0% 32mths on bank transfers. I'm going through the applcation now ,and it asks how much I would like to transfer to my bank (if successful).

How do I know how much credit I can have on the card? Does it matter at this point how much I put in this box?

You need to be careful, ie find out what happens if they don't grant sufficient credit limit for your needs.

It may well be that they will transfer whatever they can (subject to the usual 95% rule) of your credit limit, and that may not be enough...meaning you've wasted a fee!

For that reason I'd suggest considering waiting until the limit is known before initiating the money transfer. It's doubtful anything you enter now will have any bearing on the credit limit to be assigned anyway.

mike_NEWSON

hi, How can I be sure that the new credit card company will accept me balance tranfer in full £1250 as I was once conned by Santander applying a limit of £400 even though I had told them I had more outstanding?

jamels2

I agree it's a bit cheeky you have to submit the application without knowing the limit you will be offered. So you might need 10k but onlybe offered 2k and still be charged and the money transferred automatically.

tighearnan06

Quick question. Seems to be a mystery as nobody or nothing has been able to give me a definitive answer....

If I transfer money from my Credit Card to Current Account is this recorded as a cash advance with a CRA (credit reference agency)? I know they are different from each other and therefore could have separate interest rates within the credit card itself but something tells me it would go down as a cash advance which negatively impacts your overall credit score.

Maybe I'm wrong.

Hopefully someone can shed some light on this

Hamsto

Hi,

I have a settlement figure from a loan of about £5500, I want to shift this debt from the loan to a 0% credit card. However the credit card has given me short of the amount at £3700.

What would be best to do get another 0% credit card for the remainder of the amount, wary this may damage my credit score?

If I don't pay off the figure in full and pay off the £3700 I will just get a shorter remainder period and still be paying the loan amount of £150 a month. What would be my best option?

Thanks