How easy is card tarting?

MothballsWallet

Okay, I thought I'd start something - on card tarting. Anyone like to share their experiences and answers to these questions:

1. How easy is it? (That is, remembering end dates, etc.)
2. How much of an effect has it had on your credit record?

I've looked at Martin's articles and used the credit score tool he built with Experian, and that said I've got a good rating. I'm looking at getting a Barclaycard Platinum with 6.5% APR for life of balance - many of the 0% deals with a decent 0% on BT period are with cards issued through MBNA, and I've got a MBNA Amex already, which cuts me out of those, sadly.

I'll open the floor now.

p00hsticks

By 'card tarting' do you mean that you have existing debt on credit cards that you want to get as cheaply as possible or that you want to take advantage of 0% balance transfers to get cash that you can put in a savings account for a while? If the latter ,then I think the combation of the lower credit limits that cards currently seem to be offering plus the poor returns you get on flexible savings accounts at present is going to make it hardly worth the effort (in my opinion).

MothballsWallet

Sorry, meant to say that it's to clear an existing debt while the lowest amount of interest possible.

clio

tesco and egg both have very good deal on 0%.

gjs1701

It is pretty easy.

The first time I did it, I had to get two cards to transfer my balance to, as the first didn't give me a large enough credit limit.

I've done just done it a second time, getting two new cards from Nationwide and Halifax, one to transfer my existing balance to and the other to spend on, both at 0%. I applied for both online, so it didn't take very long at all.

I write the dates on my calendar, and if it rolls over to next year, I write a note at the end of December to write it on the new calendar page.

I stick the card with the balance transfer away in a drawer so there as absolutely no chance of using it.

Don't know about credit record, but the two cards I got second time around had much higher credit limits than those first time around!

Backbiter

It is pretty easy. I know that the general consensus is to cancel unused cards, but I keep getting excellent 0% offers from my 'dormant' cards. Best I've had has been 10 months 0% for 10 months from MBNA. I've just had 6 months at 0% from LTSB. Yes, both offers include a 3% handling fee, but most offers do, even with new cards.
So my experience is that it doesn't always pay to cancel old cards - you can continue to be a 'tart' without continually applying for new ones.

greyhoundcrazy

I have tarted for the past 3 years and so far have not had any problems.

I find it easy to remember the dates for changing etc but if you are not likely to remember them then use the tart alert here on MSE - they will send you a reminder.

I do think it takes quite a bit of time to choose the right card especially with the way things are at the moment. I have spent 2 hrs this weekend planning my next move.

If you don't want multiple credit checks on your file then do some research before applying. I check the moneysupermarket smart search to see which I am likely to be accepted for.

I get sent loads of offers that seem really good to begin with but then on closer inspection are not at all. I always look here and on moneysupermarket to check the customer services standards too. I don't want them pulling a fast one on me so that I lose my 0% offer and get charged.

I think I am going to go for the Nationwide 0% for 13 months with 3% transfer fee. They have good customer service feedback and pay off your highest interest debts first (unlike most).

I have had offers from existing (empty) cards but those don't match up to the new offers from elsewhere so I will be closing those soon.

Hippyer

Backbiter wrote: »

It is pretty easy. I know that the general consensus is to cancel unused cards, but I keep getting excellent 0% offers from my 'dormant' cards.

Hi, I've been doing this for 8 months now and one of the cards I've BT to is coming to the end of the promotion.

Why is it the general consensus to cancel unused cards?

Backbiter

Hippyer wrote: »

Hi, I've been doing this for 8 months now and one of the cards I've BT to is coming to the end of the promotion.

Why is it the general consensus to cancel unused cards?

The more credit you have (even in the form of 'dormant cards' with a zero balanc the harder it is (supposedly) to obtain new credit, as your credit rating is affected, although it might be a sign of credit worthiness if you have loads of credit that you have resisted spending on.

Here's Martin Lewis's advice on this site:
http://www.moneysavingexpert.com/cards/cancel-unused-cards

And here's the discussion forum:
http://forums.moneysavingexpert.com/showthread.html?p=4107998#post4107998

Personally I stand by what I've said above. Keeping old unused MBNA and LTSB cards has paid off handsomely for me with regular 0% offers in the post.