Credit Card Shuffle Discussion area

cv231

Hi all,

I have a credit card with £3000 on it, the apr currently being 17.9%. I have no trouble paying the minimum amount each month, however any more than that stretches my finances some-what. This means I mostly pay the interest and that my actual balance is barely going down.

I recently came across an advert for an alternative credit card - The Barclaycard platinum. It claims the following:


0% interest on balance transfers for 22 months from account opening (3.2% handling fee applies)
Plus, refund offer which reduces handling fee to equivalent of 2.9% for everyone
£40 off your balance transfer handling fee when you transfer a balance of £3000 or more.
0% interest on purchases for 3 months from account opening.

The minimum payment per month is also the same as on my current card.



Would I be wise to transfer my £3000 to this new card (assuming I am approved)? Am I missing anything? It seems like a no brainer but I'm not very experienced with things like this and fear I may be over-looking something (or lots of things!). Can anyone help?



Cheers


Chris

[Deleted User]

It would be a very good idea. But the fact you're struggling to pay more than minimum suggests that your debt/income ratio isn't great, which might lead to you being refused more credit, so you may not get it.

cv231

Thanks for your speedy reply! I think I will apply and see if I get approved - Unless this will adversely affect my credit rating if I am rejected?

[Deleted User]

One application won't harm.

But if you've made 17 this month already, I'd skip it.

Dredhicks

Ok I have 2 credit cards which I know I have quite a bit on each but am desperate to start clearing them off. Is there any down side to me transferring the Barclay Card balance to the Virgin Card which has an offer of a 0% in transfer deal until October 2012. My credit limit would allow for this


Barclaycard

Debt £6,300

APR 23.9%

Monthly payment of £142

Interest on monthly payment £111

Virgin

Debt £6,300

Apr 26.49% the interest rate is the same for Cash/Card Purchases/Money Transfers ect

Min Payment of £197


Unless I have got it all wrong I stand to have over £1000 paid off over a year as the higher monthly payment on the Virgin card would be paying of the original Virgin debt first? I have done the tart thing before and did close the old cards. I wont be falling into that trap.

Dredhicks

Also I forgot to mention I don't believe I will be able to pay off the full amount on the card at best just the original debt on the Virgin Card.

SarahF6107

Hello, just hoping someone can offer me some quick advice without me needing to phone up my credit card company!

I have an MBNA card with an outstanding balance which has a promotional rate of 0% until my March 2012 statement. I currently pay a fixed amount each month and will have finished paying the balance by the end of the promotional period. All good!!

MBNA have now offered me further promotion in which I can transfer another balance which will be 0% until October 2012, then revert to my standard interest rate for balance transfers. Very kind of them!

My question is, if i take advantage of this second offer, will my current monthly repayments continue to go towards clearing the first balance, so that it will still be cleared before March 2012? I'm sceptical that if I transfer a new balance, my repayments will revert to paying off the new debt, leaving a portion of the old debt which will begin to accumulate interest in March.

I've looked in my terms and conditions, and can't find anything about whether balances with the same rate are cleared in date order, so was wondwering if anyone here could offer some advice.

Soozzy74

I think I can do this but would appreciate confirmation one way or the other.

My husband has £1900 on an MBNA card (£7900 limit)
I have £3000 on a Barclaycard (£11000 limit)

we would like to consolidate the debts, transferring them to a 0% card and then pay it off ASAP. The best deal we've found is Barclaycard platinum but cannot transfer from 1 Barclaycard to another; or another MBNA card with a 0% BT = same issue. Could I transfer my balance to my hubbys MBNA. Then he applies for the Barclaycard Platinum (hopefully the offer would still be about) and then transfer the entire £4900 to his new Barclaycard Platinum?

If this could work, what time should be left between each transaction?

Thanks in advance.

Kvnlyle

I currently have a Virgin Credit Card (MBNA) I have been informed that they are not currently offering any shuffle deals or any deals to retain customers. The reason I have been given is that MBNA are looking to sell their Credit Card Division. I thought you should know. Thanks for your assistance throughout the years.
Kevin Lyle

allanglennon

Hi

Can anyone offer any advice…

I’ve 3 credit cards

Virgin 500
IF 5000
American Express 1900

However, they are all maxed. Will they still offer me a balance transfer rate or do you need to have available credit on them?

Ideally I’d like to move them all to one card and aim to have it paid off within 2-3 years. My credit rating isn’t the best.

Thanks
Allan