Credit Card Shuffle Discussion area

StuC75

No minimum time required, why not see if the ulster account will offer you any loyalty deal, so that you save 1 transfer fee?

Or if your credit file is good enough look for a third account so as to avoid the second fee (Could then close down the ulster account if it isnt rewarding your customer loyalty?.. Some cards would give a much longer deal (and so make it effectively less - if you werent going to pay the full balance inside 12 months..)...

mmcginnni wrote: »

Hey folks, I'm new to the forum and just have a small question.
I have two credit cards, a Barclay one who's 0% balance transfer has ended so I will now be paying almost 25% interest on my £700.
I also have an ulster bank credit card which I have successfully paid off completely. The Barclay card is offering my a further 0% offer on new balanced transfers until October 2014.

My question is, can I take the £700 from the Barclays, put it onto the ulster, and then put it BACK to the Barclays to claim 0% on the transferred balance? I am aware that I would have to pay around 3% for at least one of the transfers, but would there also be a minimum time the money would have to rest before returning to the Barclay card?

I hope I'm explaining this OK. Thanks for your help!

grumbler

mmcginnni wrote: »

I have two credit cards, a Barclay one who's 0% balance transfer has ended so I will now be paying almost 25% interest on my £700....

My question is, can I take the £700 from the Barclays, put it onto the ulster, and then put it BACK to the Barclays to claim 0% on the transferred balance?

Do you mean taking £700 from Ulster, then paying your Barclaycard balance off and transferring £700 balance frorm Ulster to Barclays?

I am aware that I would have to pay around 3% for at least one of the transfers,

You pay the cash advance fee, then the BT fee.

but would there also be a minimum time the money would have to rest before returning to the Barclay card?

The debt (balance), not the money, but there is no any time limit.

I hope I'm explaining this OK.

:rotfl:

Hogman_2

Hi Guys

This is my first post so apologies if I am repeating any earlier posts.

I need some advice, I have £3000 on a Barclaycard at 21%, previously an egg card, with a credit limit of £8300, and also £6000 on an RBS Card also at 21%, with a credit limit of £8100.

I want to take advantage of the Barclaycard existing customer 6.9% balance transfer for life offer, but can not see a way to shuffle the £3000 out of Barclaycard and then transfer £9000 back again, assuming they will give me that much of a credit line?

I do have another dormant card with Barclaycard with a £3000 credit limit.

I have already been turned down for an MBNA card in the last month, which is scaring me applying for another card, I have an excellent credit reference file with a score of 975, but have only been in my present job for five months after a year unemployed, and I am guessing this is why they turned down my application?

If anyone can suggest a plan to get my two debts onto a lower rate I would greatly appreciate the advice?

Ian4212

Hi,

I transferred my 2 interest bearing credit cards to Barclaycard 0% about 5 months ago.

My problem is I went over limit by about £20 for a few days as I got timings of direct debit payment wrong. they have now converted the full balance (about £6700) to full interest.

My questions are:

1. can I negotiate with Barclaycard in any way to get the 0% rate back?

2. If not, is it possible to negotiate with Barclaycard to get a reduced interest rate?

3. Failing this, could I transfer balances back to old cards (Halifax and Capital One) which are still live cards at promo rates? If so, will they credit search me again (as they are still live cards?). Don't want any searches on my file as will be applying for a mortgage soon.

Many thanks,

Ian

blitzboy

Ring barclaycard first, companies will often let you off for a first offence, although they are under no obligation to do so. Just explain it was a mistake and you're sorry and will make sure it doesn't happen again etc.

If they do say no then yes you can transfer back to your other cards. You only get credit searched for new applications so as these are existing cards you won't be searched.

Ian4212

Thanks for your response. is it worth saying to Barclaycard that I will transfer away if they don't give promo rate back? I presume there is competition for business? although I suppose that this is how they make their money?

The balance transfer fee would equate to only 2 months interest with Barclaycard. could I offer to pay equivalent of 1 month interest in the negotiating?

Ian4212

Update to my posts above ... I talked to Barclaycard and told them it was a one off mistake and the have refunded me the 2 months of interest (£200) and also the overlimit fee. they have reset my account back to a 0% interest one. Result.

Thanks for the advise Blitzboy

deftonepea

Hi guys and gals. Just wanting a bit of advice.

At present my partner has £7813.10 on a Barclaycard at 19.9% APR and £2048.23 on a Lloyds card at 16.95%.

The Barclaycard limit is £8000 and the Lloyds is £2100.

In the past 24 hours we've spoken to Barclaycard and Lloyds.

Barclay Card stated they need to up her current credit limit so that she then has 10% free credit on the card before she can be considered for the 6.9% existing customer offer. But because she had a miscalculation in November she incurred a charge and at present can't increase her credit limit.

Lloyds have stated that they can't offer her any existing customer deals or increase her credit limit.

I was hoping to get the lloyds limit increased to allow her to move some of the barclaycard debt off the 19.9% and then back on at 6.9%.

Just wondering what advice people have as to what they would suggest to do next?

igaveupnowimback

Hi, bal. 5k on Co-op CC, 16.9%, poor credit. Applied Cap 1 to transfer £1k @ 0% for 6 months. Idea is to save interest and reduce overall debt, but also to pay off Cap 1 or transfer back if can't manage. Is this all too risky for little gain?

Also have ISME balance of £1k @ 39%. Wondered if could use the freed up amount on CC to pay that therefore reducing interest. Don't know if this is sensible or deluded !

grumbler

igaveupnowimback wrote: »

Hi, bal. 5k on Co-op CC, 16.9%, poor credit. Applied Cap 1 to transfer £1k @ 0% for 6 months. Idea is to save interest and reduce overall debt, but also to pay off Cap 1 or transfer back if can't manage. Is this all too risky for little gain?

I don't see anything 'risky', but the gain is indeed little - just about £50 even if you pay C1 off in 6 month and not pay another BT fee for transferring back.

Also have ISME balance of £1k @ 39%. Wondered if could use the freed up amount on CC to pay that therefore reducing interest. Don't know if this is sensible or deluded !

This is sensible only if you pay C1 off or it's APR is lower than 39%.