Credit Card Shuffle Discussion area

igaveupnowimback

Thanks, was thinking perhaps use the freed 'space' within Co-op CC @16.9% to pay off ISME which is over 39%. Hoping that this convoluted way of working would let me pay more towards debt than interest.

In_a_state

Just a query about existing customer offers with Barclaycard.

I had the 0% when I opened the account, I have frozen/closed the account (before an increase to a 25.9% rate) and have just finished transferring the remaining original balance to a Virgin 0% deal, so the balance will be £0.

I'd like to ask Barclaycard if they would accept a balance transfer onto the 6.9% rate for the life of the balance for around £7k, the limit on the card was £12.5k.

I understand I've closed the card because of a rate rise but would they consider more business with the prospect of a BT of £7k from 2 RBS cards?

All advice appreciated, thanks.

bigadaj

In_a_state wrote: »

Just a query about existing customer offers with Barclaycard.

I had the 0% when I opened the account, I have frozen/closed the account (before an increase to a 25.9% rate) and have just finished transferring the remaining original balance to a Virgin 0% deal, so the balance will be £0.

I'd like to ask Barclaycard if they would accept a balance transfer onto the 6.9% rate for the life of the balance for around £7k, the limit on the card was £12.5k.

I understand I've closed the card because of a rate rise but would they consider more business with the prospect of a BT of £7k from 2 RBS cards?

All advice appreciated, thanks.

Costs nothing to ask but I'd have thought they treat it as a closed account and you probably have to re-apply.

In_a_state

Thanks, worst case I can cancel and reapply in a few months.

Frugal_Saver

I've just received my CC from Lloyds after being accepted for 0% balance transfer for 24 months, I tried transferring my balance from Barclaycard at the time of applying but it didn't work (balance is less than half the limit for Lloyds).


I closed my Barclaycard account last year when they tried to increase the APR and was making regular payments. Could this be the reason why the transfer didn't work?


When I activated my card today Lloyds took the details to attempt the balance transfer again, the person I spoke to said they couldn't see why the transfer didn't work.


If the balance doesn't work I'm going to speak to my OH and I might get him to pay off my Barclaycard with his Barclaycard and then I would transfer the balance. I think I have 90 days to transfer any balance to get the 0% deal, would this be an option?

In_a_state

I tried transferring my balance from Barclaycard at the time of applying but it didn't work (balance is less than half the limit for Lloyds)

I had something similar to that trying to BT to a Halifax Card from Barclaycard...tried to transfer about £5 more than the balance... and it didn't go through.

I have tried to do the same again, if it doesn't happen this time...well I guess a phone call is needed.

cydonian74

Hi, i need some advice please. Like most of us here, i need some guidance on how to best use the credit cards i have to reduce my balances as methodically as possible. So, my 'borrowing' is as follows:-

Virgin C/C (14.9% APR):- £11700 (£17900 limit but 'frozen' some years back so card is unusable)
Barclaycard C/C (16.9% APR):- £7850 (no limit as account closed some years ago)
Halifax card (20.95% APR):- £2800 (£11700 limit-no transfer deal but may get 9 mths 0% or 6.95% life balance transfer, apparently?)
Nationwide C/C (17.9% APR):- £0.00 balance (£3500 limit-0% for 26 mths on transfers with 0.75% fee)

So, how should i best use what i've got for the shuffle? All advice appreciated.

Cheers,Cydonian74

grumbler

Assuming 90% limit on BTs:
£2800 H-->N
£350 B-->N

Then you can transfer up to £10530 in total from V and B to H, but what Halifax deal suits you better depends on your plans of repaying the debt. Most likely it's 6.95% LOB.

cydonian74

Thanks. Are you suggesting then , that it is better to pay off a lower balance on a higher interest card than a larger balance on a lower rate card first?
Also, initially I will only be able to pay monthly minimum to the cards. Assuming that to be the case I suppose that a 6.95% life of balance deal would suit me better. However, that 6.95% lob rate has yet to be confirmed. So if my only other option is 9 months at 0% with a 3% transfer charge, how would you suggest the shuffle should be performed in that scenario please?

Cheers, Cydonian74

grumbler

cydonian74 wrote: »

Are you suggesting then , that it is better to pay off a lower balance on a higher interest card than a larger balance on a lower rate card first?

I think the balance you can 'pay off' is the same. In this case it's obviously better to pay more expensive balance off first.
You can transfer £3150 to N and you transfer the most expensive balance first, then a part of the next most expensive.

Also, initially I will only be able to pay monthly minimum to the cards. Assuming that to be the case I suppose that a 6.95% life of balance deal would suit me better. However, that 6.95% lob rate has yet to be confirmed. So if my only other option is 9 months at 0% with a 3% transfer charge, how would you suggest the shuffle should be performed in that scenario please?

Difficult to say without knowing the BT fee and how much you are going to pay off during 9 months. After 9 months the remaining balance can get stuck at 20.95% without any opportunities for transferring to a lower rate.