Credit Card Shuffle Discussion area

ee_walk

Thanks for the response. I will consider applying for another 0% balance transfer card, probably the current Barclaycard offer, although that would limit my flexibility a bit because I wouldn't be able to transfer the Egg balance direct to Barclaycard (same owning bank I think).

However I am slightly reticent to apply for another card, because I've already got quite a high total credit limit (£26100) and I fear that the application will not be successful as a result - I don't want a rejection on my credit record, something that I've avoided thus far.

Therefore if I opt for shuffling using current cards/offers, how does it work?

1) Transfer the Virgin balance to Egg, based on 3.9% offer,
2) Transfer Cahoot balance to Virgin, based on the 0.9% offer,
3) Transfer part or all of the increased Egg balance back to Virgin, based on the 0.9% offer.

If I opt to transfer only part of the Egg balance to Virgin so I stay comfortably within the credit limit, do the credit card rules mean that the old balance which I'm paying a higher interest rate on, gets transferred rather than the newly transferred balance which is at the lower rate?

Thanks again for any advice.

Lex555

ee_walk wrote: »

Thanks for the response. I will consider applying for another 0% balance transfer card, probably the current Barclaycard offer, although that would limit my flexibility a bit because I wouldn't be able to transfer the Egg balance direct to Barclaycard (same owning bank I think).

However I am slightly reticent to apply for another card, because I've already got quite a high total credit limit (£26100) and I fear that the application will not be successful as a result - I don't want a rejection on my credit record, something that I've avoided thus far.

Therefore if I opt for shuffling using current cards/offers, how does it work?

1) Transfer the Virgin balance to Egg, based on 3.9% offer,
2) Transfer Cahoot balance to Virgin, based on the 0.9% offer,
3) Transfer part or all of the increased Egg balance back to Virgin, based on the 0.9% offer.

If I opt to transfer only part of the Egg balance to Virgin so I stay comfortably within the credit limit, do the credit card rules mean that the old balance which I'm paying a higher interest rate on, gets transferred rather than the newly transferred balance which is at the lower rate?

Thanks again for any advice.

First of all, In my experience, the question of whether your amount of available credit is excessive, will be relative to your income. For someone with 100,000 salary, £26,000 might not seem excessive. But for someone on £20,000 a year it probably would. Although, i guess this might only apply within reason

Also, theres no such thing as a "rejection record". If you apply through the normal process, a credit search will be conducted, but no record of whether you were accepted or rejected is recorded on your credit file, other than a new account appearing or not appearing within a couple of months. You can avoid any record that may effect you negatively by asking them for a quotation search which other lenders can't see, instead of a normal credit check.

As for the shuffle, yes that is right, but you may aswell transfer all your egg balance because as far as your credit file is concerned, it's the total % in use across all cards that matters, so the fact that one is maxed out should be offset by the fact you have plenty available on other cards in terms of how good your credit file looks.

JPilgrim

Evening All

I have 4 credit cards as follows:

Nationwide
MBNA Platinum
Natwest
BT (MBNA)

I am trying to get rid of the MBNA cards, particularly the platinum one, as have paid almost £3k of interest in the last 12 months alone. The rates I have are rubbish, and they won't let me reduce them

I took the Nationwide one out recently for the 0% for 17 months balance transfer offer, and have transferred as much as I can from MBNA to them. But when I tried to move some of the Natwest to BT, to free up space to empty the Platinum onto Natwest, I was refused, and was told that no balanace transfers were allowed on either of my MBNA cards.

Are they allowed to do this? The op;tion I was given by MBNA was to open a third card with them that would allow it, but I refused, as I am trying to get away from them

Any tips from people who have struggled to free themselves from MBNA are appreciated - they seem determined to make me pay them forevermore (they also rejected my PPI claim on the Platinum card, but that's another story.........)

Many thanks in advance

Lex555

JPilgrim wrote: »

Evening All

I have 4 credit cards as follows:

Nationwide
MBNA Platinum
Natwest
BT (MBNA)

I am trying to get rid of the MBNA cards, particularly the platinum one, as have paid almost £3k of interest in the last 12 months alone. The rates I have are rubbish, and they won't let me reduce them

I took the Nationwide one out recently for the 0% for 17 months balance transfer offer, and have transferred as much as I can from MBNA to them. But when I tried to move some of the Natwest to BT, to free up space to empty the Platinum onto Natwest, I was refused, and was told that no balanace transfers were allowed on either of my MBNA cards.

Are they allowed to do this? The op;tion I was given by MBNA was to open a third card with them that would allow it, but I refused, as I am trying to get away from them

Any tips from people who have struggled to free themselves from MBNA are appreciated - they seem determined to make me pay them forevermore (they also rejected my PPI claim on the Platinum card, but that's another story.........)

Many thanks in advance

HSBC are the same with my credit card. They wont let me transfer a balance to it unless they give me an offer. You don't get any offer in my experience if your using a high % of your credit on that card as you have a lot less leverage over them.

hornet2011

Hi,

One of my existing credit cards has recently offered me a 0% balance transfer rate for a year. I already have £300 on this card, but would like to shift some of my debt from another card to take advantage of the offer. I just want to check - will I ONLY be charged interest on the existing debt that is on the card?

Thanks!

Adorian

hornet2011 wrote: »

Hi,

One of my existing credit cards has recently offered me a 0% balance transfer rate for a year. I already have £300 on this card, but would like to shift some of my debt from another card to take advantage of the offer. I just want to check - will I ONLY be charged interest on the existing debt that is on the card?

Thanks!

Hi, it's hard to know for sure, as you've not mentioned which card it is, but it would seem logical that if you're being offered 0% on a balance transfer that the BT would be interest free but any existing debt would continue at the current rate. Might be worth giving them a ring or look on their website just to confirm that they aren't one of those ones that charges interest on the fee (I know that both LloydsTSB and the Post Office do).
If they do charge interest on the fee, it should be set up so that you pay the fee off in the first month so you'll only have to pay interest on it one time and it would be a fairly small amount.
Hope that helps - even though it's a bit of a late reply!

nickyotron

Hi,
My virgin card says you pay off the highest interest first. So am i able to ring them an say i want to pay off the balance of the highest rate, leaving me with what i owe at the balance transffered rate that is left. ?

binz_81

Hi all, looking for a bit of help. I dont owe anything on my current credit card (£1800 limit) but i was hoping to spend on it then transfer the balance to a new 0% card. I applied for the new card and got accepted with 20 months 0% rate with a 3% charge. However i wont find out my limit until i return the signed credit agreement, so im reluctant to spend on my old card til i know my new limit.

My question is will i be able to wait until i get my new limit, spend on my old card then transfer the balance and get the 20 months 0%? It says the rate applies from account opening. Im worried that ill accept the new card, spend on the old card only to be told im too late to transfer the balance.

Adorian

binz_81 wrote: »

Hi all, looking for a bit of help. <snip> </snip>

My question is will i be able to wait until i get my new limit, spend on my old card then transfer the balance and get the 20 months 0%? It says the rate applies from account opening. Im worried that ill accept the new card, spend on the old card only to be told im too late to transfer the balance.

Hi, I'd have a look back through the blurb from when you originally applied. As I recall, that normally tells you how long you have to initiate the balance transfer from account opening. Usually you have about 30 days or so. Or give them a ring and get it from the horse's mouth, just to make sure.
HTH.

nicolap84

Just a few questions.
Is it possible to transfer the balance of an overdraft, the same way as credit card debts?
Also, as I have been declined a credit card and don't want to reapply as it will affect my credit rating, is it possible for someone else to open a credit card in their name and then transfer debts from my cards on to it?