I'm hitting a brick wall with credit card transfers, can anyone help me purlease?

Girl_And_The_City

Hi there,

I wonder if anyone can help me please.

The situation is that I have 2 credit cards.

Barclaycard Cashback
Balance of £2,465.87 at a rate of 0.323% till July 2010
(So this I'm happy with till then, which I hope to clear by then, fingers crossed!)

Halifax One (Mastercard)
Balance of £7,508.00 which as from next month will be back on the standard APR
(Therefore I need to swap asap!)

I've phoned both of the credit card companies to see if they will offer me anything and the only offer was with Barclaycard of £6,097.00 of my £7,508.00 debt to be put on a lifetime balance of 6.9%. This is ok but leaves me with £1,411.00 on the standard rate.

The best offer out there is Virgin but it's Mastercard which is what I already have.

Am I best in going for the Barclaycard offer or trying to find another? It's causing me to get really confused .

gizmo111

It doesn't matter if they are Mastercard or Visa it is the provider that is important. Try the Virgin 0% see how you get on and also Egg before you go for the transfer offered.

Girl_And_The_City

Oh really, I didn't realise. Thank you Gizmo, I'll give it a go, although I have had Virgin and Egg cards before but a long time ago, possibly 2 years ago.

Moggles_2

The only offer was with Barclaycard of £6,097.00 of my £7,508.00 debt to be put on a lifetime balance of 6.9%.

It sounds as though something's been lost in translation. Under Barclaycard's balance transfer terms, you are restricted to amounts between £250 and £5,000 or 90% of your credit limit, whichever is lower.

Also, please note: unless you cleared the existing balance first, these transactions would revert to your standard rate in July 2010, which is variable :eek:

Fingers crossed you get accepted by Virgin

Very best
M

Girl_And_The_City

Thanks Moggles. That's strange, they gave me that exact figure Plus it can't relate to my credit limit as it's more than that already. Hmm, as you say fingers crossed about Virgin, then I'll try Egg and if not I'll go back to Barclaycard and clarify that issue!

Just to clarify, do you mean that the existing balance is due to jump in July 2010, not the balance transfer? If that's the case I plan on paying £200 a month till July 2010 to pay it off, fingers, toes and everything crossed!!

Moggles_2

That's strange, they gave me that exact figure, plus it can't relate to my credit limit as it's more than that already. Hmm, as you say fingers crossed about Virgin, then I'll try Egg and if not I'll go back to Barclaycard and clarify that issue!

I have Barclaycard Platinum and B'card Cashback although this restriction, AFAIK, applies to all Barclaycards. You'll find the balance transfer Ts & Cs listed on the B'card website. If you're considering this offer, I'd ask for written confirmation or, failing that, keep a careful record of the date, time and member(s) of staff involved

Just to clarify, do you mean that the existing balance is due to jump in July 2010, not the balance transfer? If that's the case I plan on paying £200 a month till July 2010 to pay it off, fingers, toes and everything crossed!

Yes, I meant your existing balance of £2,465.87

Generally it's not a good idea to have two different promotions running on the same credit card. Unless stated otherwise, you can bet that repayments will be allocated to your outstanding balance in a way that benefits B'card :rolleyes:

If you take up the LOB offer, there's every prospect that your existing transactions will remain trapped on the card once this promotion ends. In 12 mths time remember, the interest rate leaps to your standard rate, which is variable.

The same logic would apply to virtually all credit cards, so I would check your Ts & Cs carefully under allocation of payments