Credit Card Newbie MoneySavers Guide Discussion Area

swayze

boroprivate wrote: »

Dear all,

I came on this site after hearing martin on radio 1 today. He was a breath of fresh air to me as i thought i was totally in the dark over my finances. what a great help he is.

Can I ask for some help of you fellow users.

I have debts of around £4500.

£1000 is due to a flexi loan with HSBC
£1700 is due to a student overdraft with Llyods tsb (which i would like to clear)
and the rest is to a friend who i would like to pay back.

I have read Martins article on credit cards and have come to the conclusion that the &MORE Credit Card is the best solution for me as it offers a low rate for the life of a balance transfer. this is because i do not fancy being a tart as they say. too much hassle.

my main question is can i pay off a all the above debts with this card by transferring balances?
any suggestions or advice would be welcome.

Many thanks

richie.

ps i am thinking of doing the debt diary thing people are doing on one of the forums, how do i go about this?

The &more balance transfer is only with other credit cards. So you can't pay off your student overdraft via this method or your loan via this method. Most credit cards follow the same rules. Although there might be a couple of exceptions. Off the top of my head i'm not to sure what cards these are though. If you have debts on credit cards though then the M&S card is good. There is still no fee for doing the BT and they have the best rate for life. The other one is Sainburys but they have a rate of 5.94% balance transfer for life.
Hope that helps.

boroprivate

thankyou for everyones words of advice.

does anybody know of a card that will let me pay off my loan and student overdraft?

my aim is to do this then pay off the moeny i owe my friend. to do this i will need a card that will allow me to pay all the amounts off. i will then transfer the balance to the &more card.

Many thanks

Bob-a-job_3

Hi All,

I'm brand spanking new to this forum and have spent a long time browsing/searching before making this post because I don't want to repeat a question. However I can't find anything that answers my question.

I got a Sainsburys card a while back and transferred a balance to it to take advantage of a lifetime low rate for the transfer. I have always paid much more than the minimum payment and always paid in good time........up till today when I looked at the statement and realised the payment needed to reach them by today. I immediately went online and sent payment directly from my bank account and then phoned them because I was worried about losing my promotional rate. They advised me that the payment would take two working days to clear, so it would be late and I would be charged a late payment fee. When I asked about the promotional rate they just said they wouldn't know yet and to wait for my next statement to see whether I still had it.

I can swallow a late payment fee - fair enough - but has anyone else had a similar experience with Sainsburys who can tell/advise me what to expect/do for my next statement? Many thanks.

Kind regards,
Bob.

AliceBanned

Can anyone help?

I owe £1,074 to Halifax on a previously defaulted credit card. They were not charging me any interest for the past two years as it was on an "arrangement" and they never bothered to review it so I have been slowly paying off and have got to the above amount. The problem is I started to reclaim previous charges on the account (from before this arrangement - ie when they and others were stinging me which is why I needed an arrangement!). I've only just put the process in motion so I don't know how much I will be reclaiming, but not a huge amount, maybe £300 at the most. (They have sent me some of the statments but not all as yet).

The problem is, in typical (it seems) Halifax fashion, they suddenly returned my account to a standard one (what a coincidence; just as I started the reclaiming process) and are now charging me 2x 17.95% for "cash" and for "purchases" interest. I don't understand these charges. I'm not sure if they are charging me on the whole amount going back several years, in which case they are being extremely unfair as it was on an arrangement when I got into financial difficulty a few years ago and simply couldn't repay. I am able to pay a bit more than the minimum payments, but not a lot, so it will take me ages to pay it off with these two interest charges. Can they do this? I don't even have a card, the account was in default, so how they can charge me "purchase" interest I don't know!! Of course they have to get their money back somewhere, if I am to reclaim the charges, and it seems I can't do anything about the interest charges which seem excessive especially as I don't even have a card with them as such, just a debt!

I am going to write or call them, but i'm sure it's going to be a nightmare! Any advice on the legality of what they are doing (considering I don't even have a card and am making no purchases!) would be very much appreciated!

Thanks

Endlessdeep

Hi all. I've never had a credit card before so please bear with me if this is a stupid question.
I want to make a purchase for about £500 and intend to use a credit card that gives 0% on purchases for the 1st year. Am i right in thinking that if i repay £100/mnth for the 1st 5 months after the purchase then i won't be charged any interest at all?

rezarf

Moggles wrote: »

Hi Shari

This should help:
http://www.stoozing.com/cards.htm

Very best
M

..

thanks a lot for that link just was I was looking for. Now for a bit of stoozing.

Thanks again
Rezarf

djcolling

I have received notification that my Thomas Cook credit card no longer charges extra (2.75% previously) for cash abroad. It claims it is the only credit card with this advantage.
Does anyone know any different?
Might be looking at for best card?

exel1966

djcolling wrote: »

Might be looking at for best card?

FAR from it ! Any card which charges 29.90% interest on cash advances is a RIP OFF. It is certainley NOT an advantage, but clever marketing to make card holders think they are getting a deal.
Never ever withdraw cash from a creidt card in the UK, let alone overseas as you'll be paying this exhorbitant rate of interest from day 1.

hugh_mungus-winkle

Trying to do arrange a balance transfer for my girlfriend in order to move her existing lloyds loan onto a cc. The plan was to use m&s and egg, as in the guide, but although she was given a £4000 limit by m&s, egg turned her down flat

I don't know what to do now - that's not in the instructions! I suppose going via my egg account is out of the question?

candycane181106

Hi could someone help me please?I'm unempoyed and claiming income support with a top up of sickness benefit.I have a llyods tsb gold card with a balance of 2,300 on it.The 0% deal ends next month and I have tried to get a balance transfer on 3cards now with no luck.Is it possible to get a card from someone.I'm not spending on this card now and have cut it up.I think I only got it cos it my bank also i only had 1000 pounds to transfer over.Hope someone can help cheers