Transferring balances between cards

MrGreen

I'm in a bit of a dilemma and thought you guys on the credit cards board could enlighten me. I've been on 0% for a few months with Barclaycard basically I wasn't charged interest on my balance (currently £4,133.02) for about 6 months, and now they have just started charging me 12.28% on all of my balance.

My dilemma is that they are offering me 0% till October 2010 (with a 2.5% fee) and I'd like to take advantage of this but would have to transfer my balance to another card and then use up as much of my £9,500.00 credit limit.

I have a Halifax with a £8,432.54 balance (credit limit £11,900) which charges me various rates (5.9, 7.9 and 16.95) for life of balances, I would like to transfer as much of this balance over to Barclaycard as possible and I also have a MBNA with a zero balance and £8,000 limit.

I was thinking that one way of transferring my balances around would be to do a balance transfer into my Barclaycard from MBNA and then back again but MBNA charge 5% fee, could this be negotiable with them? If the fees are not too high then I feel it will be cheaper for me to transfer my balances around.

I've recently closed my credit card account with Egg, and have been unsuccessful in getting a Virgin card, so I'm not too keen to apply to lots of cards yet. I'd like to know what you think or if you have any other ideas please let me know.

Any

MBNA has 5% fee? How come? Mine doesn't. Are you sure? Is this special offer, like the credit card cheques?

And if so, how long 0% period are they offering?

Moggles_2

I have a Halifax with a £8,432.54 balance (credit limit £11,900) which charges me various rates (5.9, 7.9 and 16.95) for life of balances, I would like to transfer as much of this balance over to Barclaycard as possible and I also have a MBNA with a zero balance and £8,000 limit. I was thinking that one way would be to do a balance transfer into my Barclaycard from MBNA and then back again, but MBNA charge 5% fee, could this be negotiable with them?

Something's adrift here. If the balance on your MBNA card is zero, there's no balance to transfer to Barclaycard

Do you mean transfer the balance on your B'card (currently £4,133.02) to MBNA perhaps and then back again?

MrGreen

Any wrote: »

MBNA has 5% fee? How come? Mine doesn't. Are you sure? Is this special offer, like the credit card cheques?

And if so, how long 0% period are they offering?

There's no special offer, that one of the problems, not sure what interest rate right now, but it's something like 22.9% plus a 5% transfer fee, I'm only going to be using MBNA so I can either transfer into my bank account also it's the only one that doesn't have a balance on at the moment, and it's only likely to be for a few days.

MrGreen

Moggles wrote: »

Something's adrift here. If the balance on your MBNA card is zero, there's no balance to transfer to Barclaycard

Do you mean transfer the balance on your B'card (currently £4,133.02) to MBNA perhaps and then back again?

Sorry got mixed up, yes looking to transfer from Barclaycard to MBNA and back again.

Any

MrGreen wrote: »

There's no special offer, that one of the problems, not sure what interest rate right now, but it's something like 22.9% plus a 5% transfer fee, I'm only going to be using MBNA so I can either transfer into my bank account also it's the only one that doesn't have a balance on at the moment, and it's only likely to be for a few days.

Oh dear... I wouldn't use it in that case. It would cost you 8% only in fees! Did you never get any special offers from MBNA? We get them all the time.
If you don't, then I would cancel the card. The only reason to hold MBNA is for repeat offers by which they are very well known but obviously for some reason you don't get them. The £8k limit would also explain why you didn't get the Virgin card.. Many people do get both cards, but maybe you are up to your available debt limits..

Sorry, just noticed that you want to transfer to your bank account... which you didn't mention before... Isn't BT option cheaper? Lower fee %?

Moggles_2

I have a Halifax with a £8,432.54 balance (credit limit £11,900) which charges me various rates (5.9, 7.9 and 16.95) for life of balances, I would like to transfer as much of this balance over to Barclaycard as possible ... They are offering me 0% till October 2010 (with a 2.5% fee) and I'd like to take advantage of this but would have to transfer my balance to another card and then use up as much of my £9,500.00 credit limit.

Please note: Barclaycard restricts BTs to £5000 or 90% of your credit limit, whichever is lower.