The Best Balance Transfers Article Discussion Area

Moggles_2

Hi misterE

Welcome to the credit card board!

Thanks for your feedback. My experience with Lloyds TSB is not very special either but, as you say, this could help someone in the current market where fee-free balance transfers are becoming hard to find.

ElleWoods

Hi there,
I've currently got £8k of debt on 2 credit cards - £2900 on Egg and £5k on Virgin. I'm paying interest on both cards, although the Virgin card is at quite a low rate of 4.9% for the life of the balance. I'm definitely going to BT the Egg balance to a 0% card, but should I also BT the Virgin card or stick with the 4.9%? Also, which card do you think would be best? A few weeks back Martin was saying the GE Money card was the best 0% but now the article says HSBC, so not sure what to do. Any advice?

Thanks,
CC
x

Moggles_2

Hi Cuba Cat

Welcome to MSE & the credit card board!

MSEs have reported poor customer service from GE Money. Plus you'd pay a 2.5% balance transfer fee as against a 2% fee with HSBC.

There's a drawback to making two credit card applications at once. If the 0% introductory offers expire together, you're faced with two new card applications once again, unless you're sure you can clear at least one balance.

If I were you, I'd apply to HSBC and see what credit limit you're offered.

Very best
Mogg

veronarona

I've been trying for 2-3 days to apply on line for this card but have never managed to complete the procedure cos the site isn't responding properly - they (the Post Office, of all people) can't even find my address!

Happily, I've just paid off my Capital One Platinum (thanks for that, Martin), but the story with Sainsbury's is a lot less happy, the balance seems to be going up instead of down, allowing them to sell me card insurance didn't help, and they said I couldn't increase my direct debit... I know it's my own fault, but I've let it drift :mad:

So I'm dying to transfer this balance somewhere (under £500). I'm retired - any recommendations for straightforward transfer that I can easily set up a standing order to pay it off?

Sorry if I sound muddled, I'm trying to pull myself together :rolleyes:

veronarona

Moggles_2

Hi veronarona

Congratulations on clearing your Capital One balance.

My browser didn't work with the secure part of the Post Office site, so I made a telephone application. Unfortunately, you've now missed the boat. The recommended deal, which has been on offer since the PO card launched in January, has been rejigged as from tomorrow, 2 October 2006.

Have you looked at the Stroud & Swindon cards, issued by the Co-op bank? These offer 0% interest balance transfers with no handling charges for 6 months from account opening.

teedy23

yes moggles the P.O. has now rejigged but still not a bad deal , 8 mnths 0% but with tranfer fee. I think I made it in time tho, have not been told I,ve been sucsessful as yet. Here,s hoping

Moggles_2

Hi Teedy23

Welcome to the credit card board!

The PO card now charges a 2.5% balance transfer fee with no maximum payable. Uncapped balance transfer fees are best avoided IMO, unless the 0% is offered for a protracted period.

Looking on the bright side, it sounds as though you applied in the nick of time and will have 0% on purchases and balance transfers for 6 months from account opening with no handling charges. Well done!

Very best
M

Sal1606

Hi. My mum applied for a Capital One card with the 18 month 0% deal in July. Was turned down with a suggestion that something was wrong with her credit rating. Went through the credit checks from Experian and Equifax, nothing wrong, in fact she had a credit score of 968 out of 1000! Asked them to reconsider asking why she couldn't have card with such a high credit rating. Found out in August she'd been accepted.

Mum had done online request with a balance transfer option but because it took them a month to reconsider she had made more payments to the credit card she was transferring from, so asked them to stop the balance transfer request she had originally set up. Guess what! They did it anyway, even tho they have on record she asked them not to do it.

They had to get the transfer reversed from LTSB who decided to give them too much, therefore putting my mum further into the red! All in all it took them until last week to sort out the palava between them but in the meantime my mum had to make lots of calls to them because they couldn't talk to each other about it.

On the up side? Got £20 out of LTSB for inconvenience of all telephone calls cos not freephone number. They haven't put the transfer back on her TSB card yet even tho they repaid it to Captial One last Wednesday....saved £19 in interest already!

From Capital One, because the card was opened 7 weeks ago but all the palava they extending her 0% by 8 weeks by time the transfer sorted so she gets the full 18mths. The £100 purchase to get the 18 mths has been paid off. Also, Captial One are not charging her the balance transfer fee saving over £100.

I reckon she will have saved about £220. Maybe all the hassle was worth it!

Sorry the post is so long but just wanted to let you know what's been happening...

Moggles_2

Hi Sal1606

Welcome to the credit card board!

Thanks for your feedback. Completing the balance transfer request on a credit card application or agreement can sometimes speed things up by a day or two, but unless you've already been accepted and told your credit limit, it's best to keep your options open, IMO, and leave this section blank or, if asked, state you may be interested. This tale of woe is one more reason to make your balance transfer request on receipt of the new card.

That said, who would have expected incompetence on this scale? Your Mum certainly deserves her £220.

Congratulations!
M
:beer:

veronarona

Thanks Moggles - I thought of phoning PO but haven't got privacy at the mo I may try them again, as Teedy said it doesn't look bad, and I must get rid of Sainsbury's.

Moggles wrote:

Have you looked at the Stroud & Swindon cards, issued by the Co-op bank?

I've already got a Co-op Visa which I've had for twenty years - in that case would I be able to open S&S and transfer Sainsbury's balance to it?

I am very bad at paperwork and would like to be able to do everything online. I have a lot of financial probs coming up and if there were a bucket of sand here my head would be in it

veronarona