New Balance Transfer Discussion Area

gordye

We have 12 months left on our mortgage and want to pay it off on a credit card of 0% interest. We have an insurance which will pay out at the end of 12 months which will pay off any debt. Any ideas which is the best card to go for please? Can 2 people from the same address apply for the same card? Any pitfalls we should watch out for?
Thanks
Gordye

YorkshireBoy

gordye wrote:

We have 12 months left on our mortgage and want to pay it off on a credit card of 0% interest. We have an insurance which will pay out at the end of 12 months which will pay off any debt. Any ideas which is the best card to go for please? Can 2 people from the same address apply for the same card? Any pitfalls we should watch out for?
Thanks
Gordye

If you need "cash", then the best card to go for is the Virgin 0% 9 months. However, you won't get any SBT card for 12 months duration, unless your mortgage company lets you pay the balance with a Sainsburys 12 months 0% on purchases CC. You may have to get the Virgin card and BT to another in 8-9 months time.

Re your question on 2 people/same address for same card. Yes you can. Mrs YB and I both have Virgin but we staggered the applications 6 weeks apart so as not to "arouse suspicions".

TheWheelMan

Chadsman wrote:

Anecdotal evidence from this board suggests that is the case.

Thanks, Chadsman.

I did scan the 11 pages of this board to see if anyone had reported such a problem when applying for a Virgin card, but didn't find any. Perhaps I'm just reading too quickly, or perhaps its on another board. Anyway, thanks again,

BobM

Cactus_Jack

I'm needing to change from the Virgin 9 month card for someone I know as their interest free period is coming to an end. I see Martin's article recommends Natwest, RBS, or M&S. I was just wondering if there is any reason to go for any of these over the others, or if all three are equal. They do not plan to spend on the card.

Out of curiosity, what is the difference between standard, gold, and platinum cards? The rates seemed the same and it wasn't apparent what the benefits of Gold and Platinum cards are, although it is apparent that you need to earn more to have one. Is it more of a "status symbol" or something, rather than an actual benefit?

YorkshireBoy

Cactus_Jack wrote:

Out of curiosity, what is the difference between standard, gold, and platinum cards? The rates seemed the same and it wasn't apparent what the benefits of Gold and Platinum cards are, although it is apparent that you need to earn more to have one. Is it more of a "status symbol" or something, rather than an actual benefit?

In my experience it's the minimum salary/income required, and also the maximum credit limit available. However, sometimes the interest rates ARE different, depending on card issuer.

garyf_2

Have just received a mail shot from Capital One. 0% on BT's until March 06. Application deadline is 5th Aug. My curent deal with Lloyds TSB runs out in Sept so I'll probably give it a shot before the deadline. Have read the small print and can't see anything out a charge for the BT.

YorkshireBoy

garyf wrote:

Have just received a mail shot from Capital One. 0% on BT's until March 06. Application deadline is 5th Aug. My curent deal with Lloyds TSB runs out in Sept so I'll probably give it a shot before the deadline. Have read the small print and can't see anything out a charge for the BT.

In my experience, the Capital One "shorter term" personal invite/magazine offers are BT fee-free *throughout* the 0% period.

One obvious benefit, particularly if you're stoozing, is that after 3 months or so you can ask them to increase your credit limit (and BT it fee-free). A further 3 months later, you can ask them again (again fee-free).

You won't need a large limit increase, which is necessary to overcome BT fees, as with some other cards. Result could be a doubling of "debt" which could reap benefits if your next card says it will match your current card for BT/limit purposes (eg apply for a Co-op travel card next March - thereby extending [and maximising] your 0% duration by a further 7 months).

HTH
YB

Gypsy_2

Martin
I've got a hire purchase car deal coming to an end soon with a £7000 final payment coming out of my bank account. I've read the stuff on BS and SBS and so got myself a Virgin and Egg cedit card. Am I correct in thinking that I now ask Virgin t "balance transfer" £7000 into my current account, pay off the hire purchase, then balance transfer the £7000 to Egg for "life of balance" payments? In the T+C's for Egg it does not seem to mention "life of balance" interest rates.

Reaper

I'm not Martin, but think I can answer your question.

Both Egg and Virgin are "SBT" cards. That is you can use them to get money into your bank account (although Egg now charge a fee for new customers).

In both cases the idea is that you make use of their 0% periods.

Once they are about to expire (or straight away if you have had them for a while and are no longer in the 0% period) then you will want to transfer the debt elsewhere.

Your options are to move them to another 0% card or choose a low APR "life of balance" card. Egg is not a LOB card which is why you can't find any reference to it.

Instead take a look at Texaco who currently offer the best LOB deal.

NavE

Hi, i've checked through all the postings but haven't seen an answer to my question!

I've got an Egg card with 10K on it with 4 months to run til the 0% ends. I'm looking at the Virgin card and found a part of the application that asked which credit card/loan i wanted to pay off as a balance transfer. does this mean that i have to declare the Egg card transfer now or can i still apply and transfer at a later date. The plan was to have three cards, 4 months between each to cover the fiscal year and anniversary offers thereafter!

Can anyone help.