New Balance Transfer Discussion Area

Reaper

Hi NavE,

Some credit cards start their 0% period from the date you do the first balance transfer and others from the date you get the card.

From memory Virgin do the latter, so better to wait until nearer the time before applying for it.

When you do get it you can apply for balance transfers at any point during the 0% period with no fee. However many of the MBNA (who run it) call centre staff are unaware of this and frequently want to charge you unless you request it with your application. They are wrong but it can be hard to convince them sometimes.

Hazel_Eyes_Fella

Can someone please help. I have a RBS card where I'm trying to get the balance into a savings account. I cannot do this without incurring a fee, anyone know a way round this? I have an active Virgin card which I have transferred a balance into an account. Any help will be much appreciated by this ignorant newbie!

anthonymartin

I switched my 0% with barclaycard offer ending to A&L card because i had just opened A&L premier......

i have received the paperwork only to find mbna have slapped £35 balance transfer fee.

I kicked up stink to the card authoroisation man and told him that i would be complainig to A&l and asking for my £35 refund or i will close all new business.

i have used barcalys for years but just went across to A&l......will i get my £35 back through complaining or should not waste my time and try to win on an introduction fee of £50 by sending recommend a friend instead?

I will be switching from A&l in a years time anyway, am poff with with short term free overdraft and will switch in a years time.

anyone else complained about the 2% fee?

YorkshireBoy

anthonymartin wrote:

......will i get my £35 back through complaining ...

In a word, No!

The A & L website says you should refer to the T&C's to see if a BT fee applies. If you look at the A & L summary box on the "applyonlinenow" link from the A & L website, it clearly states under the "charges" section...

"2% handling fee (min.£2, max.£35) on: credit card cheques and balance transfers."

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=aalg_mcds&mc=AAL-HP-21292-22476&pid=mp

Tondella

Hello balance transferrers! I would be very grateful for your help (moderator, please move this elsewhere if it's not the most appropriate place). I'm in the process of managing my OH's and my own debts. I've got a good credit rating although a current application with virgin is being held up because apparently not all of my details have transferred to my new address, but I'm sorting that out. My OH has a less good one, mainly due to multiple address changes (work) and possible association with dodgy relative (working on that one too). Here's the situation
£14.5k lloyds platinum cc @13.9% APR (his name)
£7k halifax cc @ 12.9% room for another £2k (his name)
£1200 on barclaycard @ 6.9% life of balance transfer, room for another £1700 (my name)
Virgin 9mths 0% - application and credit limit pending (my name)

We want to do the credit card shuffle to get the debt down as low as possible and then see about applying for new credit cards if possible. I'd love to do a balance transfer with the platinum but with so much to transfer it's just not going to happen. Clearly from the info above there is potential to move nearly £4k off the platinum (2k+1.7k), any suggestions on where and what to do with the rest?? Do I stand a chance negotiating a lower APR with lloyds once we show them we are serious about getting the balance down? My OH tried before and all they would do was upgrade the card to a platinum with a slightly lower APR.

stealth_mode

Hi,
I'm a bit confused. The latest balance transfer article states that NatWest/RBS don't have SBT ability. But the NatWest site states:

"Money transfers by phone
Transfer money from your credit card to any UK bank account over the phone. The minimum is £250, and you don’t pay a fee – just your usual rate for purchases from the date of the transfer." [which is 0% forthe first 9 months]

Isn't this an SBT or have I misunderstood something? I'm very new to this.

I'd also like an idea of how long it takes from application to account open. I think about balance transfer when my credit card bill comes in but guess it would take longer than the 2 weeks I have to make a payment.

YorkshireBoy

stealth_mode wrote:

Isn't this an SBT or have I misunderstood something?

This has been discussed before (although not recently). I have e-mail confirmation from NatWest that this is deemed a "cash transaction" and is charged as such.

Avoid at all costs!!

stealth_mode

OK, but as purchases are also 0% for the first 9 months this should be all right for that period? (I did say I'm very new, so please forgive me if I'm missing something that's obvious to the more experienced).

YorkshireBoy

stealth_mode wrote:

OK, but as purchases are also 0% for the first 9 months this should be all right for that period? (I did say I'm very new, so please forgive me if I'm missing something that's obvious to the more experienced).

You're not actually "missing" anything. You spotted a possible loophole that I and others had also seen. I asked Natwest via e-mail more or less exactly word for word what you're asking above (and also suggested it was very misleading for customers). Their response was that they treated it as a cash transaction.

Paulywally_2

Hi First post.


Im trying help my Mom out, shes gone a little crazy since she got her plastic a few years back, currently she has around £2560 racked up on a TSB visa card, they keep trying get her take a loan out to cover it, then the next letter is about increasing her credit limit(gotta love those bankers)
shes paying around £70 a month which about £36 is interest
I keep thinking about just throwing a £1000 at it to reduce the monthly payment for her, but ive been told find a 0% that will take on £2500+

Any suggestions would be great.