New Balance Transfer Discussion Area

YorkshireBoy

ler01kjh wrote:

Please can someone advice whether I should take MBNA up on the offer,

Doing the sums...

The fee is £18,000 x 2% (uncapped) = £360

The "profit" is £18,000 x 4.75% x 0.8 / 12 x 5 = £285 *
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Edit: just spotted Cahoot @ 5.65%, so...

profit here is £18,000 x 5.65% x 0.8 / 12 x 5 = £339 *
====================
You'd make a loss on this deal!

* Assumptions...

Stooze pot is ING Direct
Basic rate taxpayer
Full 5 month stooze (in practice will only be 4-4.5 due to delays at each end)
Min payments not made from stooze pot, and £5 only

ler01kjh

terrific...thanks very much! If only I'd studied maths a bit harder.

Doris's_mum

Help!
Read Martin's recommendation to go for Amex Plat. for life balance transfer - got to the bit where it asks for employer's name and address - I'm a housewife! How do I answer that one and how do I then get a card without an employer, other than my husband of course?

Money_Man_Steve

Doris's_mum wrote:

Help!
Read Martin's recommendation to go for Amex Plat. for life balance transfer - got to the bit where it asks for employer's name and address - I'm a housewife! How do I answer that one and how do I then get a card without an employer, other than my husband of course?

I think it's best just to answer it honestly and see what happens. You could always put in your total household income and add an explanatory note. If they turn you down, maybe your husband could apply?

Good luck...!

Doris's_mum

Thanks Money_Man_Steve, I'll give it a go. There must be loads of other housewives in the same position cos they can't all be without credit cards!

Cheers!

katiecwatts

Hi there

I would like to transfer a balance of a credit card held in my name to a new account signed up in my partners name with me as an additional account holder. I was thinking of using Barclaycard as suggested by this site because it has no balance transfer fee.

Is this allowed?

Katie

YorkshireBoy

katiecwatts wrote:

Hi there

I would like to transfer a balance of a credit card held in my name to a new account signed up in my partners name with me as an additional account holder. I was thinking of using Barclaycard as suggested by this site because it has no balance transfer fee.

Is this allowed?

Katie

Yes, it is.

Middle_Sister

I plan to buy a car for £10,000 and pay by Goldfish card. I applied & received a 0% balance transfer from Barclaycard but the credit limit was only £3,500 of which you could only transfer 90%. This is a dud. I need a credit limit of at least £10,000. I do have 2 other credit cards - one which I use for cashback and the other I use for overseas. They said this was the reason my limit was so low.

pammyM_2

Hi everyone - I'm a newbie and when you read what I've done you'll see I'm a bit of a numpty too!
Love the newsletter and rushed off to 0%BT my 0% Sainsbury's CC when it's time was up. Initially I was refused a Virgin card (due to a defunct Abbey card which I cancelled.) Thing is, I seem to have totally ignored Martin's advice and paid for some purchases on the new Virgin card. Duh! I also have a Goldfish card with a £10K limit which I pay off each month.
My questions are:-
Could I max out my Virgin card (limit £2500) by putting on cash advances for ATM withdrawals whilst I'm on holiday, and then apply sharpish for a new card?
Which card should I 0%BT to without winding up Virgin (and MBNA) by tarting around?

YorkshireBoy

pammyM wrote:

I also have a Goldfish card with a £10K limit which I pay off each month.

If you don't *spend* £10K per month, this is wasted available credit and may have been a major factor in Virgin giving you such a low limit in comparison.

pammyM wrote:

Could I max out my Virgin card (limit £2500) by putting on cash advances for ATM withdrawals whilst I'm on holiday, and then apply sharpish for a new card?

At 20.9% APR, from transaction date until repaid in full, I think you'd be crazy to do this. What if you can't get another card quickly - or even at all?

pammyM wrote:

Which card should I 0%BT to without winding up Virgin (and MBNA) by tarting around?

Take a look at Martin's credit card articles - blue box at the top of this page.