New Balance Transfer Discussion Area

pammyM_2

Thanks YorkshireBoy for that info.
Didn't realise that the high limit on one CC was reducing limits on new application. Most months my Goldfish CC has spend of about £900.
Is it worth asking Goldfish to reduce the limit to, say, £2000 before I apply to for a new card? I want to BT this months outstanding Goldfish balance plus the outstanding balance of about £1300 on the "0%"Virgin card - the new one that I've mucked up.

YorkshireBoy

pammyM wrote:

Is it worth asking Goldfish to reduce the limit to, say, £2000 before I apply to for a new card?

Reduce it to a level that you are happy with, and one that you know you won't exceed with your spending.

pammyM wrote:

Didn't realise that the high limit on one CC was reducing limits on new application....."0%"Virgin card - the new one that I've mucked up.......Could I max out my Virgin card (limit £2500) by putting on cash advances for ATM withdrawals?

You really need to read up on credit cards, otherwise you'll run into some serious trouble. Could I suggest getting a cup of coffee and sitting down to read Martin's excellent articles in the credit card zone...

http://www.moneysavingexpert.com/creditcards

pammyM_2

Point taken.

Carter74uk

Hi Martin,

I did a Super Balance Transfer nine months ago and have just transferred back the balance owing on my Virginmoney card. I called this morning to close the account and as they were confirming my personal details to do so they offered my a rate of 7.9% to leave the account open. And they said this would be for the life-time of the account!

It's gotta be worth a go!

dangerous

i've just done a balance transfer of £3000 using my new barclaycard to pay off my old Halifax one card, which had a debt of £1500 on it. rang halifax to ask for the credit of £1500 to be paid to me by cheque (so that i could bank it and earn interest ) ) and they refused saying that it would have to be returned to barclaycard! is this correct and can they do it?

can any1 help please

thanks

Gary_Coleman

Hi there
Up until October 2005 I had a 0 % balance of £3000 with MBNA. The monthly repayments were either £5 or 2 %. I arranged to pay £5 each month ( I know not recommended but suits me at the moment). I have searched for a similar offer i.e. where the monthly repayments are as low as £5 but have not found any. My minimum monthly repayments have shot up to approx. £65! Please advise

grumbler

Welcome to MSE!

Gary_Coleman wrote:

The monthly repayments were either £5 or 2 %. I arranged to pay £5 each month ( I know not recommended but suits me at the moment).

Why? Very recommended during 0% period

I have searched for a similar offer i.e. where the monthly repayments are as low as £5 but have not found any. My minimum monthly repayments have shot up to approx. £65! Please advise

AFAIK such small minimum payments are a feature only of (all?) MBNA cards. For all other cards they are 2%+. See http://www.stoozing.com/0fees.htm ...

YorkshireBoy

Gary_Coleman wrote:

Hi there
Up until October 2005 I had a 0 % balance of £3000 with MBNA. The monthly repayments were either £5 or 2 %. I arranged to pay £5 each month ( I know not recommended but suits me at the moment). I have searched for a similar offer i.e. where the monthly repayments are as low as £5 but have not found any. My minimum monthly repayments have shot up to approx. £65! Please advise

I think you have only one option to get it back on to the £5 minimum payments, but it will cost you £50 to do so.

You could apply for another (fee-free) 0% BT card, and transfer the debt to that card. You'd then start to repay at, say, 2%. Telephone to close the MBNA card and hopefully they may offer you a special offer of 1.9%, 0.9%, or even 0% for a short period (for a 2% max £50 BT fee) so that you could transfer the debt back to MBNA.

If no such offer was made, close the card, wait a while, check the account is marked 'settled' on your CRA reports, and then re-apply for another MBNA run card such as Virgin/Abbey/A&L etc. Then transfer the debt back to the new card.

Just be aware that you are only putting off the inevitable, ie the debt will have to be repaid sooner or later.

WaltD

I have just received a letter from Morgan Stanley Visa, telling me that they are offering me 0% interest rate for 5 months on all balance transfers set up during December 2005. The letter makes no mention of the fact that they charge a 2% transaction fee on each balance transfer (minimum £2, maximum £50). This only became apparent when I visited their web site. Surely they should be required to give this information in their advertising material!

Verbatim

I phoned Sainsbury's bank yesterday and was told that they no longer had a 0% BT card, just a 0 on purchases. Does anyone know if this is correct or was I just unlucky with my customer representative?