New Balance Transfer Discussion Area

baldbopper

I have just had a flyer from Capital 0ne with 9 month @0% on Bt and 3months @ 0% on purchases Base interest rate 14.9% APR. As it is not mentioned anywhere on MoneyTips is there a catch I can't see? I have been a succesful 'card tart' for the last 18 months and don't want to mess it up now.
baldbopper.

Galstonian

Its hard to say if there is a catch if we don't have access to the offer but, if:
there are no fees or the fees are capped
you transfer balances to it within any required time limits
you pay the minimum amounts on time
you repay the whole amount before the offer expires
then you should be fine.

If you transfer balances AND spend then it is possible the purchases would accrue interest for 6 months (or until you paid off the BT as well). I would avoid purchases if this is the case.

Sariah

We have just come to the end of 9 months interest free with Halifax One, which was great, but I have just had a notice of 'Changes in Terms', which says that from the end of May Halifax One will claim the right to 'Claw back' any large amount transferred to another Credit Card! We put a car purchase of £5100 on it recently as, even @ 9% interest, it was cheaper than some loans we could get and a lot more flexible as we could then transfer the balance to a 0% interest card. Can they really do this? I am urgently trying to figure out the best way to handle things! Should we go for the texaco card, as I can afford £125-£150 per month in payments? Or should we go for the egg card ( being careful to transfer before the end of the 0% term and then put it back? Or would the virgin card be the best, then transfer again?? I am concerned that all the other 0% interest cards will see what us 'card tarts' are doing and put an end to continuous transfers!!!!

Sariah

It appears I was wrong! I completely misread the paper!! They were not saying that at all! It was just a reference to circumstances where.....If they find you have paid off your account and, in fact have overpaid, they would previously have paid the money into your bank account, but now will not do so. They have to tranfer any remaining credit to the other credit card involved!! Neurosis over (at least temporarily!!?)

Vinny_f

Hi,

This is my first post so please forgive me if this has been covered elsewhere.

I read the article on super balance transfers and chose to go for a Virgin card. I received the app form and rang them to check on balance transferirng direct to my bank account. They said there would be a 2% charge (seemingly contrary to their T's&C's).

However, the guy then said I could do a SBT if I called a different Virgin freephone number after I received the card. Anyone else had this problem ?

laminator

Just Extended My 0% Bal Trans For The 2nd Time For Another 9 Mths
At The End Of My Current One I Paid Off The Balance Then Called To Close The Account,they Asked Why?,
Told Them I Was Looking For A Card With 0% Bal Trans
Told Me To Hold Then They Asked Thier Supervisor
And Came Back With The Offer Of Another 9 Months
And They Noted It On My Account So When I Call Back The Offer Will Still Be There,
I Wonder How Long I Can Do This,probably Every 9 Months.

goatgirl_3

I super balance transfered £15,000 of my mortgage on to a Virgin 0% for 6 months card. As this finishes in a month, I applied for an M &S card (9 months 0%). I had to wait until I recieved the card before applying for the balance transfer option. When I applied, the maximum they offered was £6,000. My credit rating is excellent, so does this mean this is the maximum amount allocated.

Does this seem a bit of a con? Make you apply for the card and then only offer you a portion of what you want.

Looks like I'll be taking on 2 cards or maybe if there's time, apply for Halifax One Card (0% for 9 months). Any suggestions?

maria_g_2

Vinny_f wrote:

Hi,

This is my first post so please forgive me if this has been covered elsewhere.

I read the article on super balance transfers and chose to go for a Virgin card. I received the app form and rang them to check on balance transferirng direct to my bank account. They said there would be a 2% charge (seemingly contrary to their T's&C's).

However, the guy then said I could do a SBT if I called a different Virgin freephone number after I received the card. Anyone else had this problem ?

Hello

I applied by phone yesterday for Virgin and was told that to transfer to a current account I had to use a cheque which attracts the 2% charge. I have other MBNA cards and have never had this problem before.

Do you have an update?

Has anyone else been told this and how do we get around it?

Thanks, Maria

Reaper

Sounds wrong. MBNA staff are not particularly well versed in their own rules. Phone back and speak to somebody else or do the BT online.

Liquid_Stool

hi,

i'm new to this money saving lark (unfortunatley), and have a question about balance transfers.

i currently have a 0% deal for 6 months on my Abbey card, but have just been offered a 6.9% life of balance transfer deal by my Halifax card.

My Halifax card has a balance of £100 on it which attracts an interest rate of 18.9%

My Abbey card has a balance of £1350, has a 0% left for 4 months, then jumps to 15.9%

i also have a Capital One card which has a balance of £1285 which currently i pay 17.9% on

my question is would i be better of to transfer ALL my cards to this new 6.9% for lifetime balance deal, or just one of them, or is it better to stick with the 0% for the remaing time?

Only problem is though thatthis 6.9 Lifetime balance deal expires on 17th June, but i don't wanna make a rash decision and then find out in the long run i end up with a bigger debt!

any advice would be appreciated by this Noob!!