The Best Balance Transfers article discussion area

theclaud

Thanks! I wasn't planning to BT between these two cards, but probably won't risk an application anyway. Already got a Virgin card, so it looks like Capital One may be the only answer. They're not sneakily owned by anyone else, are they???

Be interested to hear from anyone who HAS successfully applied for both M&S and the new HSBC offer...

Stargazer99

I'd like to balance transfer but I want it to go to my bank account so I can pay off a number off different things. Does anyone know if there is a card that will allow me to do that. I have looked at a few but they state that transfers are to a credit or store card only, giving no option to pay into a bank. I have done this with a card a few years ago but not sure if that loop has now been closed. Please help.

Phoenix79_2

theclaud wrote:

Thanks! I wasn't planning to BT between these two cards, but probably won't risk an application anyway. Already got a Virgin card, so it looks like Capital One may be the only answer. They're not sneakily owned by anyone else, are they???

Be interested to hear from anyone who HAS successfully applied for both M&S and the new HSBC offer...

Capital One aren't owned by anyone else.

udydudy

Stargazer99 wrote:

I'd like to balance transfer but I want it to go to my bank account so I can pay off a number off different things. Does anyone know if there is a card that will allow me to do that. I have looked at a few but they state that transfers are to a credit or store card only, giving no option to pay into a bank. I have done this with a card a few years ago but not sure if that loop has now been closed. Please help.

my OH just got her MBNA Amex with 5.5k limit. the enclosed brochure clearly states that you can "top up you bank account". they allow 95% in our case i.e. £5225 with a 2% balance transfer fee i.e. £104.50.

if you set up the minimum amount for direct debit i.e min bal. (£5) along with the charges(£104.50) in the first month and £5 in later months. 13 months balance transfer the cost is only 1.85% per annum.

In our case this is going to the stooze pot earning 5% and after 3 months to pay off 2 cards which are ending in March n april

wrighty71

I am looking to clear all my debt this year.
The main one being my credit card. I am looking at the virgin credit card with its 13 month 0% BT.or do recommend an other.....
1 question. If I apply for it do I put down the balance transfer details on the application form, or do I have to activate first.

In other words will it be ok to apply, do a balance transfer and not use it??
Or do I have to use it to activate it

Many thanks

Wrighty71

jjmurfin

Hi
First post on message board - hope you can help. I have recently transfered £5000 to Lloyds TSB Platinum at 0% for 9 Months, for which they charged me 2.5% Fee - £125. So far, so good. However I received my first statement and there is an 'estimated interest charge' of £1.36 even though I have added no other debt to the card. I phoned and was told that this charge is interest at 14.9% APR on the £125 fee. Of course the repayments will reduce the 0% amount first so I will be paying compound interest on the £125. This was not made clear to me at the time of taking the card, in fact I was told that there would be 'no interest payable', and the small print makes no mention of it either. I asked if there would have been an alternative way of paying the fee (e.g. by cheque) so as to avoid the interest but told it had to be added to the card - this makes the 0% impossible of course and therfore the offer misleading.

It is only a small amount but will only get bigger, and there is a principle here. Does anyone else have experience of same?

Thanks for your help.

JJay000

mor7s,

Thanks for your response... My intention was to stooze via the egg money card as suggested but my concern is that by needing to rely on several cards to clear that debt, i take a risk of rejection for the credit due to a decreasing credit rating from the applications. The worst case scenario being that i dont make enough credit to meet the loan and have all these cards for no or little function and a poor credit rating... Any suggestions?

grazzum

Hello.
I am new to this, as my question will no doubt show..
I've seen the M&S 3.9% for life card, valid on transfers within the first three months. My question is, what constitutes a transfer? Is it jsut from one card to another, or could it include:
a. finance company loans
b. overdrafts
c. utility bills
d. other stuff I haven't yet considered

And if it is only cards, how could I go about turning the above into card loans that are transferable?

I would greatly appreciate any help with this.

Huggins

Hi have an existing ABBEY/GOSH 0% card that is due to expire the end of next month. With this card i had to make repayments every month of over 100 by direct debit - are there any cards available that don't require such a large monthly repayment but with a decent term eg. 9 months or more - the longer the better.

Finally how soon should i start applying for the new BT card? when i switched last time i applied too soon and didn't realise that the 0% APR term starts from the date of application for the loan not the date of 'approval' as such.

I hope this all makes sense and thanks in advance for any help

regards

huggins

glitterygirl21

Hi Everyone.

Haven't really bothered with credit for a long time - use my barclaycard and pay it off in full each month. Then MBNA (who I used to have a card with years ago) sent me a new card last year, which I put in a drawer until they sent me a letter in August offering 0% interest till end of Jan07. As a self employed musician, this seemed like a good idea for getting round cash flow problems and decided to buy everything on this card and then pay it off in January. Then after hearing Martin on tv thought I'd be even more savvy and switch the debt to another card. I applied for a Marble card and was turned down, so following advice here bought my credit files from check-my-file.com. So far so good - all green ticks, nothing against me at all. So applied again -this time to Capital One, and have been refused again. Had totally unhelpful conversation with them this morning as it seems they cannot tell me why they have turned me down.Other than this debt I only have one other loan on a car I bought last year. I've read all the related articles about credit score and I should be laughing all the way to a stack of credit as far as I can see - electoral roll, homeowner, same bank for years, married, lived here ages etc. no defaults. If they're not lending to me then who are they lending to? Is there still a stigma about being a musician? Any ideas? I'm more concerned that I've been refused than anything. Thanks for any light that can be shed.