The Best Balance Transfers article discussion area

MerseyLad

Ive got a Capital One card with £5800 on it at 6.9% APR, and MBNA with £1800 on it at 14.9% APR.

I can move the MBNA balance on to Capital One, but I am thinking about moving the lot onto a new low rate card - or even 0% - but im a bit overwhmed by everything out there and cant decide what to go for.

In the past 2 weeks ive just been lucky enough to pay off £7k with Cahoot Credit card, and £12k in 3 loans with the Co-op Bank. The Cahoot account I have lowered the credit limit to £500 today, and the Co-op loans have now been closed off. Will this all be reflected on Experian by now?

Only I applied for a 0% card about 12-18 months ago and was knocked back as I had too much outstanding debt, so i dont want to do it all again if as far as the banks are concerend the Cahoot and co-op money is still outstanding as it comes through on a credit check.

Many thanks.

NavalAviator

Hi,
This is my first post having only recently discovered MSE.com - fantastic and helpful site btw.

I opened an HSBC account and transferred £1900 from my egg card and £1500 from a NatWest Visa Gold card, which had both been originally 0% transferred to (some time ago) and both offers had subsequently ended and I was paying whatever their respective interests were (around 16.9% I think).

The attraction was the long length of 0% (until 1 April 2008) and everything has been fine until I received a letter from HSBC about 2 weeks after opening the account and transferring money to the card stating that the period of 0% quoted was incorrect and that it was actually until 1 January 2008. I immediately phoned HSBC (I used the freephone number from the sticker on the front of the card which you have to phone to activate the card and got straight through to someone with no wait - better than the 0845 number on other paperwork and the back of the card! It's 0800 328 1370 and will work for any general enquiries, it just starts by saying your card is already active and then puts you through to an operator!) and they said that this was a mistake and that they were aware that a lot of people had been sent this letter by mistake and to ignore it.

However, does this now mean that when their 'mistake' means that I start being charged interest as of 1 Jan next year, I have no legal come-back as they've written to inform me that this would happen? Should I ask HSBC to send another letter confirming that this was a mistake? Where would I stand if (like most people, I suspect) I let this pass and hope for the best?

Any suggestion as to the best course of action would be gratefully appreciated.

NA

vikinggeoff

Hi NavalAviator,
I along with many others had the same problem ( see 215 ) I sent a e-mail and had a reply today

Quote from e-mail
After having the opportunity to look into the matters you raised, I can
advise the letter sent to you under reference 670/01 dated 23 January was
sent to you in error.

I can confirm your balance transfer has been processed to expire on 02
April 2008. Please accept my apologies for any confusion this matter has
caused.

HSBC prides itself on the high level of service we provide for our
customers and I am disappointed to learn this has not been achieved on this
occasion.

I will keep this and if I have any problems will refer them back to it, in your situation, I would phone them again and ask them to confirm in writing, just in case

Best Wishes

CHIHUAHUA

The reason I want to know this is because I may decide to clear my overdraft with my MasterCard before transferring the balance. This would increase the balance to transfer to approximately £3,5K.

According to her, every month my remaining balance on the card will have 3.9% interest added to it. My required minimum payment is 3%. This would mean that my balance would increase every month, right?

So if I increase my monthly payment to, say, 5%, I start making more of a dent on my balance - yet, having done some calculations on a spreadsheet it looks like at that rate it would take me something like SIX YEARS to re-pay £1,500 at 3.9% interest.



You will be charged big time if you transfer your O/D to a CC......
Surely you are planning to repay more than 3% of the balance each month???!! as you say you'll be paying it for ever otherwise - work out your minimum payment then how much more on top you can afford to give you a goal in terms of paying it off
Interest is charged monthly - think there may be a calculator somewhere on this site to work out how it accumulates month to month.
3.9% Is a good rate but at the end of the day it is still interest and you still owe the money until you get it paid off.
And most important don't use the card for any purchases or you'll be into a diff interst rate altogether.
HTH

Pauline1975

Hi all!!,

Just wondering if anyone can help please? I have a credit card balance of just under £1000 and DHs is £3500. Just wondering if we can merge the two onto a 0% transfer card? DH has been trying to have his transfered to a 0% card but they have been refusing in because a couple of payments were a little late! HSBC seems to have the best deal at the moment.

OHHHHH I hate credit cards and wish we had never bloomin got them but what do you do when you need the money quick??

Thanks,

xx

jangor_2

I have an EGG money card and am now paying somewhere in the region of 16.3% on the card balance. Should I switch cards.

MerseyLad

jangor wrote:

I have an EGG money card and am now paying somewhere in the region of 16.3% on the card balance. Should I switch cards.

YES!!!!!!!!!!

jangor_2

Thankyou. That one word said everything! Have now applied and been approved a new credit card with 0% interest for 12 months.

Phantom_Flan_Flinger

Remember that there's probably going to be a balance transfer fee to pay.

jangor_2

Thats true, I think it is 2½% but I still think I will make a considerable saving over 12 months.