The Best Balance Transfers article discussion area

coxy19

Hi, im new here, so please be nice!!!!!

Im 21 years old and currently have about £500 on my Abbey credit card (i managed to get 12 months interest free) but the 12months has run out

I am looking to balence transfer to another card so as i dont pay any interest but i am slightly confused on a couple of issues (possibly my age coming into play here!) When a card states it has '0% on balence transfers for 12 months' does that mean for 12 months the interest on the balence you transferred is 0%?

Can i also use my credit card after doing a balence transfer, and if not why not?!

if someone could please explain these i would be very greatful!

Many thanks

Graham

jinkssick

Sades wrote: »

I've just been trying to apply for the Morgan Stanley credit card as I have about £3000 I want to transfer. I've just seen however that although it said the balance transfer fee is just 1%, their website also then notes that there is a minimum fee of £250! Have I understood this right? Not such a good deal after all...?

it means that just say you wanted to BT £249. You would not be able to as it needs to be £250 +.

So at 3k, your absolutely fine. 1% will be the fee applied to the transfer. how long is the 0% bt?

King_Weasel

coxy19 wrote: »

When a card states it has '0% on balence transfers for 12 months' does that mean for 12 months the interest on the balence you transferred is 0%?

Graham aka coxy - yes, it means just that! Or almost: the clock might start ticking a bit before you actually make the transfer, so check the finish date. Also, it doesn't mean you have nothing to pay for 12 months - you must make the minimum payment or they will be nasty to your bank balance.

Why mustn't you use the same card for purchases? I haven't checked, but I expect this is already answered in the bt article - if it isn't, it should be. The answer is that your monthly payments will be allocated to your 0% balance transfer before paying off your purchases, so you will get clobbered with a high interest rate on your purchases each month until you've paid off that £500 in full.

julieann80uk

Can somebody please please help me?!! I stupidly took out an argos store card and now at the end of my interest free period, they are stinging me for hugh amounts of interest. I wanted to do a balance transfer so got a barclaycard.....however they have now said they cant do a balance transfer from anargos card!! I have rung capital one to see if they can and they said its something to do with the amount of numbers on the card!!
Will anyone do a balance transfer from argos??!!!

floydy

sorry if posting in wrong thread....have got to pay just under£5000 balance to virgin holidays next month, bout £1800 short so just wondering if i should apply for a M&stanley card to pay holiday in full and so take advantage of the interest free period with the intention of paying in full within 6 months....will def be able to pay in full...any thoughts would be appreciated, thanx in anticipation.....

jinkssick

or get the 0% halifax one card with 12 months interest free on purchases. youll only have to pay the minimum montly payments. then pay it before the 12 months is up.

jinkssick

julieann80uk wrote: »

Can somebody please please help me?!! I stupidly took out an argos store card and now at the end of my interest free period, they are stinging me for hugh amounts of interest. I wanted to do a balance transfer so got a barclaycard.....however they have now said they cant do a balance transfer from anargos card!! I have rung capital one to see if they can and they said its something to do with the amount of numbers on the card!!
Will anyone do a balance transfer from argos??!!!

call them on 01204 677400 argos card services

rogue0809

Hi all, im a new user here and have a quick question about balance transfers.
I have a credit card with almost £3000 debt on it and an interest rate of 17.9%, I also bought a laptop via dells finance (big mistake, 18.9%), which I continue to pay monthly for the next 2 and a half years will be £1869, whereas if I pay it off in full I would have to pay £1566 (over £300 saving). Now if I apply for a M&S&MORE credit card or one of the others which has a decent life of transfer interest rate, can I pay off not only my credit card but also pay off the dell financing company the remainder of what I owe? Really appreciate your help here guys and gals!

Rogue

Foxxy_2

2 months ago my Financial Business Manager at the bank sorted out my CAM and at the same time presented me with an arranged business loan to pay off my overdraft. His reason was that my o/d charges were equivalent to a month's repayment on a loan to pay it off. Good idea! So I have a £7000 loan over 5 years and yesterday I got a letter telling me the new interest rate was 9.25% and my payments were up to about £150/month. I have a BT CC with about £1000 left on it that I am paying off at £100/week.
I need that £100 now as I had a *Bright Idea*:eek:
I want to get a BT CC and pay off the bank loan, as with the monthly payments of £150 and the weeklies of £100, I can pay it off in 12 months (12 x£150 and 52 x £100 = £7000). Just out of interest I asked the manageress at the bank today, if I took out a loan of £7000 over 5 years, what was the interest rate? It's 10.25% or with a Royalties account (cost of £10/month) it's 9.75% so I am still doing quite well. SO! The nice manageress told me they have a new BT CC coming out on Monday 21st May which is 0% for 13 months and also includes 0% on purchases for the first 3 months and with my loan and the new CC being in-house, I should expect a very smooth transfer over the next couple of weeks.

Hope this helps someone!

Regards,

Foxy

Big_Momma_3

Who is this with Foxxy?

Foxxy wrote: »

2 months ago my Financial Business Manager at the bank sorted out my CAM and at the same time presented me with an arranged business loan to pay off my overdraft. His reason was that my o/d charges were equivalent to a month's repayment on a loan to pay it off. Good idea! So I have a £7000 loan over 5 years and yesterday I got a letter telling me the new interest rate was 9.25% and my payments were up to about £150/month. I have a BT CC with about £1000 left on it that I am paying off at £100/week.
I need that £100 now as I had a *Bright Idea*:eek:
I want to get a BT CC and pay off the bank loan, as with the monthly payments of £150 and the weeklies of £100, I can pay it off in 12 months (12 x£150 and 52 x £100 = £7000). Just out of interest I asked the manageress at the bank today, if I took out a loan of £7000 over 5 years, what was the interest rate? It's 10.25% or with a Royalties account (cost of £10/month) it's 9.75% so I am still doing quite well. SO! The nice manageress told me they have a new BT CC coming out on Monday 21st May which is 0% for 13 months and also includes 0% on purchases for the first 3 months and with my loan and the new CC being in-house, I should expect a very smooth transfer over the next couple of weeks.

Hope this helps someone!

Regards,

Foxy