The Best Balance Transfers article discussion area

dana6108

Hello
I'm new to this forum so hope I have posted in the right place.
I'm looking to transfer a balance of just under £5,000 to a 0% deal I have read the article on the best 0% deals but wondered if anyone new of one that also has paperless statements. I currently have accounts with both Egg and Mint which both have paperless statements and I would prefer to have this facility again if possible. The only one I have found so far is Barclaycard Breathe but they are only offering 6 months 0%.

Many thanks.

sweeney

I wonder if the banks are getting wise to we 'tarts' and refusing applications from those whose credit record presumably shows that they have moved a debt around to take advantage of interest free transfer offers?
I ask because I have just had an application refusal from NatWest " because in our opinion your finances appear to be fully committed".
I cannot believe that my credit record shows me to be fully committed. I am a home owner- no mortgage, have an income of £25k+ and a record of paying everything on time etc etc. I have a number of credit cards, one of which I forgot to mention. It is £5 in credit and I got it over a year ago for holiday use. I hadn't cancelled (but now have) another which has also been in credit (£5) for ages. My only debt is on a 'tart' card that is about to end the interest free period and amounts to £2,900. This debt has moved from card to card in the past as a 'tart' debt and has been coming down nicely with little or no profit for the banks! I also have a a credit card with my main current a/c bank and that is used for purchases which are paid for each month in full. (i.e four cards in all, two in credit, one £2900 dbt, one cleared every month)
Having worked as a debt adviser for CAB many years ago, and seen the crazy offers and take up of loans to people who could never afford them, I am convinced that it is not my credit status, which is fortunately much sounder than many, but being a tart that has got up NatWest's back! I have known many clients with hardly any income and no security, and a history of bad payments, who have had far more credit given them than NW say is appropriate for me.
If they had said we don't like tarts because we don't make enough money out of you then I would have said fair enough and had no argument; but it seems to me that the banks are now having a go at another area of Martin's advice and lying about why they are doing so in the process. I am more fortunate than many and I can pay off the £2,900 - and can rejoice in having had credit for free for quite a while.
If my suspicions are correct though, and that banks are rejecting credit card debt tarts, then many thousands may be affected including many who are in a less fortunate position than I.
There are also other issues; banks lying as to the reasons for their decisions, if that be the case, is something that should be jumped on. Further, records created/amended with such inaccurate information (ie about ones' creditworthiness) would presumable be both in breach of the Data Protection Guidelines and a potential source of problems for any seeking to make further credit applications.
I wonder if anyone else has noticed such a possible trend ? (or has comments about why I might "appear to be fully committed" in the banks eyes ?

Moggles_2

Hi meerucat

You can certainly do better than 11.9% APR

I get confused with all the different types [of card].

First you need to decide whether to go for a 0% or Life of balance card. (The 0% deals will save you more money, provided that you're prepared to ditch & switch when the 0% promotion ends.)

Then post again re specific recommendations.

I don't think my credit rating is tops but it's not bad either

Be aware that lenders launch these 0% and life-of-balance promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. You may want to read Martin's How to improve your credit score article to make sure no other factors are working against you. Some, after all, are easily put right.

Best of luck
M

Moggles_2

Hi sweeney

Welcometo the credit card boards!

This is not a best balance transfer question. Please post again on the main credit card board. You'll get lots of replies there.

satriales

Hi, this is a probably a silly question but I was wondering what is the best (ie. cheapest) way to transfer money from my egg card to my current account?

I only ever used my egg card for occasional online purchases when a debit card wasn't an option and I always paid off the balance in full at the end of the month, so I don't really know much about credit cards. Recently I have started doing the matched betting thing and it's going well but my egg card is showing a £90.60 positive balance and I would like to transfer that to my current account. I have been looking on the website and it's not made clear how to do this.

thanks

Edit: I get the feeling that there is a fee of 2.5% - 3%, so maybe I'll be better off depositing it into my Betfair account (Betfair charge 1.5%) and then transfer the money from Betfair into my bank?

Edit2: It looks like I would have to withdraw the money back to the same card if I deposit it into Betfair, so I guess I'm just going to have to do a normal balance transfer into my bank?

SheppeyMan

Hi:

I need some advice: I have a Virgin Credit card with 11k on it. I was late with the direct debit payment two months ago (when it bounced) but paid it quickly within a week, then stupidly made a reduced payment by £6 last month when I didn't read the statement properly - this was soon corrected and I have paid next months statement in advance. Today I received a letter from the informing me that my interest rate has been increased from 23% approx to 34.9%, and the minimum payment from 2.5% to 5%!!

I have a Halifax Platinum card with nothing on it.

I am certain I have to move the balance on Virgin card (and then get rid of it). But do I use the Halifax card at 23%; or try for a new card, and if so, which one?

Many thanks in advance for any advice.

Moggles_2

Originally Posted by dana6108
I'm looking to transfer a balance of just under £5,000 to a 0% deal.
I have read the article on the best 0% deals but wondered if anyone knew of one that also has paperless statements.
I currently have accounts with both Egg and Mint which both have paperless statements and I would prefer to have this facility again if possible. The only one I have found so far is Barclaycard Breathe but they are only offering 6 months 0%.

Nationwide has paperless statements and the Nationwide Gold card offers 0% on balance transfers for 10 months. 2.5% handling charge applies.:beer:

Moggles_2

Originally Posted by SheppeyMan
I have a Halifax Platinum card with nothing on it.
I am certain I have to move the balance on Virgin card (and then get rid of it). But do I use the Halifax card at 23%; or try for a new card, and if so, which one?

As you already hold a Halifax Platinum card and the balance is zero, it has to be worth a phone call to the Hally (0800 389 3456)

Attracting new business is expensive and most lenders prefer to retain existing customers. Depending on your credit file - aside from the Virgin card that is - the bank may just offer you a balance transfer at a promotional rate. This would reduce your costs while you sort your finances.

Depending on the outcome, you may want to post again on the main credit card board as your post raises some other issues.

Best of luck
M

SheppeyMan

Update: Should also have said that that I am still in the 0% phase of the BT which ends in January. Just spoke to Virgin - they have reduced the APR to 29.9% of the remaining balance and the minimum payment is £10 or 5%, whichever is the smaller (I got that bit wrong) - would not reduce any further. Now going to talk to Halifax - will let you know how I get on.

SheppeyMan

Many thanks to Moggles for your advice. I was starting to believe I was a failure, not worthy of being considered for a better deal but how wrong I was!

Just spoke to Halifax as suggested: from an initial BT rate of 22.53% , they went down to a LOB of 12.92% straightaway so did not accept that. I was then transferred to a Customer Loyalty Specialist lady who then halved that to 6.95%. When I demurred, she stated that they might have a better offer next month but she could not guarantee it. Must admit 6.95% LOB much better than the whopping 29.9% rate (variable) Virgin is prepared to give me at present. However I would only be able to transfer a majority of the balance as my credit limit with Virgin is larger than Halifax. As I am still in the 0% phase of the Virgin BT (ends in January) I have a little leeway to make a decision as to whether to transfer some/most to Halifax. I still think I might still apply for a different card to get a 0% BT deal.