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The Best Balance Transfers article discussion area
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hello,
is anyone aware how the interest is calculate if you a balance transfer on a card that got already some debt on it?
i am try to transfer my rbs that has increase the interest at 29.9% the debt is around 4500 is juts too much, i apply for another card halifax but for some reason they refused me even if i did a credit score search with equifax, card cchecker and experian and the credit score didn't seem that bad.
Now barclays sent me an offer for a balance transfer 0% for 12 months and i would like to take advantage of that card because i've got it already but i 've got a debt already of 2500 so if i transfer only 3000 fro rsb to barclays what will happen? what rate i will end up to pay the old debt in te card and the new? can you actually do that? ia m confused !!! maybe you can't do it at all!! but the fact that i am payin every month so much in that card make feel robbed, and i am scared to apply for another card and be refused.
any suggestion? sorry its a bit confused the all contest but is exactly how i am feeling!!!
soory sorry0 -
Hi SheppeyMan
Congratulations on negotiating a better deal with the Halifax.Should also have said that I am still in the 0% phase of the BT which ends in January.
Virgin cards are underwritten by MBNA. As a rule, this lender automatically withdraws 0% offers after one late payment, never mind two, so I would take extra care to keep within the Ts & Cs from here on.I have a little leeway to make a decision as to whether to transfer some/most to Halifax. I might still apply for a different card to get a 0% BT deal
Whatever you decide, please remember that paying late can trash your credit rating for years. If you want to keep your credit card options open, you can not afford any more late payments on your credit file.
Best of luck
MPeople who don't know their rights, don't actually have those rights.0 -
Originally Posted by gio67
Barclays sent me an offer for a balance transfer 0% for 12 months ... but I've got a debt already of £2500 [with Barclaycard] so, if I transfer £3000 from RBS to Barclays, what will happen?
You would continue to be charged interest at your standard rate on the existing balance of £2500. Your monthly payments would be used to pay off the 0% balance transfer first, leaving your £2500 debt sitting on successive monthly statements attracting interest!
To take advantage of this offer, you'll need to settle your Barclaycard bill in full. Once your balance is reduced to zero, you can transfer any amount from your RBS card to Barclays, provided that you don't exceed 90% of your credit limit. You'll then qualify for 0% interest on the entire balance for 12 months. Please remember Barclays will charge you a 3% handling fee for this.People who don't know their rights, don't actually have those rights.0 -
hello,
is anyone aware how the interest is calculate if you a balance transfer on a card that got already some debt on it?
i am try to transfer my rbs that has increase the interest at 29.9% the debt is around 4500 is juts too much, i apply for another card halifax but for some reason they refused me even if i did a credit score search with equifax, card cchecker and experian and the credit score didn't seem that bad.
Now barclays sent me an offer for a balance transfer 0% for 12 months and i would like to take advantage of that card because i've got it already but i 've got a debt already of 2500 so if i transfer only 3000 fro rsb to barclays what will happen? what rate i will end up to pay the old debt in te card and the new? can you actually do that? ia m confused !!! maybe you can't do it at all!! but the fact that i am payin every month so much in that card make feel robbed, and i am scared to apply for another card and be refused.
any suggestion? sorry its a bit confused the all contest but is exactly how i am feeling!!!
soory sorry0 -
recently transfered half a cards balance of 3000 to a 0% card...thought it was a good thing to do..
now the original card lenders have reduced the credit by 3000 when we were about to use this to transfer other cards to this.
We have called them and they have informed us that they were instructed by experian to do this...on the same day we had a letter to say the limit had gone up on the original card that we had transfered from..
what can we do now as we have not received a letter or anything to let us know about this, we noticed on the account online.0 -
Hi fudgeypants
Welcome to 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.People who don't know their rights, don't actually have those rights.0 -
My OH has a Next catalogue account with an horrendous interest rate. Following advice from this site, I applied for a Nat West credit card (0% on balance transfers) & attempted to balance transfer the sum (approx £1,200).
Unfortunately (after protracted discussions on the phone with Nat West) it seems that it is not possible to do this with this type of debt.
Any advice as what to do now?
Best Regards
McIavelli (I'm not that devious really)0 -
Hi McIavelli
Welcome to the credit card boards!
Does your Natwest card offer 0% on purchases for three months?
If so, one solution would be to put all your spending, or as much as possible, on the new card and make minimum payments for the first two months. This should free up some money to pay off the Next bill.
Alternatively, you could apply for Egg Money. Then use your Natwest card to ‘pay off' the Egg Money card. (Natwest will charge a 2% handling fee for this.) The Egg Money card now has a positive balance and this money can be moved into your bank account. You now have cash in your current account equal to the balance on the 0% Natwest card and can settle the Next bill.People who don't know their rights, don't actually have those rights.0 -
Hi moggles,
Thanks for your warm welcome & your help in this matter :beer:
Best Regards
McIavelli (I'm not that devious really)0
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