The Best Balance Transfers article discussion area

silver_surfer_7

Hope this is the correct place to post. I found out last night from Barclaycard customer services that they will not do a balance transfer from an Ulster Bank credit card (issued by Ulster Bank Limited) to a Barclaycard Platinum card (14 months 0% offer). The explanation they offered was not much help: "I don't know sir, Ulster Bank cards are not coming up on my screen and my supervisor says we just don't deal with them....."
Not too much of a problem for me as I BT'ed to another card first then will BT to Barclaycard.
Hope this helps someone as I found out almost too late!

Moggles_2

Hi TASchroder

Welcome to MSE!

Just received my first statement from Capital 1 and noticed that they only credited 3% cashback, rather than the 4% advertised. Their accompanying literature never mentions the actual rate. I have an unblemished credit history, so maybe the 4% offer is no longer valid

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

Moggles_2

Originally Posted by SheppeyMan
I contacted Halifax who were able to offer a LOB of 6.95% (max 95% of my Halifax credit limit) and I therefore transferred that amount onto the Virgin CC on 30/8/07 but it did not clear the whole amount of the Virgin balance.

Pleased to hear you took my advice (#452 above).

Congratulations on negotiating a better deal with the Halifax. This should reduce your costs while you sort your finances.

It seems that the Virgin Direct Debit is set up to take the statement minimum payment on the due date, REGARDLESS of any other prior payments.

This is true of Virgin and all credit cards underwritten by MBNA.

MSEs viewing this thread are interested in best balance transfers. Your post raises some other issues and you may get replies more quickly, if you post again on the main credit card board.

Very best
M

Moggles_2

Originally Posted by silver surfer
I found out last night from Barclaycard customer services that they will not do a balance transfer from an Ulster Bank credit card (issued by Ulster Bank Limited) to a Barclaycard Platinum card (14 months 0% offer). The explanation they offered was not much help: "I don't know sir, Ulster Bank cards are not coming up on my screen and my supervisor says we just don't deal with them....."

Sounds as though you were given duff information. I've transferred balances from the Ulster Bank Gold card without difficulty.
Btw, Ulster Bank cards are issued by the Royal Bank of Scotland, not Ulster Bank Limited.

This sort of thing happens to us all sometimes. IMO, it's best to ring again, preferably during normal business hours, when you're more likely to be put through to someone who knows.

SheppeyMan

Just a postscript to #574: You may recall I had arranged for 6.95% LOB with Halifax and transferred an amount from Virgin to them. Today I received a letter from Halifax offering further 0% BT's with 3% transfer fee for 6 months - and the interest rate for all purchases reduced to 9.95% from 22.25%. Amazingly I then received a phone call from MBNA/Virgin offering 0% BT for 9 months @ 2.98% transfer fee! I wish they had done that in the first place before I transferred but I guess it must be the transfer fees is where they all make their money. I now have to make a decision whether to transfer that money back to Virgin/MBNA.

Moggles_2

Originally Posted by SheppeyMan
Just a postscript to #574: You may recall I had arranged for 6.95% LOB with Halifax and transferred an amount from Virgin to them. Today I received a letter from Halifax offering further 0% BTs with 3% transfer fee for 6 months - and the interest rate for all purchases reduced to 9.95% from 22.25%. Amazingly I then received a phone call from MBNA/Virgin offering 0% BT for 9 months @ 2.98% transfer fee! I wish they had done that in the first place before I transferred but I guess it must be the transfer fees is where they all make their money. I now have to make a decision whether to transfer that money back to Virgin/MBNA.

Not knowing the respective credit limits and balances on the Halifax and Virgin cards, it's hard to say. If you can clear your Virgin card to zero first, then its latest BT offer is worth consideration.

I wish they had done that in the first place

Virgin is not there to help you. It's there to make money.

I guess it must be the transfer fees is where they all make their money.

Well, that's part of the answer. Always bear in mind that the reason Virgin/MBNA can afford to lend you money at 0% for 9 months is because, more often than not, customers do not clear their debt and end up paying extortionate interest when the promotion period ends. This is the main way, IMO, Virgin increases its customer base and claws back the cost of the promotion.

Best of luck with whatever you decide
M

Hope78

Hi

This is my first post on this forum so please be gentle with me. As you can see I hvve quite a lot of debt and the % on my CCs are fairly high. I'm looking to transfer the balance from one/some of these cards to a lower rate but need someone to help point me in the right direction. As I can't pay them off quickly I'b looking for the best life of balance transfer card. However a few things concern me;

1) Which card should I transfer?
2) What should I do if the credit limit isn't high enough to transfer a whole balance?
3) Can I ask current providers for reduced % or would I end up being penalised by them some other way?

As you can tell I'm not very confident/knowledgeable about these things so have listed my cards and limits etc

Egg Card £3700.14 (£4000) APR 16.9%
Nationwide Visa £10880.29 (£11750) APR 17.9%
Halifax Visa £13097.93 (£13300) APR 23%

All advice greatly appreciated.

Cheers
Hopex

Moggles_2

Hi Hope78

Welcome to the credit card boards!

I'm looking for the best life of balance transfer card.

Have you considered the Marks & Spencer &More card?
This deal offers fee-free balance transfers at 5.9% p.a. for the life of the balance. You can request your BT(s) at any time up to 6 months from account opening but, once done, remember not to spend on the card.

Which card should I transfer?

I would go for the Halifax, since this is costing you the most.

What should I do if the credit limit isn't high enough to transfer a whole balance?

Transfer as much as you can. You'll still save money.

Can I ask current providers for a reduced interest rate or would I end up being penalised by them some other way?

There's no harm in asking. You've nothing to lose.

Very best
M

Hope78

Cheers Moggles Think I'm going to try for the M&S &more first.

Cheers
Hope x

FRAZZLE_2

Hello to all, I have a Natwest credit card with £1160.00 and want to get it balanced transfered. I've tried the top balance transfer cards (named on here) and so far they have all turned me down. I just want to get one of those low interest for life cards. Can any body suggest a good card to go for, Please?