The Best Balance Transfers article discussion area

Moggles_2

Hi FRAZZLE

Welcome to the credit card boards!

Have you looked at your credit file lately? This is the information potential lenders see when you apply for a new credit card, so it's worth checking whenever you're rejected. Mistakes do happen. (For help, see the *How to obtain credit reports* sticky.)

Please do this first, before you apply for any more credit cards.

For tips to improve your chances of success, have a look at the *Credit Rating* articles on the main site. In particular, Martin's *Check and Improve your Credit Score* article.

Having done your homework, there are a couple of low interest deals which could save you money. Currently, Barclaycard is offering 5.9% for the life of the balance with no fee. (Please see #473) Alternatively, the Marks & Spencer &More card (See #582 above).

Debt_Crisis_in_Cheshire

First poster on MSE. Just wanted to share a recent experience.
Following the website guidelines on a strategy to deal with debt and balance transfers, I recently applied online for a citi-bank card with 5.9 percent on lifetime on balance transfer. I currently have a Cap One, and a Barclaycard. The combined total I was looking to transfer was £12,500. The online application was 'succesful' and I phoned up to double check. The assistant at Citi-bank congratulated me on my 'successful' application and I asked when the 'balance transfers' would go through as I am trying to plan the next payments. I was told - within 7 - 10 days. Three days letter I got my shiny new card in the post with a welcome letter - but it said - Your credit limit is 3.5K .
This won't help with either of my existing cards - and so I have a new card
which is dangerous for a debt-aholic like myself and havent actually reduced any monthly payments. I feel a bit cheated. Conned. Be careful, it's not as easy as you might think. I guess this is the 2 steps forward, one step back for a new trainee MSE...

Moggles_2

Hi Debt_Crisis_in_Cheshire

Welcome to MSE!

I recently applied online for a citi-bank card with 5.9 percent on lifetime on balance transfer. I currently have a Cap One, and a Barclaycard. The combined total I was looking to transfer was £12,500.... I got my shiny new card in the post with a welcome letter - but it said - Your credit limit is 3.5K . This won't help with either of my existing cards ...

Well, this lender has been mentioned on this thread just the once (please see #536 above), mainly because Citi is not particularly generous with credit limits and will only allow you to balance transfer 90% of your credit limit.

Nevertheless, you've made a start. If I were you, I would transfer as much as you can from C1 or Barclaycard (whichever card is costing you most) to your new Citi card. You'll still be saving money.

Once you've requested your BT, please remember - and this is crucially important - not to spend on this life-of-balance card.

sortinmedoe

riad wrote: »

With RBS and Natwest cards the fee is paid off FIRST before the Balance Transfer... which makes their BT's one of the best around!! So you would not be paying interest on the fee till the debt is paid off.

I've just transferred balances to Nat West. The guy said that I do have to pay interest on the fee at 18.3%, until my debt is paid off. It is treated like a purchase. So not so good afterall.

jager66

:T for no fee transfers and 0% till 1/4/08 have a look at capital one's web site for their balance transfer card- you need a good credit history to get it

Moggles_2

Yes. If you're looking for a free BT, the recently launched Capital One Balance Transfer card offers interest-free BTs until 1 April 2008 with no handling charges.
Note: this card requires an "excellent" credit rating, so please check you can meet the criteria listed on the Capital One website before you apply.

If you're already a C1 cardholder, have a look at the Ulster Bank Gold card (not to be confused with the Ulster Rugby card, which is a completely separate animal run by the
Bank of Ireland.)
The Ulster Bank cards offer 0% BTs for 6 months from account opening and, once again, there's no handling fee. Issued by the Royal Bank of Scotland, they're worth considering for balances in the region of £3,000-£4,000.

Marty62

I've been switching balances successfully for quite a while now and as a result have built up a collection of cards that have nothing on them and I don't use them. Should I cancel these cards as I'm running out of companies that I haven't applied to. Does cancelling or not cancelling affect my credit rating. Thanks

Moggles_2

Hi Marty62

Welcome to MSE!

I've been switching balances successfully for quite a while now and as a result have built up a collection of cards that have nothing on them and I don't use them. Should I cancel these cards as I'm running out of companies that I haven't applied to? Does cancelling or not cancelling affect my credit rating?

This is not really a best balance transfer question and you may get replies more quickly, if you post again on the main credit card board.

FWIW, unless a card has a particular benefit (such as Nationwide's zero commission on foreign transactions), then I would cancel.

Firstly, having loadsa credit, even if not used, can put off potential lenders and secondly, by closing down a card, you can re-apply to that provider as a 'new' customer and take advantage of any introductory deals on offer.
Another good reason for phoning customer services occasionally to cancel an unused card, is that sometimes you're offered an incentive to stay!

tenmah

Hello

I hope I am asking this question on the right thread.

I have an overdraft of 2650 - sorry pound sign doesn't work!

I do not have any credit cards as I know i would spend on them, but I would like to transfer my overdraft onto one if that is the best thing to do.

I would be grateful for any advice please - sorry don't have a question mark either

Should I transfer it
Can I transfer an overdraft balance
Which is the best card to use

Thanks
Tenmah

Moggles_2

Hi tenmah

Welcome to the credit card boards!

I have an overdraft of £2650. I do not have any credit cards as I know I would spend on them, but I would like to transfer my overdraft onto one, if that is the best thing to do.

Should I transfer it?

Your overdraft is quite possibly more expensive than some credit cards.

Can I transfer an overdraft balance?

You can shift a credit card balance to another credit card. Transferring an overdraft to a credit card is not so straightforward. Only a few rather special cards, like Egg Money and cards issued by MBNA, have this capability.

Which is the best card to use?

If this is your first credit card, you have a limited credit history and you probably need to be more concerned about actually getting a card.

There are no shortcuts to building a credit history.
For tips to improve your chances of success, have a look at the *Credit Rating* articles on the main site. In particular, Martin's *Check and Improve your Credit Score* article.