The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by Dappysaver
I have an outstanding cc balance of £3200. I used this card to buy the household food and pay this amount off each month. Therefore not touching the current balance which is ever growing! I understand that I need to pay more off in order to reduce this amount, but was thinking that maybe I would be better off transferring the current balance to a 0% offer and having a different card to use for buying the food each month! I currently hold an HSBC mastercard.
What is the best way to go in order to get rid of the large amount outstanding?

Presumably you are charged at the standard variable rate, which is currently 15.9% APR, on the outstanding HSBC balance. You can certainly do better.

Have you considered Barclaycard Platinum? This card offers online applicants 0% on balance transfers for 14 months. There's a 2.5% handling fee.

Once your HSBC balance was transferred to Barclaycard, you could continue shopping for household food with your HSBC card. Provided that you pay this off each month as before, you'll pay no interest.

Moggles_2

Originally Posted by Rob_The_Bantam
I've never had a credit card before. I've always considered this to be a non-issue, but looking at the Capital One 'Excellent' criteria makes me realise I'm missing out on some great interest free offers.

I'd like to get cracking on a 0% interest for x months deal and I'm prepared to pay a balance transfer fee to benefit from the interest generated. I have no outstanding debts aside from the mortgage and have made a few purchases on a store card that has been paid off every month in full.

Which would be the best card to go for initially?

If this would be your first credit card, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a card, rather than trying to find the best 0% deal.

Please be aware that lenders launch these 0% 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 don't mention your age, but presumably you have bank accounts and you're registered on the electoral roll. I would give Mint a go. This card offers 0% on BTs until 1 December 2008. There's a follow-on bonus offer in 2009 as well. A 2.5% handling fee applies. If this doesn't work, your best bet is to approach the bank which operates your main current account.

There are no short-cuts to building a credit history, but there are steps you can take meanwhile to improve your credit rating. 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.

Dappysaver

Moggles wrote: »

Presumably you are charged at the standard variable rate, which is currently 15.9% APR, on the outstanding HSBC balance. You can certainly do better.

Have you considered Barclaycard Platinum? This card offers online applicants 0% on balance transfers for 14 months. There's a 2.5% handling fee.

Once your HSBC balance was transferred to Barclaycard, you could continue shopping for household food with your HSBC card. Provided that you pay this off each month as before, you'll pay no interest.

Thank you for your advice. Off to apply for the Barclaycard Platinum! :T

Rob_The_Bantam

Moggles wrote: »

If this would be your first credit card, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a card, rather than trying to find the best 0% deal.

Please be aware that lenders launch these 0% 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 don't mention your age, but presumably you have bank accounts and you're registered on the electoral roll. I would give Mint a go. This card offers 0% on BTs until 1 December 2008. There's a follow-on bonus offer in 2009 as well. A 2.5% handling fee applies. If this doesn't work, your best bet is to approach the bank which operates your main current account.

There are no short-cuts to building a credit history, but there are steps you can take meanwhile to improve your credit rating. 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.

Thanks for the response.

I'm 25, have held my current bank account for 7 years and am in what lenders see as a good job (at least from a mortgage perspective).

I'll give Mint a shot and see where I get.

Regards.

Betty_glitter

HI,
I am sorry if this is not the correct place to post my question, but seemed the closest area of discussion..

I got a balance tsf of £4k in Feb to Morgan Stanley, after reading a balance tsf article here. Unfort I missed the first payment as did not receive my first statement. I rang up Morgan Stanley a mth later and they had revoked the deal, I explained my situation, set up a dd and the guy on the phone told me he was putting my zero interest deal back on. I then for the rest of the year just thought I had a balance that I was paying £80 a month off on & never missed any more pymts. In october I actually read a statement properly and saw I have been paying interest all year, rang MS up they had no record of my Feb calls and said they would reistate the deal for the last month but wouldn't refund the interest. I was gutted, can I do anything about this? The MS person on the phone was very unhelpful & said tough luck basically. I am about to transfer the balance on but have paid them £640 interest this year. Any advise I would really appreciate.

Moggles_2

Hi Betty_glitter

Welcome to MSE!

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

Daneyboy

Hi guys,i would be very grateful if you could give me a bit of advice,i have 2 credit cards one with about £2300(MBNA 0% ends feb next year)left on it and HSBC card (15.9%)with a balance around £1400 left on it.
What i would like to know is there a credit card were i can shift both balances to one new card and still use the card to spend on or would they be a better way of doing this!
Many thanks for any help what so ever.New to this credit card tarting!
Daneyboy.

Moggles_2

Hi Daneyboy

Welcome to MSE!

I have 2 credit cards, MBNA with about £2300 (0% ends Feb next year) and HSBC (15.9%) with a balance of around £1400.
Is there a credit card where I can shift both balances and still use the [new]card to spend on or would there be a better way of doing this?

The Halifax 12 month credit card offers interest free balance transfers and purchases for a year. A 3% handling charge applies to BTs.
Please see #608 above, for two further suggestions.

monet

I've recently been accepted for a Barclaycard Platinum (0% for 14 months). Have received my card. Phoned to make a balance transfer, and was told that they closed my account yesterday as Barclaycard have had a criteria change, and I no longer meet their criteria. They couldn't tell me why. Can they do this?

evertonforever

Hi,

Quick question......Im considering transfering my balance to another lower APR and 0% for some time etc card.

Will I be charged a different rate to the quoted rate on a new card if some of the balance transfer is amounts where cash withdrawls have been made on my old card. This means Im paying 2 rates on my current card, one of which is very high.

Thanks.