The Best Balance Transfers article discussion area

Moggles_2

Hi monet

Welcome to MSE!

I've recently been accepted for a Barclaycard Platinum. 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. Can they do this?

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

Very best
M

Moggles_2

Originally Posted by evertonforever
Will I be charged a different rate to the quoted rate on a new card, if some of the balance transfer is where cash withdrawals have been made on my old card?

No. The type of transactions that were made on the old card, have no effect on the new deal.

You'll be charged the quoted rate on the entire balance transferred.

mrbond

Hello,

I have a little issue with Balance Transferring and would appreciate some advice. The situation I have is that I want to transfer £2,500 from an existing card onto one that's interest free. I applied for one, this got delayed due to the postal strike and although I've been accepted its a low credit limit. I don't have much time left before I will be charged more interest on existing card. Last night I applied for a second card, believing I would get an instant decision (as the website claimed) only to find a 9 day delay. Am I ok to apply for a further card where I can get a decision quicker or am I going to get the same response from anyone else. Any help much appreciated

mum_2_1_boy

Hello all,

I have a £1250 overdraft with hsbc whic i'd like to transfer onto a credit card if possible. Does anybody know which card would be the best for this? I've never had a cc before and find all the %' s quite confusing.

Thanks in advance

Moggles_2

Originally Posted by mrbond
I want to transfer £2,500 from an existing card onto one that's interest free. I applied for one, this got delayed due to the postal strike and although I've been accepted its a low credit limit. I don't have much time left before I will be charged more interest on existing card. Last night I applied for a second card, believing I would get an instant decision (as the website claimed) only to find a 9 day delay. Am I ok to apply for a further card where I can get a decision quicker or am I going to get the same response from anyone else?

It normally takes a minimum of 14 days to process a credit card application and balance transfer request. Best practice is to allow 5 weeks.

Egg, Mint and Virgin are known to deal with online applications faster than some

To help you further, we need to know which cards you hold. Also which two you've
applied for.

Moggles_2

Originally Posted by mum-2-1-boy
I have a £1250 overdraft with hsbc whic i'd like to transfer onto a credit card if possible. Does anybody know which card would be the best for this? I've never had a cc before and find all the %' s quite confusing.

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

You don't mention your age, but obviously you have a bank account and presumably you're registered on the electoral roll.

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.

You'll then be in a position to apply for your first credit card.

mrbond

Ok thanks. I have HSBC which is where I want to transfer from. Successfully applied for Barclaycard but credit limit only £1000. Applied to Mint last night in the hope of a quick response. I know I'm running out of time on this one, just wonder what options I have. Can I safely apply for another one or do I try and hurry Mint along?

Moggles wrote: »

It normally takes a minimum of 14 days to process a credit card application and balance transfer request. Best practice is to allow 5 weeks.

Egg, Mint and Virgin are known to deal with online applications faster than some

To help you further, we need to know which cards you hold. Also which two you've
applied for.

mum_2_1_boy

Moggles wrote: »

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

You don't mention your age, but obviously you have a bank account and presumably you're registered on the electoral roll.

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.

You'll then be in a position to apply for your first credit card.

Hello, yes this would be my first cc. I am 22. I have 3 accounts with hsbc and 1 with abbey. I also have a loan with hsbc. I have mobile phone contracts and a couple of catalogue accounts which I have always kep my payments up on. I will check out the article you suggested though. Thanks for your advice.

Moggles_2

Originally Posted by mrbond
I have HSBC which is where I want to transfer from. Successfully applied for Barclaycard but credit limit only £1000. Applied to Mint last night in the hope of a quick response. I know I'm running out of time on this one, just wonder what options I have. Can I safely apply for another one or do I try and hurry Mint along?

All things considered, Mint is a good choice, IMO.

If, over the last 6 months, you've applied for just two credit cards - Barclaycard and Mint - there's nothing to stop you from applying for a third credit card today.

The drawback in doing this is that the interest free period on your 3 new cards will probably expire at round about the same time and that could limit your options then.

IME, there's little you can do to chase up a credit card application, but Mint is not
normally slow.

Very best
M

mrbond

Ok thanks for that Moggles, much appreciate your input . I'll face the same delays with anyone else I would think so I will just have to transfer what I can and wait it out until next month. Not an ideal situation but better than it could be.

Moggles wrote: »

All things considered, Mint is a good choice, IMO.

If, over the last 6 months, you've applied for just two credit cards - Barclaycard and Mint - there's nothing to stop you from applying for a third credit card today.

The drawback in doing this is that the interest free period on your 3 new cards will probably expire at round about the same time and that could limit your options then.

IME, there's little you can do to chase up a credit card application, but Mint is not
normally slow.

Very best
M