The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by luv_my_brass
The trouble with taking out the short term with no BT fee is that you soon have to think about transferring again and wondering if you will be accepted.

Yes, unfortunately. When comparing balance transfer cards, there's almost always a trade-off between the duration of the 0% introductory rate and the charges payable.

Which deal's best also depends, to some extent, on the cards you already hold.

Agaton_Sax

Moggles wrote: »

Hi Hope78

Welcome to the credit card boards!

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.

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

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

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

Very best
M

Firstly apologies to Hope 78 for using your post and secondly thank you Moggles for this advice. I want to transfer and bust out of MBNA but don't think they'll take all the transfer but have received an applicaton form from Halifax ?!
However, have not been in new abode long .. 7 monthish; how much does that go against an application ?

starkitten

My partner has a barclaycard and he recieved a letter about balance transfering this morning. I have a couple of store cards that are in my name, is there anyway of getting round this to transfer them onto his card? We live together and have joint accounts, joint mortgage and joint loan does any of this serve as proof? Any advice?

Moggles_2

Originally Posted by Agaton Sax
Firstly apologies to Hope 78 for using your post [#578/579] and secondly thank you Moggles for this advice. I want to transfer or bust out of MBNA.

Firstly, please note Marks & Spencer has raised its interest rates. The new deal offers fee-free balance transfers at 7.9% p.a. for 2 years from date of transfer - not such favourable terms, unfortunately.

I have not been in new abode long .. 7 monthish; how much does that go against an application ?

Have you enrolled on the electoral register at your new address?

Moggles_2

Originally Posted by starkitten
My partner has a barclaycard and he received a letter about balance transfering this morning. I have a couple of store cards that are in my name, is there anyway of getting round this to transfer them onto his card? We live together and have joint accounts, joint mortgage and joint loan does any of this serve as proof? Any advice?

You can switch credit card & store card balances to friends, family or Dave down the pub. Please bear in mind though, the person whose card the balance is shifted to, becomes soley liable for the debt. If you were to fall out, your partner couldn't ask Barclaycard to charge you for any remaining balance.

From the card company's perspective, it's not a problem. Customer services may ask him for the name on the accounts, but this is purely an additional verification check. At the end of the day, Barclaycard is after his business. They're not really interested in knowing who ran up the debt, as long as he, their customer, pays up on time each month!

ridgwas5

Hi
Has this happen to anyone, last week i applied on line to CITI to transfer two of my Credit Cards, so that i could take up the offer of 5.8% life of balance no fees total amount requested to transfer £7500 this went through find, but a week later i received a letter saying it was refused. Contacted the help desk, reason given was because i already had dept owing on credit cards, i explained that this was the reason i wanted to do a transfer to reduce interest Payments. (catch 22), but was offer the credit card with only £500 limit, not what i wanted.
I took the next best offer and applied again on line to Capital One 0%interest on B/T for 12 months 1.7 fees only 9.9% after, again this went through fine but yesterday received a letter of refusal reason stated credit score.
being concerned as i have never missed payments, I have paid for my credit report and score the result is excellent 999 on a scale of 0-1000. now i am afraid to apply again as these two card applications have left a foot print on my report. What am i now meant to do... can anybody advise.

Krish_2

I am applying for a remortgage now, and I do have £25K cr card balance obtained from 0% offers. 0% period runs out in May 2008, yet I can afford to pay it off now from the savings set aside.
If I pay it off now, I will loose any savings interest, but if I dont pay it off now, will I have any problems with my remortgage. If I disclose my credit card balance I will have problems with my remortgage wont I?

Moggles_2

Originally Posted by ridgwas5
Last week I applied online to CITI to transfer two of my Credit Cards, so that I could take up the offer of 5.8% life of balance, no fees. Total amount requested to transfer £7500. This went through fine, but a week later I received a letter saying it was refused. Contacted the help desk. Reason given was because I already had debt owing on credit cards. I explained that this was the reason I wanted to do a transfer to reduce interest payments (catch 22), but was offered the credit card with only £500 limit.

If I've understood your post correctly, you completed the balance transfer requests during an online credit card application to Citi. This can sometimes speed things up by a day or two, but until you've been accepted and told your credit limit, it's best to keep your options open, IMO, and leave the balance transfer section of your application blank or, if asked, state you may be interested.

Of course, you might want to commit yourself if you believe the balance transfer could influence the credit limit eventually offered.

Personally, I feel any small advantage gained is outweighed by the disadvantages. An horrendous story involving LTSB and Capital One was posted on this thread last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid the above aggravation, I would wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card

Moggles_2

Originally Posted by ridgwas5
I took the next best offer and applied again online to Capital One, 0% interest on B/T for 12 months, 1.7 fees, only 9.9% after. Again this went through fine, but yesterday received a letter of refusal. Reason stated credit score.

This card requires an "excellent" credit rating. Did you check you could meet the criteria listed on the Capital One website before you applied? Have you held credit cards for at least 5 years, for instance? Do you have cc balances of less than £10,000?

Moggles_2

Originally Posted by ridgwas5
Being concerned as I have never missed payments, I have paid for my credit report and score. The result is excellent 999 on a scale of 0-1000. Now I am afraid to apply again as these two card applications have left a footprint on my report. What am I now meant to do?... Can anybody advise?

It's really important to realise, there is NO universal credit score applicable to all lenders and all products. None of us knows how individual credit card companies view our applications. Lenders do not divulge this information.

Fortunately, there are ways to improve your chances of acceptance. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Check and Improve your Credit Score* article, before you submit your next credit card application