The Best Balance Transfers article discussion area

beccab_2

Hi everyone, this is my 1st post too so I hope I do it right!
I applied and was accepted for 2 credit cards in September, but I need to transfer a different balance in February when that 0% deal ends.
Will those 2 cards affect my new application for credit and when should I apply for the new card?
Thanks everybody!

Moggles_2

Originally Posted by dana6108
I recently transferred a balance to Barclaycard. After receiving the card I had to phone up to make the actual balance transfer. I was then offered either 0% for 6 months or 0.05% for the life of the blanace. I went for the latter. I just thought I would alert you to this, I'm not sure if the 0.05% is still available but it wasn't advertised anywhere. Just offered when I called up.

If memory serves, you applied for Barclaycard Breathe, because you prefer paperless statements.

This card now offers new customers 0% BTs for 12 months. A 2.5% handling charge applies.

Moggles_2

Originally Posted by beccab
I applied and was accepted for 2 credit cards in September, but I need to transfer a different balance in February when that 0% deal ends. Will those 2 cards affect my new application for credit?

By the time you submit your new credit card application, some 5 months will have elapsed. If these were your sole applications for credit over that period, your new cc application will not be affected.

When should I apply for the new card?

The time taken to process a credit card application and balance transfer request varies between card companies. The best introductory 0% deals are often heavily advertised and lenders are sometimes flooded with applications. Best practice is to allow 5-6 weeks but, with luck, your application and balance transfer will be completed in 3 weeks.

swagen

Moggles wrote: »

Lots of balance transfer cards have been recommended on this thread. Which card is best depends on individual circumstances.

Fee-free balance transfers are now few and far between and the longest interest-free period available is 6 months.

It's possible to find 2% BT fees but, once again, the 0% period will be less than 12 months.

Yes, unless you go for a life-of-balance deal.

To help you further, we need to know which other credit cards, besides HSBC, you
currently hold.

Hi Thanks for this, in answer to your question I dont have any other cards.

I am interested by what you mean by circumstances? I work and have a mortgage etc if thats what you mean - what effects would that have?

Yes I saw lots of differnent suggestions regarding cars but mint seemend to have the lowest fee 2.5 and was 0% was 12 months.

thamks for the help!

Muz45

YorkshireBoy wrote: »

Maybe it's time to ask M&S what's going on?

Freephone 0800 997996 gets you their Chester call centre.

Phoned M&S today they say when i phoned to balance transfer that i was told about the six month deal, i can't dispute that, i can't remember that far back. When i applied for the card i did it online and just assumed it was the same details.

Don't know what to do now, its my second card and i balance transfered in the first place because my other one was getting high, wish i hadn't done it now as i'm nearly up to my limit on my first card again, i don't think i can transfer my balance again as they are pretty high.

dana6108

Moggles wrote: »

If memory serves, you applied for Barclaycard Breathe, because you prefer paperless statements.

This card now offers new customers 0% BTs for 12 months. A 2.5% handling charge applies.

You have a good memory I do prefer paperless statements but in the end I went for the Platinum card. Currently I believe they are offering 14 months 0% on balance transfers with a 2.5% fee. They also have a text service whereby they send you an SMS message a few days before payment is due I opted for this although as of yet I haven't received one but maybe it takes time to kick in.

YorkshireBoy

dana6108 wrote: »

They also have a text service whereby they send you an SMS message

...and if their systems fail, the network fails, you lose your phone, or your phone is faulty...you may pay late and so incur a £12 fee AND lose the 0% rate. Do yourself a favour and set up a minimum payment DD.

...a few days before payment is due

Is "a few days" long enough being as most payment methods require you to allow 5-7 days?

Moggles_2

Originally Posted by swagen
In answer to your question, I don't have any other cards.
I am interested in what you mean by circumstances?

Well, the above is an example. If HSBC is your first and only credit card, you will find it easier to get the card and limit you want, once you have operated this and at least a couple of other credit cards for a bit.

Have you considered Egg Visa? This card offers 0% balance transfers for 14 months. A 3% handling charge applies, but credit limits tend to be more generous than Mint.
You can claw back some of the cost if you go via a cashback site like Quidco

Bruiserfield

:santa2: Hi, Just a note to say I transferred £7500 to Barclaycard this week as they have a special rate at the moment 5.9% from their usual long term offer 6.9 rate, they tried to cap it at £5000 however I was not told this on the phone and complained so then they had to put all balance to 5.9% not sure jow long this offer is on though its very good for shuffling even though I was on 0% on my old card it was in default now this is my last debt out of £70,000 decided to try to repair credit rating, this seems a good rate for someone like me who is noit credit worthy.

JohnHB_2

MARTIN; the CAPITAL ONE BALANCE TRANSFER DEAL HAS ENDED. This is the one which has a 0% transfer fee. I'm not sure it ever started really. (I'll explain.)
I applied through the internet and was sent the application form for the card which has a balance transfer fee. Rang up and was told that Capital One didn't do the Balance Transfer Card with no fee. Told them where it was and they sent me the correct one. It never arrived, so I rang up last week and it took two sales people to find out that they had sent it to the wrong address. Suggested I apply again. So I did and was told that that deal had ended. I can confirm it is no longer on the website.
I've now managed to recover the mis addressed letter and have filled in and sent off the application. I get the feeling that Capital One don't want me to have this card!

I've been whittling down my tarted debt over the years and that is down to £2,000. At one point it was £6,000. I can't tell you how much money I have made over the years by tarting but it must run into hundreds. I'm now in a stronger financial position where my tarted debt is covered by savings. So, my thankyous go out to you Martin as well as TESCO, Virgin, Halifax, M&S, Lloyds TSB, and all the others ending up with Ulsterbank. Too many to mention really. Thankyou all (Gush gush):T .

P.S. Don't think there will be another one after Capital One, do you?