The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by Muz45
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.

If I've understood your post correctly, you requested a balance transfer shortly after you received your new M&S card. If this is so, the terms & conditions of the transfer are governed by the credit agreement.you signed, when you took out the new credit card. All card companies vary their Ts & Cs from time to time, but should give you reasonable written notice of any forthcoming change.

This situation underlines the importance of keeping a copy of the credit agreement you sign, when you take out a new card. If you apply online and "sign" electronically, make certain you print off a copy of the Ts & Cs for your records. Armed with this paperwork, you would feel altogether more confident when querying the change in your interest rate with M&S..

Moggles_2

Originally Posted by JohnHB
The CAPITAL ONE Balance Transfer deal has ended. This is the one which has a 0% transfer fee.

At launch in September, many of us regarded the no-fee C1 Balance Transfer card a market-leader, well worth consideration. That said, by the time you applied in mid-November, this deal had just four more months to run (to 1 April 2008), possibly less by the time you were up and running. Hardly surprising therefore, that the offer's now been pulled.

I can't tell you how much money I have made over the years by tarting, but it must run into hundreds.

Congratulations on playing the card companies at their own game
:beer:

sleepyclaire

Hello - this may sound silly - am a money saving newbie.

Do I need to cancel my credit card each time I switch or will transfer automatically alert the credit card company to my intentions?

Claire

ryandj

I am an existing MBNA customer, signed up last November for a 12 month interest free balance transfer and tarted the whole £7K - made about 1K on stocks and shares ISA>

I was just going to clear it and stop stoozing but found that they have a 0.9% Balance transfer deal now until October 2008. Also NO fee on this if you ring up and ask for them not to charge you a fee which is good.

So I am going to pay off the last bit of the credit card, get them to extend my limit if possible, and stick the lot in a cash ISA till next October. Should make a bit as my ISA rate if ~6.2 at the moment.

ryandj

sleepyclaire wrote: »

Hello - this may sound silly - am a money saving newbie.

Do I need to cancel my credit card each time I switch or will transfer automatically alert the credit card company to my intentions?

Claire

Yes you need to cancel your card yourself, the company will not do it for you!

Moggles_2

Originally Posted by sleepyclaire
Do I need to cancel my credit card each time I switch?

If you take no action, the unused card shows on your credit file as available credit, even when statements have ceased and the card has expired. Depending on your income, a collection of dormant cards could reduce your chances of acceptance by other card companies and affect the credit limit you're likely to be offered.

IMO, it's best to close the accounts you don't use. A phone call to customer services should be all that's required, but ask the lender to confirm closure in writing.

By cancelling 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 to cancel a card, is that occasionally you're offered an incentive to stay

wallofbeans

can anyone tell me if i can transfer the balance of somebody else's credit card onto mine? i have just got the barclaycard platinum and also have a mint card?

im also hoping i can set it up without having to call them as they always try and sell me soemthing else while im on the phone! can it be done online?

thanks

Moggles_2

Originally Posted by wallofbeans
Can anyone tell me if i can transfer the balance of somebody else's credit card onto mine? i have just got the Barclaycard platinum and also have a Mint card?

You can switch credit card balances from 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, you couldn't ask the card company to charge the other person for any remaining balance.

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

winner3131

Hi, i've been a reader for a few months but this is my first time posting.

Until a couple of months ago i had two credit cards. One HSBC (also my current account provider) with approx £100 on it and a Capital One Platinum Card with £3000 on it. The HSBC card is being paid off at the minimum amount and Capital One reducing by approx £100 a month. I also had a Cahoot variable rate loan account which was paid off and closed during September.

Anyway, we needed to purchase a car and so i paid for it using the HSBC card, putting the debt on it up to £2500. I'd pre-planned to transfer this debt over to a 0% interest card soon after purchase (to avoid as much interest as possible), and proceeded with a Barclaycard Platinum card application.

Having received the card this morning i was shocked at the £1,100 credit limit i've been given. This obviously won't allow me to pay off the whole HSBC balance in one go and i'm now at a loss as to my next step.

I guess i ought to make the most of the Barclaycard as i've got it but do i then apply for another 0% card (either Egg or Virgin) to take up the rest of the HSBC debt (i was planning on cancelling that card after the balance had been moved), or is my credit rating going to be shot by applying for another card (and will i have problems getting a limit of £1,500+)? How long would i need to wait before applying for this 4th card or am i stuck with my Capital One Card (which i use for purchases), an HSBC card with high APR and a Barclaycard which hasn't given me what i wanted? Also, will i be able to transfer part of the HSBC balance to two different cards or can i only do a complete balance transfer?

This is my first attempt at tarting and i'm a little worried i may have made the wrong move by applying for the Barclaycard.

What's my next move?

Moggles_2

Originally Posted by winner3131
Will i be able to transfer part of the HSBC balance to two different cards or can i only do a complete balance transfer?

You can divide the balance on your HSBC card between two different credit cards.

I guess i ought to make the most of the Barclaycard as i've got it

Yes. Barclaycard will allow you to transfer up to 90% of your credit limit and save you
some interest.

Do i then apply for another 0% card (either Egg or Virgin) to take up the rest of the HSBC debt?

I would give Virgin a go, as they're normally quick. That said, there are two public holidays coming up, which won't help. Both Egg and Virgin tend to give more generous credit limits than Barclaycard.

Is my credit rating going to be shot by applying for another card?

Obviously, I don't know your circumstances, but if Barclaycard was your sole credit application in the last 6 months, you should be okay.

~~~~~~~

You don't say why you paid for your car with the HSBC card, which charges you something like 15.9% APR, all the time you make minimum monthly payments.

If a similar situation arises, you would be better off with a card which offers 0% on purchases for X months. The Halifax Purchases card, for instance, would have given you a breathing space of 15 months in which to plan your next move