The Best Balance Transfers article discussion area

winner3131

Thanks for the reply. Its given me a few ideas:

I think i'll get the partial transfer to Barclaycard off and running this week.

I'm thinking i might then transfer the remaining HSBC balance to my Capital One card (which has a monthly balance transfer interest of 0.586% which i make approx 7-7.5% APR). I can then close the HSBC card down, apply for the Virgin card and hopefully transfer most, if not all my Capital One balance to that leaving me paying no (or little) interest. Plus i'll be closing a card down before i add another one to my portfolio which i imagine would be a positive (plus lowering my available credit, hopefully giving me more chance of a higher credit limit with Virgin). At least thats the theory. Feel free to poke any holes in the idea.

The Barclaycard is my first application in about 4 years and i've no further loans etc other than mentioned. Fingers crossed it shouldn't affect my rating.

I went with the HSBC card as due to the circumstances of getting the car in the time available to purchase i didn't have the time to apply for other cards etc and had to use my existing card options. As it was done on cash advance i couldn't do it on my Capital One card. Thats why i was hoping to balance transfer and cancel the HSBC card in one go as soon possible.

Thanks for the advice.

Moggles_2

Originally Posted by winner3131
I'm thinking i might transfer the remaining HSBC balance to my Capital One card (which has a monthly balance transfer interest of 0.586% which i make approx 7-7.5% APR). I can then close the HSBC card down, apply for the Virgin card and hopefully transfer most, if not all my Capital One balance to that leaving me paying no (or little) interest.

Won't Capital One charge you a balance transfer fee for this? If you then transfer the C1 balance to Virgin, you'll have paid two BT fees to move the same money. Also, bear in mind your C1 interest rate is variable and could change at any time :eek:

Plus i'll be closing a card down before i add another one to my portfolio which i imagine would be a positive (plus lowering my available credit, hopefully giving me more chance of a higher credit limit with Virgin)

You have three credit cards at the mo, which is not excessive. IMO, closing your HSBC card before you apply to Virgin is unlikely to make a significant difference. If I were you, I'd aim to clear the balance asap and then keep this card solely for purchases. If you always settle the bill in full each month, your shopping remains interest-free.

winner3131

Thanks for the advice. Now i think about it that makes more sense. Hadn't thought about the BT fees. Then again i did post the earlier message mid hangover.

I'll look at things tomorrow with a fresh head.

Tosca

Another small building society is offering balance transfers at both 0% and fee free.
It's the Norwich and Peterborough BS, condition, you must be (or open) an account holder. I did this for £1 and have saved myself £64 in transfer fees.:T

Moggles_2

Tosca wrote: »

Another small building society is offering balance transfers at both 0% and fee free.
It's the Norwich and Peterborough BS, condition, you must be (or open) an account holder. I did this for £1 and have saved myself £64 in transfer fees.:T

Btw, N&P's 0% balance transfer rate lasts 6 months.

Interest-free BTs are also available for 5 months from Britannia Building Society. Once again, you must be a member to avoid the BT fee

beccab_2

Hi everybody, I want a 0% deal for the longest time possible so the barclaycard deal looks best however I was a barclaycard customer until about a month ago when I cancelled my card. Will I be classed as a new or existing customer?

Moggles_2

Originally Posted by beccab
I was a barclaycard customer until about a month ago when I cancelled my card. Will I be classed as a new or existing customer?

Provided that your account has been closed down, you would be treated as a new customer.

Btw, some lenders will not consider applications from former customers in the 6 months following cancellation. The Royal Bank of Scotland stable (which includes Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself) makes former customers wait 8 months and in the case of Egg, it's 12 months.

Two exceptions are Capital One and Marks & Spencer. Both accept applicants immediately after cancellation.

In all cases, it's advisable to check your credit report to make certain the account is actually closed down amd marked "settled" before you apply.

Moggles_2

Originally Posted by beccab
I want a 0% deal for the longest time possible so the barclaycard deal looks best

Barclaycard has become rather stringent with credit ratings and available credit. Currently, this lender turns away some 50% of applicants and credit limits tend to be low so, if I were you, I would look elsewhere.

To help you further, we need to know which credit cards you have at the mo.

YorkshireBoy

Moggles wrote: »

Two exceptions are Capital One and Marks & Spencer. Both accept applicants immediately after cancellation.

I know what you mean Moggles, but should point out it's best to give them chance to actually get it closed down.

I've never re-applied for a Capital One card, but was having some discussion with Marks & Spencer today (on repeat offers ) and I was told to leave it a month before re-applying. Personally though, I'd want to check the card was settled with the CRA's before re-applying because, in my experience, M&S don't send you a 'confirmation of closure' letter.

Sunshine_Kid

Help!

Right earlier this year I lost my job, redundancy pay, stayed in Spain too long with some mates instead of coming home looking for work over here etc etc.

Come back and my redundancy has all gone and it took longer than I expected to get settled in a job. Now all sorted but due to me being too nice to people and a little too care free I now have a £1600 debt on a Lloyds TSB Platinum Mastercard. I only used it when I got back and was out of cash. Now back in work but this month have had the dreaded charges despite making payments. I've had this site recommended to me and I am now looking at offers with regards to balance transfers etc. I have no plans at all now I am in work to touch the card again for taking money out only paying off.

I'm more than confident I could wipe the lot out in 12 months BUT I am new to all the balance transfer stuff. Basically will my chances of getting a card with another company be affected by the fact I didn't work for 6 months? I'm loathe to keep paying these charges (despite readily admitting it's my fault) and would just like to clear them ASAP. I've had a look round and the Virgin card does appeal but I don't want to jump in if there is a better offer available elsewhere.

Cheers for any replies and sorry for the huge post!