The Best Balance Transfers article discussion area

Clariman

See my response on the stoozing board.

Moggles_2

Originally Posted by Sunshine Kid
I have a £1600 debt on a Lloyds TSB Platinum Mastercard. Now back in work, but this month have had the dreaded charges despite making payments. 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.

Which credit cards, apart from Lloyds TSB, do you have at the mo?

Moggles_2

Originally Posted by Sunshine Kid
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?

You will have disrupted your credit rating temporarily. Lenders like stability, so best practice is to apply for credit cards where possible before you move, change banks or change jobs.

The good news is that none of the above affects you permanently. If you type Credit Rating into the search tool above, you'll find lots of info' and tips on the main site. In particular, please read Martin's How to Manage & Improve your Credit Score article to check nothing else is working against you.

Moggles_2

Originally Posted by Sunshine Kid
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.

When comparing balance transfer cards, there's almost always a trade-off between the duration of the 0% introductory rate and the charges payable. As you know, 15 months 0% is available from Virgin. Lower fees are on offer, but you would need to ditch and switch after 6 months.

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

Moggles_2

O

riginally Posted by phoneguru
I changed to Ulster [Bank]credit card. Transfered £4600, 0% transfer fees, 0% interest. Did this from a MBNA card.. My first payment on the Ulster card £138 !!! 3% of balance transfer.

Your post underlines the importance of reading and understanding the terms & conditions before you sign up for a credit card. Ulster Bank is not at fault here. The 3% minimum monthly payment is clearly stated in the summary box as well as the key features document.

My MBNA would have been £56 this month. Yes, I know on the MBNA that would be just paying off interest.

Exactly. MBNA's minimum payments are the lowest available in the UK. They're calculated to keep you in debt forever and a day.

HELP Is there anyway to get a better credit card and limit and not incur more costs?

All credit cards, aside from those issued by MBNA, require a minimum monthly payment of between 2% and 3%. Also, most charge handling fees.

You have a fee-free, interest-free balance transfer for 6 months. If you budget for the 3% monthly repayment, you'll save lots of money.

Presumably, you have a zero balance on your old MBNA card. Why not do your Christmas shopping with MBNA? Provided that you only spend what you can afford to pay back by the payment due date, your shopping will be interest-free.

Sunshine_Kid

Moggles wrote: »

Which credit cards, apart from Lloyds TSB, do you have at the mo?

No others. I have a standard current account with them and alongside it the Lloyds TSB Platinum Mastercard. It's the only credit card I have ever had.

Cheers for advice so far, off to check "How to Manage & Improve your Credit Score".

beccab_2

Moggles wrote: »

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.

Hi, I want to pay off an alliance and leicester card (£1000 debt) and my alliance and leicester overdraft (£1100). I currently also have Natwest (£550 debt), RBS (£600 debt) both at 0% for over a year and a Halifax credit card with no debt but not cancelled.
Does this help?
Thanks for helping me, Becca

upferret

Hi, can anyone tell me what would be best to do to help this debt.

£1500 on a hscb mastercard and
£800 in overdraf with hsbc account.

Id like to know which card would be best to do a balance transfer for the debt on the card and if it would be worth later on getting a card to do a sbt on the account. Im a total newby with regards to this so any help appreciated! I have read through several articles but find myself getting a bit lost! Im a bit stuck in understanding the 3% balance transfer fee which I see on most of the cards terms and conditions, but then I read an article saying that not all cards will charge. Also can you do a balance transfer from a card in somebody elses name? cheers
Upferret

Moggles_2

Originally Posted by beccab
I want to pay off an alliance and leicester card (£1000 debt) and my alliance and leicester overdraft (£1100). I currently also have Natwest (£550 debt), RBS (£600 debt) both at 0% for over a year and a Halifax credit card with no debt but not cancelled.

Have you considered the Egg card? This credit card (not to be confused with Egg Money) offers new customers 0% balance transfers for 14 months. There's a 3% handling charge, but credit limits tend to be a little more generous than some.

This card will also allow you to transfer your Alliance & Leicester overdraft, in other words, transfer cash from Egg card to your current account. Only a handful of rather special credit cards have this capability (for details, see #765 above)

beccab_2

Thanks, that's a great idea, I don't know what I would have done without your advice. Thanks! :j Beccab