The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by upferret
£1500 on a HSBC mastercard
£800 in overdraft with HSBC account.

I'd 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?

Apart from your HSBC, which credit cards do you have at the mo?

Moggles_2

Originally Posted by upferret
I'm a bit stuck in understanding the 3% balance transfer fee which I see on most of the cards terms and conditions.

A 3% handling fee means you would be charged a one-off payment of £30 to shift £1000 of debt to the card. To transfer £1500 from your HSBC card would set you back £45.

I read an article saying that not all cards will charge [BT fees]

This is true, but it's becoming more difficult to avoid these charges. Also, of those currently on offer, the longest interest-free period available is 6 months.

Moggles_2

If you're looking for a totally free BT, I can recommend the Ulster Bank Gold card (not to be confused with the Ulster Rugby card, which is a completely separate animal run by the Bank of Ireland.)

The Ulster Bank cards offer 0% BTs for 6 months from account opening and there's no handling fee. Issued by the Royal Bank of Scotland, they're well worth considering for balances under £4,000

Note: applications are by phone or post. The bank does not accept online applications. Once set up though, your account can be viewed online.

For further recommendations, see #815 and #816 above

YorkshireBoy

Moggles wrote: »

This is true, but it's becoming more difficult to avoid these charges. Also, of those currently on offer, the longest interest-free period available is 6 months.

Not any more Moggles.

8 months fee-free now available from Capital One...

http://www.capitalone.co.uk/creditcards/cards.jsf
(3rd card down)

Moggles_2

Ah! Thought C1 might do that, but didn't dare hope.

Think I can feel another credit card application coming on :rolleyes:

YorkshireBoy

Moggles wrote: »

Ah! Thought C1 might do that, but didn't dare hope

I'm surprised they've done it so soon.

You'd think providers would launch 0% on purchase cards before Xmas for those doing their Xmas shopping, and 0% on BT cards for those who have overspent on Xmas and the January sales.

Still, it's a welcome offer...if you can pass their 'excellent credit rating' scoring criteria. :rolleyes:

MrManc

Hi,
I currently have 8k on my Virgin mastercard, with the interest free period ending on Feb 1st.

I have 2 other CC's, a Egg visa card, with a zero balance and 4k limit (they usually offer me interest free for 5 months on the card anniversary which is Jan).
And a Sainsburys Visa with a zero balance and a pathetic limit of £100 (this used to be much higher).

I have 5k invested, which I could pay off my cards, if I cannot find a decent deal.

I have been looking at the Tesco Clubcard Mastercard, and the Mint card, but have read that the credit limits on these are quite low. Which of these cards give the best credit limits, or are there any others is should look at, including low life of balance offers.

Thanks for any advise

Moggles_2

Originally Posted by MrManc
I have been looking at the Tesco Clubcard Mastercard and the Mint card, but have read that the credit limits on these are quite low. Which of these cards gives the best credit limits?

Both belong to the Royal Bank of Scotland stable and, when it comes to credit limits, there's not a lot to choose.

... are there any others I should look at?

Have you considered the Capital One Balance Transfer card? The current deal offers interest-free BTs until 1 August 2008 with no handling charges.
Note: this card requires an "excellent" credit rating, so please check you can meet the criteria listed on the Capital One website before you apply.

MrManc

I did the money supermarket credit test, which came back as "good". I think i'll probably go for the tesco card.

Thanks for your advise

samara

I have been told by a fellow investor that it may be possible to apply for several credit cards all at once,and it may not show up as multiple applications on my credit report as the agencies software is not that sophisticated and may not pick it up.
I want to apply for a balance transfer card,and was also thinking of using the egg money card to borrow a few grand and then balance transfer this,just to help cash flow me a little bit.Does anyone have experience of multiple applications? Will it really hurt my score? My score is currently very good and it has taken time to get it this way,but I guess no-one really knows what will show up until an application is made.:T