The Best Balance Transfers article discussion area

rockrat

in response to Moggles post regarding the future of BT deals, or potential lack of - i would like to give an "alternative " view.

As the credit crunch gathers pace and more CC users tighten their belts and pay off debts or have to take drastic alternatives, i think the CC companies will need to work harder to entice new customers and may offer more BT deals than they do at current.

I do think that they will be far more selective than they have been about their new customers and their potential risks though, forcing more hoops to be jumped through to get the deals.

well........ at least thats what i am hoping for anyway

bricklayer1

hi,this is first post on the forum.
i have been a barclaycard gold card user for around 6yrs and have nearly maxed out the limit of 6k.
i also have a mbna platinum card which i have around 6k owing but my limit is over 13k on this card.

i have been reading this forum a few weeks ago and it got me thinking of a B.T on at least the barclaycard.

so i applied and seems have been accepted for the virgin(mbna) 0% with the 3% transfer fee.i still dont know what the credit limit will be until i get the card i suppose,but a confirmation email says i will have the card in around 10days.

could someone advise on the best shuffle with the cards.

thanks,_party_


i also did the experian credit score and it came back at 698 out of 1000.
this was underlined as poor on the report.
so i dont know what score you would need for a good report.

catuk

Hello and may I say Happy New Year to everyone.Thankyou also to all the help in claiming back bank charges a while ago.

Here's my finances.

House valued at £110,000.

Mortgage £39800 at 4.99% fixed until May 2008 £249 a month.
Mortgage reserve facility £5700 at 0.66% a month. (spent £5200).

Barclaycard £0.00 Limit of £1800.
Halifax card £233.31 Limit of £2100.
Egg card £667.81 Limit of £750.
Cahoot card £2684.99 Limit of £3000.

Motorbike finance £110 a month. Last payment will be May 2008.

I take home £300 a week plus tax credits for 3 children.My wife doesn't work.

Do you think I should shift the card debts around, or remortgage in May 2008 and clear the cards and reserve facility ( then cut cards up)?

I believe I can balance transfer to Barclaycard at 6.9% no fee.
Halifax 6.95% with 3% fee.

Please help with plan of attack as I value your comments.

Regards Chris.

beccab_2

Moggles wrote: »

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)

Hi, I just applied online for the egg card but was refused for the first time ever. Does anyone have any other suggestions?
Thanks for your help, Beccab

LosEndos

Been doing the CC shuffle for several years now and need to shift some 11k from Cap One and I was wondering if it is best to put the BT on the next application I make, or leave it until I receive the card?

Or put it another way, do you think that doing a BT up front has an influence on the credit limit you get?

Moggles_2

Originally Posted by bricklayer1
I have been a Barclaycard gold card user for around 6yrs and have nearly maxed out the limit of 6k. I also have a MBNA platinum card which I have around 6k owing but my limit is over 13k on this card.

I have been accepted for the Virgin/MBNA 0% [BTs] with the 3% transfer fee.
Could someone advise on the best shuffle with the cards?

Your existing MBNA Platinum card and new Virgin credit card are underwritten by the same bank, MBNA. Therefore you cannot transfer balances between these two cards.

Virgin will accept transfers from Barclaycard and, depending on the Virgin credit limit, this could save you a lot of money

Moggles_2

Originally Posted by bricklayer1
I did the experian credit score and it came back at 698 out of 1000.
This was underlined as poor on the report, so I don't know what score you would need for a good report.

Credit reports are valuable but, IMO, additional services like credit scores are expensive and of little use to most people.

It's really important to realise, there is NO universal credit rating applicable to all lenders and all products, as lenders score us differently.

Moggles_2

Originally Posted by catuk
Do you think I should shift the card debts around, or remortgage in May 2008 and clear the cards and reserve facility ( then cut cards up)?

This is not really a *best balance transfer* question and you may get replies more quickly, if you post again on the main credit card board.

Moggles_2

Originally Posted by beccab
I just applied online for the Egg card but was refused for the first time ever. Does anyone have any other suggestions?

As you already hold a Halifax credit card and the balance is zero, it has to be worth a phone call to the Hally (0800 389 3456) to see what the bank can offer on balance transfers

bricklayer1

Virgin will accept transfers from Barclaycard and, depending on the Virgin credit limit, this could save you a lot of money

at the time of application on the virgin site i dont think i stated i want the card for a ballance transfer

do you see a problem when i request a b.t