The Best Balance Transfers article discussion area

BANNEDfromTV

Moggles wrote:

Hi BANNEDfromTV

Welcome to the credit card board!

You may want to have a look at MBNA Platinum Plus or the Virgin Card. Both offer new customers 0% balance transfers for 12 months from account opening. There's a 2% handling charge.

Caution: if you sign up with one of these cards, request the balance transfer to your bank account by phone so you can check the 0% offer will apply. Otherwise you risk being charged for a cash advance which is very expensive.

Moggles, thanks for that.
I'll give them a yell

Moggles_2

Originally posted by Comfort
I'm wondering if I could help myself by transferring to a 0% card. Would it be possible to do this, as I'm wondering if my late payments would affect my credit history. And if it is possible are there any recommendations?

Congratulations on your promotion!

TBH, with late payments on your two existing cards, this is not an option at present.

Lenders launch these 0% promotions, which are often heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your late payments in a bad light.

I would concentrate on paying off as much as possible each month. Clearing the debt asap will reduce the interest you pay and you'll be building a better credit history in the process.

For tips to improve your chances, click on *Credit Rating* in the black box at the top of this board. Also, select Martin's *Check and Improve your credit score* article near the top of that page. Above all, you cannot afford any more late payments.

Moggles_2

Originally posted by RandyRos
I need a credit card to transfer my balance over to, but i want a low interest one for the life of the balance. are there any about?

Please click on *Balance Transfers* in the black box at the top of this board. Then select *Permanent low rate cards* near the top of that page. Martin's newly up-dated article includes several life-of-balance card suggestions.

Comfort

Moggles wrote:

Congratulations on your promotion!

TBH, with late payments on your two existing cards, this is not an option at present.

Lenders launch these 0% promotions, which are often heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your late payments in a bad light.

I would concentrate on paying off as much as possible each month. Clearing the debt asap will reduce the interest you pay and you'll be building a better credit history in the process.

For tips to improve your chances, click on *Credit Rating* in the black box at the top of this board. Also, select Martin's *Check and Improve your credit score* article near the top of that page. Above all, you cannot afford any more late payments.

Thank you for the reply Moggles. I had a feeling you may say that, and at least that now saves me the trouble of racking a few failed credit searches to my credit history.

Bevann

I've just signed up to a 0% bt and purchases card that isn't listed on the website. This is the website address; https://www.smart.com (then go to finance and credit card). The issuing bank is Halifax. I've just transferred a balance over the phone and they confired it would be fee free. They impose a 90% of credit limit for bt though (not sure if this is normal) and my credit limit wasn't as high as my previous card, so couldn't transfer the entire balance, but still pretty good.

Moggles_2

Hi Bevann

Welcome to the credit card board!

Thank you for highlighting this deal which has been mentioned here previously but, as you say, is not included on the main site table.

They impose a 90% of credit limit for balance transfers though (not sure if this is normal)

Yes, 90-95% is the norm. This is to allow a 5-10% margin for possible late payment fees. Those cards which let you borrow right up to your credit limit are very much the exceptions.

Ildiko

I would like to apply for a new credit card to use it for balance transfer. The problem is that my credit rating is not too brilliant, just because i am not registered on the electorate roll (i am a foreigner, without right to vote). I never missed any repayment, currently i don't even have any outsanding balance on my credit cards (but i am planning to spend money)
I don't know where to apply to be sure that i will get it from the first attempt (i can not afford failure) and in the same time to get at least 6 months 0% BT.

Phoenix79_2

Why do you need a balance transfer card if you have no credit card debt? What do you intend to transfer?

If its to fund a purchase then you will be better off with a 0% purchase card.

Shelator

Hi I'm new here!

I would like to know if there are any credit card companies who will transfer a balance at 0% interest for a certain amount of time for someone like me who in the past has had awful credit.

I don't want to make any applications if it is just going to be a waste of time. My current credit card interest rate is extortionate!

Thanks

Shelator.

Moggles_2

Hi Shelator

Welcome to MSE & the credit card board!

It depends on what you mean by "awful credit" and how many years have elapsed since. The payment history of your existing credit card is also significant. If you have kept within the terms and conditions, not exceeded your credit limit and have no late payments, this card will have helped to rebuild your credit history.

None of us can predict how individual credit card companies will view your application. Fortunately, there are ways to improve your chances of success.

First you'll need to check with the credit reference agencies what is recorded on your file. This is the information potential lenders will see if you apply for a new credit card. (Please see the *How to obtain credit reports* sticky.)

For tips to improve your chances, click on *Credit Rating* in the black box at the top of this board. Also, select Martin's *Check and Improve your credit score* article near the top of that page to make certain there are no other factors working against you.