newbie to balance transfers help?

ped078

Hi people..

I have a barclaycard with couple of grand owing on it , is it worth finding another card to do a balance transfer?

Also how do i "start the ball rolling?" do i make online applications ect?

Sorry if these Q's have been asked a 1000 times, but the balance transfer thread is over 3500 posts long, the debt would be paid by the time i'd finished reading it

Thanks in advance.

Any

Yes, of course it is "worth it" to make BT...
No brainer - some 15.9% apr per annum (depends which Barclaycard you have) or 12 mths (at least) interest free with 3% charges...

The only way of not making it worth it would be if you were going to settle the balance within the next 3 mths.

Yes, just apply online for one of the cards with BT offer

I take it you have good credit rating... good stable job, stable address and no missed/late payments?

ped078

Thanks for replying.

My credit rating is "ok" , in as much i can get credit cards ect , i've no missed payments ever, and yeah long term home & job. Would you reccomend anyone in particular?


Again, thanks

fozmcfc

It's quite simple.

1/ You need to find a card that isn't run by Barclaycard first, there are many available. http://www.stoozing.com/0fees.php

2/ Apply for a card (online is fine) and sometime it asks do you want to make a transfer during the application.

3/ Get accepted.

4/ Instruct new card to pay off old card.

5/ You owe new card the old card balance and have xx amount of months to pay back at 0%.

Couple of points.

First this link http://www.stoozing.com/0fees.php shows most of the balance transfer cards available and how long you get at 0% interest.

Secondly there is a one off fee for the transfer which is usually around 3%, so your new card will have your current balance + 3% for instance.

ped078

fozmcfc wrote: »

It's quite simple.

1/ You need to find a card that isn't run by Barclaycard first, there are many available. http://www.stoozing.com/0fees.php

2/ Apply for a card (online is fine) and sometime it asks do you want to make a transfer during the application.

3/ Get accepted.

4/ Instruct new card to pay off old card.

5/ You owe new card the old card balance and have xx amount of months to pay back at 0%.

Couple of points.

First this link http://www.stoozing.com/0fees.php shows most of the balance transfer cards available and how long you get at 0% interest.

Secondly there is a one off fee for the transfer which is usually around 3%, so your new card will have your current balance + 3% for instance.

Thats just the info i was looking for, superb , thank you both very much! , i'll get right onto it tonight.


Many thanks

fozmcfc

My story.

Owed Egg card £3500 at 21%.

Applied online for a Virgin credit card. During the application it asked did I want to do a transfer, I answered yes and put my Egg card details in.

Got accepted (phew), got the new card, rung them to active, they processed the transfer to my Egg card there are then.

I owed Virgin roughly £3500 + 3%, but had 16 months to pay it off at 0%.

Within 14 months I had paid it all off without any interest.

ped078

Yup. I'm hoping my story will turn out the same, i'll check it out tonight while the sopas are on , again, many thanks.

pqrdef

Always set up a Direct Debit for the minimum payment, and make sure the funds are available. The deal goes pear-shaped if you miss a payment.

No point in overpaying though. Might as well accumulate the money in a savings account until the end of the 0% period. The interest will help cover the 3% fee. Just make sure you don't forget to settle up on time - you won't get reminded, you'll just get a big interest charge.

It's a game. You have to play it carefully and accurately to make sure they don't catch you out. Many people lose. That's why there are so many 0% BT deals.

ped078

Noted.

Thanks.