Unoffical Existing Customer Balance Transfers

flutterbyuk25

Just been offered 6.8% LOB no fee with Barclaycard Platinum

x

firstnameunknown

On the Halifax offer that several have posted (I got 9 months offered)... they're offering the same deal on balance transfers to your current account.

This means, with the new rules on what gets paid off first, I can theoretically use that to effectively pay off the more expensive debt on the SAME card, doesn't it?

~Chameleon~

I know I should know the answer to this but just want to double check...

Already have a 0%BT on Barclaycard due to end August and they're throwing new 0%BT deals at me to be taken by end July. Should I clear balance first if I want to take up their offer or can they run simultaneously?

I know you can't purchase on a BT card (unless both purchases & BT are 0% as on my Sainsbury card) but not sure about having more than one BT deal.

fd1972uk

Have around £4k of credit card debt which I've moved over to Virgin's 19 month 0% balance transfer and also Barclaycard 20month 0%.

Hoping that the with this extended time I'm finally going to get rid of my credit card balances.

We only use the credit card in emergencies, so hopefully this period will give us enough time to get rid of the credit card debt.

Think they're very good deals.

FD

udydudy

~Chameleon~ wrote: »

I know I should know the answer to this but just want to double check...

Already have a 0%BT on Barclaycard due to end August and they're throwing new 0%BT deals at me to be taken by end July. Should I clear balance first if I want to take up their offer or can they run simultaneously?....

IMHO I would say take it up.. The only thing is make sure you read the back of your statement to ensure that they have a postive payment hierarchy. i.e. whatever you repay goes to repaying the debt with teh highest interest rate.

I think now all cards have a postive repayment heirarchy. The trick is if you have limits available on your card and they offer you a cheap deal, go ahead take up the deal. But pay only the minimum required every month until the shortest deal(normally the existing deal) expires. Once it expires then repay that amount and the repayment will go to repay your outstanding with the highest interest rate.

e.g.if you havedebt at 0% (or cheap deal) which ends on say 20th August. Take the new offer before july. Wait until the august debt expires and goes on to higher interest rate(normally standard rate) and then repay the money of the august debt on 21st august in full.
The money you pay on august 21st will repay the old debt at high interest rate on 21st august and your new debt will be there to enjoy!!:beer::beer:

Adorian

LloydsTSB Platinum card which I've had since May/June 2010 are offering, either online or by phone:
"...why not apply for our 0% interest for 6 months offer and take the pressure off your finances with abalance transfer.You can transfer balances of £100 or more from your non-Lloyds TSB credit or store cards to your Lloyds TSB credit card quickly and simply online. We charge a 3% fee on each balance transfer you make and charge you interest on this fee.
You can transfer any number of balances up to your credit limit, as long as the total amount of all your existing and new balances (not including fees) is not more than 95% of your total credit limit to allow for fees and interest."


But they use your repayments to reduce the promotional rate balances first. Is this still allowed? I thought that had changed now. And I guess that means you'll be paying interest on the 3% BT fee until the end of the rather miserly 6 month period. LTSB are big on offering me 6 month BT deals.

expressmart

I was offered 2.9% as a lifetime balance transfer rate from American Express Blue and 4.9% from American Express Gold ;D

I have also received my 0% offer from Barclays. ;D

thenudeone

udydudy wrote: »

IMHO I would say take it up.. The only thing is make sure you read the back of your statement to ensure that they have a postive payment hierarchy. i.e. whatever you repay goes to repaying the debt with teh highest interest rate.

I think now all cards have a postive repayment heirarchy. The trick is if you have limits available on your card and they offer you a cheap deal, go ahead take up the deal.

The payment hierarchy rules DO NOT APPLY TO 0% balances

If there are several balances, both at 0%, they card co's terms may allow them to use payments to reduce any balance they want, so check then terms carefully.

Unless the Ts and Cs say that they will pay off the balance with the earliest end date first, you need to wait until 1 day AFTER the offer ends before paying it off. Otherwise it will be used to pay off the balance that still has months left to run at 0%.

This is the third time I have posted the same reply today:(

IF ANY MODERATORS ARE READING - CAN THIS BE MADE A STICKY??

scott_lithgows

0% till sep 2012 with Virgin.5% fee though.

camdenmark

I currently have the following

MBNA LOB 4.9% started at £7k when it was an alliance & leicester card, current balance £3,400
MBNA 0% £5k until April 2012
Sainsburys platinum £8k until August 2012
Creation Credit Card £4k until April 2012
Nationwide £3k until December 2012
Barclaycard 2.9% LOB, started £6k balance £900
Amex Platinum 2.9% on all purchases until May 2012

I have noticed in recent months the deals have started to flow again, two years ago they dried up.

I use Egg for everyday use and pay off in full each month, love the 1% cash back on egg. Barclaycard taking them over is a bummer, they closed my morgan stanley card when they took them over saying i had too many cards with barclays.

A few years ago I had nearly 30 credit cards and my whole offset mortgage on 0% balance transfer deals. Then when the recession started they closed cards that I did not use or massively reduced credit limits.