Unoffical Existing Customer Balance Transfers

BritAbroad

~Chameleon~ wrote: »

Nationwide don't offer 0% deals to existing customers.

Do they ever offer cheap life of balance deals to existing customers?

blue-kat

sorry for dim question, but advise would be much appreciated and educate me.

I had £6.8K debt with Halifax at 16.9% (credit limit £14K)
I've transfered £2.2k to Mbna 0% until July 2013 (my credit limit is £2.3K0
and paid off some and currently have £4k left at Halifax

halifax have offered me a 9 month 0% BT for up to 90% of my credit limit, so potentially I could move all my credit card debt on 0%.
but I'm struggling to work out the fees.

I assume that Halifax wouldn't BT from my own existing CC, so I'd been to route it through MNBA.

do Mnba charge for moving debt away?

I'm thinking of moving the £2.2 from Mnba to new deal at Halifax.
then repeat the whole transfer soI've have about £4k on 0% at Halifax
and finally move £2.2 once again to Mnba
meaning all the debt is on 0%

does it add up ?
how would the transfer fees stack up against the savings?
Mnba charge 3.5% for BTs
but there's also something called a Contract Rate at 5% - no idea what this is for?
halifax BT fee is 3%


many thanks

badobsession81

blue-kat wrote: »

sorry for dim question, but advise would be much appreciated and educate me.

I had £6.8K debt with Halifax at 16.9% (credit limit £14K)
I've transfered £2.2k to Mbna 0% until July 2013 (my credit limit is £2.3K0
and paid off some and currently have £4k left at Halifax

halifax have offered me a 9 month 0% BT for up to 90% of my credit limit, so potentially I could move all my credit card debt on 0%.
but I'm struggling to work out the fees.

I assume that Halifax wouldn't BT from my own existing CC, so I'd been to route it through MNBA.

do Mnba charge for moving debt away?

I'm thinking of moving the £2.2 from Mnba to new deal at Halifax.
then repeat the whole transfer soI've have about £4k on 0% at Halifax
and finally move £2.2 once again to Mnba
meaning all the debt is on 0%

does it add up ?
how would the transfer fees stack up against the savings?
Mnba charge 3.5% for BTs
but there's also something called a Contract Rate at 5% - no idea what this is for?
halifax BT fee is 3%


many thanks

Balance juggling is always a fun sport... If you've got 0% deals available on both cards then it might be worthwhile moving the balance across from you MBNA card, waiting for that to clear, then moving what you can of the stuff attracting normal apr on your Halifax card across to the 0%MBNA. Previously this wouldn't be the case due to payments being directed to cheapest debt first but you should find(double check!) that payments to your halifax card will be directed to the standard higher apr debt first. Hth and that I've understood you correctly.

udydudy

blue-kat wrote: »

sorry for dim question, but advise would be much appreciated and educate me.

I had £6.8K debt with Halifax at 16.9% (credit limit £14K)
I've transfered £2.2k to Mbna 0% until July 2013 (my credit limit is £2.3K0........... 3%


many thanks

I would suggest call halifax and ask if they do money transfer. Sometimes they do allow it. I have done a money transfer with halifax to my current account. i.e. they will allow you to move money in to your current account and the credit card will have the balance as a promo(similar to BT but to currennt acct). Then you can use this money to pay halifax the costly debt.

e.g. As you have a limit of 14k and balance of 4k you woll be allowed (I think) 95% of the 10k to be transferred. so if they allow a money transfer you can say transfer 4k to your current account. then this 4k will be cash in your current acct and will show up as outstanding balance at 0% on your halifax card along with the 4k @16.9%

Use the 4k in your current acct to repay halifax and this would go towards costliest debt and will clear your 16.9% debt. The 2.2k on mbna is anyway 0% upto july 2013 which is more than 10 months.

try your luck, call them up and if they offer it great.

cazmanian_minx

I had a 6.9% life of balance offer on my Barclaycard Mastercard last month and got a letter today offering me 0% until June 2013 on my Barclaycard Visa.(used to be an Egg card). I shifted some higher rate debt onto the 6.9%, but the Visa with the 0% offer only has about £300 available on it to transfer. I have an empty Post Office card (balance got shifted to the 6.9%) - is the best strategy to ring up the PO card, ask them for a 0% transfer and if they can't or won't, then transfer the Barclaycard Visa balance onto it and then back again to get it to 0% instead of 16.9%?

phillyfog

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thenudeone

cazmanian_minx wrote: »

is the best strategy to ring up the PO card, ask them for a 0% transfer and if they can't or won't, then transfer the Barclaycard Visa balance onto it and then back again to get it to 0% instead of 16.9%?

Yes; that would work, but there would be two sets of BT fees and some interest on the PO card whilst everything was in progress, so perhaps total costs of 6.5% for nine months of lending.

So probably only worth it if your existing rate is over 9-10% pa or so.

Also, the existing VISA balance is probably being charged at the rate for purchases. If you transfer it out and back then after June 2013 it will be charged at the BT rate which may be higher.

bchong

Hi,

I have a personal loan about £3k left to pay off. I would like to know if I could apply for Tesco 0% balance transfer to pay off the loan? Or does it only allow balance transfer from another CC?

Also I would like to ask if I was given £5k credit for the Tesco credit card, will the balance transfer calculated in the £5k. - Which means I only have £2k credit available?

Thanks in advance for those who answer.

thenudeone

Balance Transfers usually don't apply to loans, because there is no 16-digit visa or MC card number to process the transaction with.

A Money Transfer or Funds Transfer would work, but these rarely come with any 0% offers.

The credit limit is the maximum balance that you can owe on a card regardless of how the amount got there, whether it's purchases, balance transfers, cash withdrawals, or interest & charges. So - if you BT £3k, that amount will reduce the available credit.

Some cards also limit the balance on certain transaction types; usually this is for cash withdrawals or money transfers which might be limited to 50% of the total credit.

~Chameleon~

cazmanian_minx wrote: »

I had a 6.9% life of balance offer on my Barclaycard Mastercard last month and got a letter today offering me 0% until June 2013 on my Barclaycard Visa.(used to be an Egg card).

Are you sure you've got those the right way around? My old Egg card is now my Barclaycard Mastercard and I also have a Barclaycard Visa (Platinum). My Visa is offering 6.9% LOB and the Mastercard 0% BT until August 2013.