📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Unoffical Existing Customer Balance Transfers

Options
1166167169171172175

Comments

  • scott_lithgows
    scott_lithgows Posts: 1,427 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Tesco 18 months 0% for 3 % fee
    I have a deep burning indifference
  • Just called my cards:

    Barclaycard
    3 offers (could pick one):
    • Permanent account interest rate reduction: From 29.9% to 23.9%
    • Reduce interest rate from 29.9% to 9.9% for 2 years, current balance only.
    • 0% for 12 months on future purchases

    Tesco Bank
    Interest: No offers “at the moment”, “try next month”.
    Balance Transfers: 0% to 30th April 2016. 2.99% fee.

    NatWest MasterCard
    No current offers for either interest rate or balance transfers.

    NatWest Business MasterCard
    Must speak to account manager for interest changes.
    Don't do blanace transfers.
  • Hiya all-followed advice on this site and rang Barclaycard with a view to having interest reduced. I thought it was going to be like pulling teeth but the advisor was v. good and dropped interest from 24% to 9% for two years at the drop of a hat.
    Thanks v. much for the heads up Martin-I'm impressed.
  • 1. First Direct - I have a Gold Card which I had originally opened to take advantage of a balance transfer deal they were offering. The balance was down to about 20% of the card limit, and when I logged in to my account a couple of weeks ago a banner offered me another balance transfer deal of 0% for 18 months for a 2.9% fee.

    2. Barclaycard - I've had the Freedom Rewards version of this card for about a year, and they just offered me 0% on balance transfers until May 2016 for a 1.9% fee.

    3. Nationwide - I have their Select credit card which came with 0% on new purchases - that period just ended and now when I login they are offering me 7.9% on balance transfers until 31st August 2016, for a 0% fee. Not the best deal, for sure, but thought others might like to know!

    4. Tesco - I got one of their 0% for 18 months on new purchases cards so I could use it for fuel and groceries and collect the extra clubcard points (which, incidentally, have been worth £100's when boosted!). Anyway, the 0% on new purchases deal is about to end, so I'm about to pay off the £4.5k balance - once I've done that, it will be interesting to see what they bait me with - I will update my entry here once they make me an offer ;)
  • rev_henry
    rev_henry Posts: 4,965 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Just cancelled my old Lloyds Duo Amex card (the old one without the annual fee) and was offered 24 months 0% balance transfer. No use to me, but may be of use to someone!
  • Thanks heaps MSE! Barclaycard took my and my husband's existing balances and froze them with a new interest rate of 6.9% for 2 years! New purchases will still be at the current 18.9%, and repayments will be made against those first, but it means we can be paying off the balances instead of just covering the interest!
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Jendawes wrote: »
    Thanks heaps MSE! Barclaycard took my and my husband's existing balances and froze them with a new interest rate of 6.9% for 2 years! New purchases will still be at the current 18.9%, and repayments will be made against those first, but it means we can be paying off the balances instead of just covering the interest!

    Why continue to use the cards for purchases at that rate, pay on another card and clear by statement date for no charge or potentially pay with debit card.
  • Danii27
    Danii27 Posts: 14 Forumite
    Eighth Anniversary Combo Breaker
    Can anyone help me with where I may be going wrong with this. Tried HSBC twice now in attempt to get my interest rate reduced and they are having none of it! Been told that it is not impossible to cut existing rates and would have to apply for a new card?? Mentioned to them that I've read online that this is possible but they are just not budging!
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Danii27 wrote: »
    Can anyone help me with where I may be going wrong with this. Tried HSBC twice now in attempt to get my interest rate reduced and they are having none of it! Been told that it is not impossible to cut existing rates and would have to apply for a new card?? Mentioned to them that I've read online that this is possible but they are just not budging!


    Only certain card providers are willing to reduce their APRs and even then, it's not a guarantee that they will. From personal experience and also numerous threads on here, Barclaycard is one of the providers. HSBC are known to be quite a strict lender and so I would imagine that they wouldn't reduce APRs. As they have stated, you should either apply for a new 0% balance transfer card elsewhere, move the balance over from your HSBC and close it, vote with your feet so to speak. Otherwise you have no choice except to continue paying whatever interest rate HSBC currently have your card on.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • UncleDes
    UncleDes Posts: 12 Forumite
    We've got a Virgin Money card with a zero balance. Would like to use it as it has a decent credit limit, but last offer expired 30/09. No new offer since. Customer rep says that new offers come out every couple of months. Should we sit tight and do nothing. Or would using the card for a few payments trigger an offer? Appreciate your thoughts.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.