Unoffical Existing Customer Balance Transfers

steevio_uk

Earlier on in the year, I said I had 2 similar balances on MBNA and Barclaycard and was looking to clear one as I had just been given a lump sum of money.
Guy on Live Chat offered gave me 6.9% for life with little fuss


What about Money Transfers? Do any of the companies offer this for existing customers?

[Deleted User]

Yes - BTs and MTs are both offered.

steevio_uk

Thanks ZX

I know it'll vary from obviously company to company, but I presume that money transfers are less common?

[Deleted User]

Where companies offer money transfers as a matter of course, they will also offer them as promos. But not all lenders have MTs.

steevio_uk

I'm with Barclaycard. If I were to clear that, is there a set timeframe in which they start offering you a deal? My credit rating isn't great, not due to any arrears or missed payments - it's impeccable in that regard - but due to my indebtedness. I will assume that factors into their decision for existing customers? Or is it purely down to previous conduct on the card?

[Deleted User]

There's no set time frame. A lot of factors will be taken into account, including affordability, account conduct, profitability, funding and so on.

Superscrooge

If you log on to the Barclaycard website and click on 'Transfers and Offers' There should be a list of any balance transfer and money transfer offers available to you.

These offers vary month by month (at least they do with me!)

udydudy

The way I have experienced it, Indebtedness is not necessarily the main thing existing(to you) lenders look at. I have had outstanding balances(Excluding Mortgage) 3 times my gross annual salary but was still offered regular best BT rates. Of course those were the good old days. I reduced the debt levels over the recession as I was only stoozing and once savings interest rates fell I just kept paying back as my 5 year fds ended.
But even today my colleague who had huge debts and just last month reduced it by 50% has been offered what I think is a super duper rate by Barclays - 23 months 0% with a 1.9% fee for both BT and MT. Main point being that 2 years back he had missed payments for 2 months on all cards due to loss of income for those two months.
I guess the fact that last 2 years he has paid all on time and the fact he reduced borrowings played a more important part than the amount of outstanding.

udydudy

Halifax 21 months 0% with a 2.9% Fee....Lovely love the low interest regime!! Hope this keeps going on....More stoozing.....

AliceBanned

I phoned Barclaycard to tell them I was about do a BT to pay off the balance of £2700 (offered 0% deal by HSBC today). The interest rate on the Barclaycard is 6.9%. I asked what they could offer me as I am in the process of repaying my debts. They offered me a refund of the past 6 months' interest (£96). So well worth the phone call.:j


Thanks MSE and forum. My debt free date is getting closer and the interest I am being charged overall is only 14% on a £2600 loan and £1 a day on my Halifax current account (that one will be paid off in the next couple of months.. horrendous charges for that really but with the lowered cost of my credit cards I should mean I can reduce it.