How big are your balance transfers?

Former_MSE_Natasha

Poll Started 9 January 2007: How big are your balance transfers?

Balance transfers allow you to shift debts from one credit card to another, hopefully getting a much cheaper rate. But what’s the average amount you shift each time?

A. I’m debt free
B. I’ve got credit card debts, but have never balance transferred
C. I've got credit card debts, but get turned down for balance transfers
D. Up to £500
E. £501 - £1,000
F. £1001 - £2,500
G. £2,501 - £5,000
H. £5,001 - £10,000
I. Over £10,000

Vote here or click reply to discuss.

Coveredinbees!!!!

None of the above I use the 0% card and fill it up then pay the lot off at the end of the 0%. So does that count as A or B?

MSE_Martin

Technically its B but if you're stoozing then in reality I would answer A as you don't have real debts, just offsetting

Travel_teach

I have moved my debt to the 3.9% More card at a total now of £5500. I have an excellent credit rating and never seem to have a problem obtaining a new card. I have been paying the minimum payment but after reading your recent advise realise that I need to increase this. If I were to increase my payment to say £250 how will this benefit me? I also have another question relating to my credit history. I recently enquired about changing my mortgage and they undertook a search which made me aware of an error on my history. In November of 2005 Loyds TSB show an entry for 19/11/2004 as an account being opened but another entry on 23/11/2005 as the account being settled. It states the file was settled on 25/12/2005 however it still shows a balance of £3152 so it looks like I still owe them money. I have contacted the bank on the telephone and they advised me that there is no account shown in my name, but advised me to put this in writing along with a copy of my account from Experian, which I have done. This letter was sent on the 19th November and to date I have had no reply I have chased a response over the phone and was told that department does not take telephone enquiries. So is the only option to send another letter into the black whole to clear my account or is there another option. I don't ever recall applying to a Lloyds TSB card and the dates are very strange. This is effecting my credit rating and I cannot change my mortgage until I clear this error up. Help????

lazza_w

I answered F (£2500-5000) but as it is all 'stoozing' it probably counts as A.

Currently I make about £1000 per year by having 0% credit card deals and using the money to offset my mortgage. Norwich and Peterborough have just lent me £7400 which is sitting in my bank account at the moment. (hurrah!)

Whether having a variable rate (currently 0.75% over base rate) offsest mortgage is a good idea, given today's interest rate rise, is another discussion entirely...

johnfthetraveller

I stooze, and have a good credit record, but because I have several mortgages (I invest in property) I often get refused when applying for cards. I do have a better than 50% rate of success on appealing though. Anyone else in this situation?

Anne,_Oxford

Where my normal payment date had been about the 6th or 7th (and exceptionally once on the 4th) Bank of Scotland did their darndest to ensure I got slammed for the interest on the £7k I owed them by bringing the last payment date forward to the 2nd. And the 2nd of Jan at that!!!

One of Martin's best 'free balance transfers and 0% on purchases' 9 months ago was the (Bank of Scotland) Harley Davidson card which was oh-so-cool a little piece of plastic. Virgin, my previous financial benefactor, sent me reminders of when my 0% deal was about to expire, which I thought was jolly sporting of them. No such deal with the motorcycle folk...

At first I was enraged when I spotted their skullduggery, but then I thought, hey, all's fair in love and war and money. I have after all been ripping them off for this free money for 9 months - if I'm smart enough to do that (thank you, Martin) I should be smart enough to check the small stuff, right?

(Incidentally - one of the reasons I like my First Direct account is that I can click the date I want a payment to ARRIVE so I didn't have to calculate how many bank holidays I had to allow for in meeting that payment date. Yeah, yeah, I know FD are not the cheapest, but cheapest AND best is a tall order.)

MSE_Martin

Balance transfers allow you to shift debts from one credit card to another, hopefully getting a much cheaper rate. But what’s the average amount you shift each time?

This is what you voted:

A. I’m debt free - 43% (1916 votes)

B. I’ve got credit card debts, but have never balance transferred - 6.5% (292 votes)

C. I've got credit card debts, but get turned down for balance transfers - 3.2% (143 votes)

D. Up to £500 - 2% (90 votes)

E. £501 - £1,000 - 4.8% (215 votes)

F. £1001 - £2,500 - 11.1% (495 votes)

G. £2,501 - £5,000 - 13.8% (618 votes)

H. £5,001 - £10,000 - 8.4% (374)

I. Over £10,000 - 6.9% (308)

Thanks to everybody that voted. Click reply to discuss the results, or take a look at this week's poll.

fififofum

G with life of balance apr at 4.9%, no fee.