Having problems with "tarting" credit cards!

CRISPIANNE3

Years ago my bank manager said to me the day of reckoning comes to us all. Its fine to BT but as they say you do need a plan b because the debt will need to be cleared at some point.

CRISPIANNE3

barryheffron wrote: »

T
@MrSilk - I understand the risks of tarting but its too late to do anything about them. I think my problem that im looking help for is as you say, not being able to get a 0% card, but the debt/salary ratio is ok i think.

What you are doing is certainly not tarting. You just shifting debt you cannot pay off.

blitzboy

guesswho2000 wrote: »

You won't be able to transfer the other balance at all, Barclaycard won't let you BT between two of their own cards, not even in different names. This is common to all (as far as I know) card issuers.

The only way around it is to money transfer to a current account and use the cash to pay off the card (an option which Barclaycard almost never offer, I've held a card for over seven years and the option has always been unavailable in online banking).

However, your other card is MBNA, one of the SBT issuers. They'll probably let you do a money transfer, even if it's at a high interest rate or whatever, which you can then BT to the new Barclaycard as normal.

OR you can ask MBNA if they have any existing customer deals. You may be able to get 12 months or so 0% on balance transfers, then you can transfer your Barclaycard debt to the now empty MBNA card. Saves paying 2 BT fees and the few days interest on the SBT.

Depends on how quickly you plan to pay it off.

barnishroader

CRISPIANNE3 wrote: »

What you are doing is certainly not tarting. You just shifting debt you cannot pay off.

"Credit Card tarting is about someone who disloyally shifts from 0% deal to 0% deal to constantly keep their debts without paying a penny." http://www.moneysavingexpert.com/cards/credit-card-tart#qa

I think that is exactly what I'm doing!
At least until i get my finances in a bit of a better position until i can actually pay the debts off.

barnishroader

blitzboy wrote: »

OR you can ask MBNA if they have any existing customer deals. You may be able to get 12 months or so 0% on balance transfers, then you can transfer your Barclaycard debt to the now empty MBNA card. Saves paying 2 BT fees and the few days interest on the SBT.

Depends on how quickly you plan to pay it off.

If i've already paid a BT fee to transfer the MBNA to the new Barclaycard, would i not need to transfer it back with another BT fee to get it back to MBNA.
Then i would also have a BT fee for transferring the existing Barclaycard to the MBNA one too?
Or am i picking it up wrong?

Could i do another BT from my MBNA to my new Barclaycard, putting the MBNA in credit, then use that to pay off the Barclaycard either by another BT or a transfer to my current account?

jo-bo

Leave the balance transfer alone that you've already done, just transfer ( if possible ) the old Barclaycard debt to the mbna. It's against the terms and conditions of most cards to put them in credit and you might find they send the money back to where it came from.

blitzboy

barryheffron wrote: »

If i've already paid a BT fee to transfer the MBNA to the new Barclaycard, would i not need to transfer it back with another BT fee to get it back to MBNA.
Then i would also have a BT fee for transferring the existing Barclaycard to the MBNA one too?
Or am i picking it up wrong?

No, leave the transfer to the new barclaycard where it is, that is on a nice long 0% deal now so no need to move it for a while now.

I'm talking about the old barclaycard debt which you said you were unable to transfer as barclaycard dont accept transfers from other barclaycards. So if MBNA have an 'existing customer' offer on you could transfer the OLD barclaycard debt (around £2k i think you said) onto the MBNA card on a new 0% deal.

barnishroader

Sorry i should have been clearer.
I didnt mean i was going to do anything with the BT that i carried out.
What i meant was that i would do another BT on top of that and therefore get the 24 months offer on the new Barclaycard.
So my thoughts were transfer money from the mbna to my current account, which i have done before with mbna so i know they accept it, then pay off the old barclaycard with that money.
Then transfer the new balance on the mbna to barclaycard to get 24 months as there are no current offers on the mbna card.

or i could just pay the mbna straight to barclaycard if the rate is lower than for a cash transfer.

If i had thought about it better at the start i should have done a BT from mbna to new barclaycard for the full debt over the 2 cards in one transfer and then used the positive balance on the mbna to pay off the old barclaycard.