Cheers - Halifax One

daverave7

Hi all,

Am new to this site and just completed the first stage of my credit card shuffle. I have a balance of £3500 on my Halifax One card at a rate of 15.9 % APR. Just rang them and threatened to move my debt elsewhere and they reduce my APR to 9.9 % on the spot. Also offered me 5.94 % on Balance Transfers for the life of the balance.

Now I have to do the same with my other 6 credit cards! :eek:

Cheers all - A great site :beer:

darkcloudi

Wouldn't you be better of transferring to a 0% interest on balance transfers for 12 months?

anniecave

If you phone up all your providers and do a similar thing, depending on how much spare credit you have, you may be able by transferring balances to get all your debts on low rates.
As darkcloudi says, if you can get a new card offering 0% on balance transfers, then you could move some of your debt there.
All you have to do then is pay all this debt off....

daverave7

darkcloudi wrote: »

Wouldn't you be better of transferring to a 0% interest on balance transfers for 12 months?

I have 7 credit cards already! I have recently applied to 0 % balance transfers for 12 months and been turned down twice... so Im also concerned with my credit rating and prefer not to apply for new credit cards. Is it likely if I ring my existing cards they will offer me 0 % for 12 months?

fifi34210

have been turned down for 0% balance transfer from Morgan Stanley - my credit rating is good now, but was appalling until a few months ago as Lloyds messed up a loan repayment resulting in my being tarnished with 6 months payment arrears (which stays on my credit rating for 6 years). Decided to take Martin's advice and try to reduce APRs on my two existing cards rather than mess up my credit rating any further.

I have a balance of £3594 on my Lloyds Platinum card (15.9%) and they have offered me 4.9% on balance transfers for 6 months or 7.9% for life of balance. I also have £1881 on HSBC (15.9%) and they have offered 7.9% for 6 months. My plan is to shuffle each debt to the other card, thus reducing high APRs but I know that unless i clear the non bt debt my monthly payments will clear the lower interest debt first. Does the balance transfer money go into my bank account first so that i can clear the existing balances
or can anyone suggest another way?