ADVICE - First time Balance Transfer advise please ??

stylus360

Hi All

I had cash back via a Barclay card and paid the percentage fee on receiving the money.

This was in the start of December 2013, the deal was 6 months interest free and this ends on June 4th (Wednesday).

What's the nest step ? Do i start applying for a transfer now ??

Or on the 4th??

Will the new lender give me an instant decision,i have an excellent credit rating .

Just confuse by the process off, when to do it ???

Thanks

SeduLOUs

You can do another balance transfer at any time you want to shift it, but ideally you want it moved before your deal runs out otherwise Barclaycard will start charging you interest. You've left it too late now but the sooner you can shift it again the better. Better still would be to pay it off before the BT deal ends...

stylus360

The balance is £4820 -next payment due 16th June
Annual Interest Rate for Purchases- 12.4%
Annual Rate for Cash - 29.9
Estimated Interest £29.40

I do have fund elsewhere, but not o cover the whole amount.

I presumed a balance transfer would be instant ?

Thanks

grumbler

Yes, it's almost instant, but can take them a few days to process and you have to apply, get accepted and return the signed credit agreement first.

stylus360

grumbler wrote: »

Yes, it's almost instant, but can take them a few days to process and you have to apply, get accepted and return the signed credit agreement first.

Damn, just checked my funds and i have -

Nationwide Flex Direct - £1475 (with AT LEAST £3000 agreed O/D)
Santander 123 - £735

So thats - £2210 i can pay now.

What would flex direct agreed O/D charge on the amount still owing

£4820.65 - £2210 = £2610.65 outstanding !!!

Any ideas on best course?? I also THINK i have another Barclay card Oyster that accepts transfers but not checked rate, sure it shows up when i log into my Barclayss account.

Cheers

grumbler

Just make the minimum payment, then pay the interest for a week or so (assuming that you can get a 0% card and transfer the balance eventually)?

stylus360

I have just searched my card drawer and logged in and found -

MBNA Standard Visa (£4500 limit) 0% until May 2015 - 3.5% fee
MBNA Platinum (£5800 limit) 0% until Aug 2015 - 5% fee

I get 5% interest on mt Nationwide account on balances upto £2500.

I will be in a posotion to EASILY pay off the full amont £4820.65 within 4/5 months with earnings.

Whats the best option guys ?

Maths is not my best subject !!

Cheers

grumbler

Balance Transfer Calc

stylus360

Would it not justbe easier to use my authorized OD with my Nationwide flex account, i would be overdrawn by £2511, but could pay it off in 2/3 months.

I can't see how the charges work for it ???

Thanks

grumbler

stylus360 wrote: »

The balance is £4820 -next payment due 16th June
Annual Interest Rate for Purchases- 12.4%
Annual Rate for Cash - 29.9
Estimated Interest £29.40

I guess this interest isn't for a full month as £29.4/£4820 is just ~7.6%APR

stylus360 wrote: »

Would it not justbe easier to use my authorized OD with my Nationwide flex account, i would be overdrawn by £2511, but could pay it off in 2/3 months.

I can't see how the charges work for it ???

http://www.nationwide.co.uk/products/current-accounts/flexaccount/rates-fees-overdrafts

It says 18.9% variable. What is your actual rate?

If there are no cash advances in your CC balance it makes no sense to use 18.9% overdraft to pay off 12.4% credit card. It's just common sense, not rocket science.

Any chance it's a new account with a free overdraft for 3 months?

stylus360

Im going to use my Flexdirect account,it will be -£2,609.57 OD for couple of weeks at 50p charge.

Main concern is pay it off ASAP....