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Balance transfer newbie question
xkpa
Posts: 144 Forumite
in Credit cards
Hi all and sorry if my question sound silly to you, but i need to clarify this. I have 2 CCs, Aqua Classic with 250 limit, with increased limit to 900 from this month and Barclaycard Initial with 250 limit. I have checked with MSE eligibility checker and got 70% for Barclaycard Platinum Credit Card with 18 months Balance Transfer card.
If I am accepted for Barclaycard Platinum Credit Card with 18 months Balance Transfer and I decide to balance transfer my Aqua to it, is there any guarantee that the balance transfer will be 100% approved?
Because I am thinking to make a laptop purchase on my Aqua card which is around 700 pounds and then shift the balance to the Barclaycard Platinum Credit Card which will give me 18 months 0%, am I right?
Thank you in advance
If I am accepted for Barclaycard Platinum Credit Card with 18 months Balance Transfer and I decide to balance transfer my Aqua to it, is there any guarantee that the balance transfer will be 100% approved?
Because I am thinking to make a laptop purchase on my Aqua card which is around 700 pounds and then shift the balance to the Barclaycard Platinum Credit Card which will give me 18 months 0%, am I right?
Thank you in advance
0
Comments
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Not 100%, no. Your limit could be cut, the BT could fail. Unlikely though.0
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Barclaycard Platinum offers 90% of total available credit for transfer, so long as you get sufficient credit with them (i.e. about £800 or more) then you will be ok to transfer £700 to it, otherwise you can do a partial transfer.
You can then do minimum payments (forgotten how much it is, 1-2% I think) for 17 months at 0% and pay off the balance at 18 months - I did this for a bike and some other bits (albeit over 33 months) and the minimum payments will take the balance of about £4500 (limit was £5500) down to around £1300 at the end of the free period when I will pay it off.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thank you for the replies. What if:
I have current outstanding balance of let's say 500 pounds in my Aqua Credit card. I make the balance transfer to Barclays, Barclays clears the Aqua 500 pounds debt I now I owe the money to Barclaycard.
If I made another debt with Aqua, is it possible to make second balance transfer to the same Barclaycard if I am within the initial 60 days opening period which allows balance transfers or I could do only 1 balance transfer from one card to another?
Thanks0 -
You can do multiple transfers in the offer window.0
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