Applying for multiple cards

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  • swindiff
    swindiff Posts: 845
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    There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.

    % return varied, but all were at either 3, 4 or 5%, many reduced at some point during the 1st year. i.e. Santander went from 3% to 1.5%, TSB from 5% to 3%, Club Lloyds from 5% to 2% etc

    1st years return will be about £1900 once the 5% savers mature next month, that averages out to about 3% return, minus the balance transfer fee.
  • edinburgher
    edinburgher Posts: 13,422
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    Does that include tax on the £1,900, or is your figure after tax?
  • swindiff
    swindiff Posts: 845
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    It is saved as a couple, so no tax as we both have an allowance of £1000.
  • SuzieSue
    SuzieSue Posts: 4,095
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    swindiff wrote: »
    There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.

    .

    Yes, I decided to do the opposite and so am having to do it all again now. If I was on my own then I don't think that I would have been able to get any more BT cards as my credit rating is so poor now and so would be stuck. However, my husband has just applied for 6 BT cards with no BT fee and managed to get another £30k in credit. They are all for 24 months and so we will be ok until they end.
  • edinburgher
    edinburgher Posts: 13,422
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    My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.
  • SuzieSue
    SuzieSue Posts: 4,095
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    My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.

    Yes, but might need to wait for a while for your credit rating to recover before you can remortgage, but I suppose it depends on the lender as some probably won't mind if you tell them why you did it.
  • edinburgher
    edinburgher Posts: 13,422
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    Will do, 6 month gap planned, doubt it will be an issue past this point.
  • SuzieSue
    SuzieSue Posts: 4,095
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    Will do, 6 month gap planned, doubt it will be an issue past this point.

    Yes, 6 months should be fine. I will see how long it takes for my credit rating to improve once I've transferred all my balances to my husband and let you know. If I forget, reply to this thread in 6 months' time and I will let you know.
  • edinburgher
    edinburgher Posts: 13,422
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    Can I drop another query in please? It's related to applying for multiple cards.

    When a MT/BT card has a max balance of, say, 95%, is this inclusive of any fees? So would a 95% max balance card with a 0.5% fee be 94.5%?
  • ben166
    ben166 Posts: 11 Forumite
    Hi all




    I thought I might share my experience with my latest bout of multiple applications:


    Credit cards BEFORE applying for multiple: (nil balances on all as I had recently completed on the above mortgage)


    Card and limits:


    Barclaycard - 13,000


    MBNA – 6,000


    BA Amex – 12,000


    Tesco clubcard CC – 13,000





    AFTER (additional cards obtained to the above) All on 0% BT deals – using MBNA card as the mule card for money transfers:


    TSB – 9,500


    Amex preferred gold card (charge card)


    Barclaycard platinum – 4,000


    Lloyds bank – 3,000


    Bank of Scotland – 3,000


    Halifax – 3,500


    Tesco clubcard CC (2nd) – 3,500


    HSBC BT card – 5,500


    M&S BT card – 2,000



    REJECTED for – Virgin BT card, MBNA BT card (offered a deal not worth it so didn’t apply), Sainsbury’s, Santander, AA.



    I couldn’t see any other cards out there worth applying for!


    Situation before applying:

    Experian Credit score – Excellent (999)


    Income: £60k – no dependents - £500pm mortgage.
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