Money Transfer Cards

Anya15

Hello everyone,

I'm considering applying for a money transfer card.
I need to borrow about £1500-2000 for about 3 years.
How does it work? - I've never applied for this kind of credit card before.
If, say, I get a credit limit of £2000, can I transfer £1000 into my current account first, and then £500? Or, do I have to transfer the whole amount in one?

Many thanks in advance,

Anya

SHill

Check the eligibility calculator.
You need to ensure you have a decent credit history.
Review the various % transfer rates as you can apply from 1.69% to 4% and t depends how long a period. I you need to pay it off or complete another balance transfer for the outstanding balance. There is article under credit cards tab that can help you know more about money transfer. Read it and then read it again.go away for few days think why you need to have the amount and budget for it. Be sensible and do t think to take out more if you cannot be able to pay it back. Read the T&C and review what it costs or if you miss a payment or go over the agreed limit.

mistakehappens

Hi
one of the best ones and easier to get than any other money transfer cards is MBNA , they do different ones for either 24 or 36 months or so and the only charges you will need to pay is the handling fee for example 4%, so if you take £5000 for 36 months you will pay handling fee of £200 and thats it and then just pay the minimum payments every month for 36 months. if at the end of the 36 months the full balance is not cleared then you will get charged interest at whatever rate they have in terms and conditions.
also tesco and virgin do money transfer cards too but they are a bit hard to get depending upon your credit history, also you can check MBNA eligibility calculator for more accurate prediction of will you get the card or not.

hope this helps

mparter

Also bear in mind that you won't be able to take your entire credit limit in a money transfer. I have a Virgin card with a £4800 limit but can't take all of that in a money or balance transfer.

Anya15

Thanks for your help!
I've just used the eligibility calculator and it looks like I would get accepted for all Virgin and MBNA transfer cards (90% likelihood of acceptance ).
I already have a Virgin balance transfer card - can I have two cards from the same provider?

Thanks again!

emarawork2015

Thanks for your help

masscrazy

mistakehappens wrote: »

Hi
one of the best ones and easier to get than any other money transfer cards is MBNA , they do different ones for either 24 or 36 months or so and the only charges you will need to pay is the handling fee for example 4%, so if you take £5000 for 36 months you will pay handling fee of £200 and thats it and then just pay the minimum payments every month for 36 months. if at the end of the 36 months the full balance is not cleared then you will get charged interest at whatever rate they have in terms and conditions.
also tesco and virgin do money transfer cards too but they are a bit hard to get depending upon your credit history, also you can check MBNA eligibility calculator for more accurate prediction of will you get the card or not.

hope this helps

Can you at that point do a balance transfer?

[Deleted User]

masscrazy wrote: »

Can you at that point do a balance transfer?

Yes - if you can get one.

MallyGirl

yes - if someone will offer one