0% Balance transfer.

WantToBeSE

I have transferred all of my debt (£6K) apart from £200 onto a Barclaycard that had an intro offer of 0% on balance transfers for 25 months.

Do i need to contact the other credit card companies to tell them that i have done a balance transfer? Or do i just let Barclaycard do that?

I've never done a balance transfer, as you can probably tell!

National_Debtline

Hi WantToBeSE


If I'm reading your query correctly, no you don't need to specifically inform existing creditors as the new card is effectively paying off the balance on the existing one(s).


You have probably already read MSE's own guide to balance transfers, but just in case:


http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards


Dennis
@natdebtline

ELM1981

Leave it all with Barclaycard to do, you will see the amount disappear from the old card(s) when all done. Just make sure to pay minimum payments on the old card until the money has moved. And set yourself up a direct debit on the new card for the min even if your paying more than that as it will avoid you losing the good rate.

Welcome to the lovely juggling of 0% deals

WantToBeSE

Thank you both I am still making minimum payments on the old cards until the process is completed.

I am imagining (hoping!) that it'll be smoother to have 1 big transaction coming out of the bank every month, instead of 2 or 3 smaller ones.

andys15

Just remember that barclaycards minimum is 2.25% of balance, as a lot are only 1%.

mrsbee17

Once you can confirm that the balance transfer is complete, close the old card(s) to save the temptation of spending in these.

EssexHebridean

mrsbee17 wrote: »

Once you can confirm that the balance transfer is complete, close the old card(s) to save the temptation of spending in these.

Yes, and in the interim, go and grab a pair of scissors, and all the cards, and cut them up. Go on, I dare you! (And that includes the new one if you're not planning on spending on it!)

Sanctioned_Parts_List

All automatic, but after the transfer proceeds, initially pay the minimum payment on the new Barclaycard in order to pay off that last £200.

Afterwards divide the balance by what you can pay per month. If that's greater than the balance divided by one less than the remaining number of introductory months, then mark a date 2 months before the end of the introductory period to apply for a new 0% card and do it again.

Good fortune!

WantToBeSE

andys15 wrote: »

Just remember that barclaycards minimum is 2.25% of balance, as a lot are only 1%.

Yes i am already aware of that. Thanks for the reminder though

mrsbee17 wrote: »

Once you can confirm that the balance transfer is complete, close the old card(s) to save the temptation of spending in these.

EssexHebridean wrote: »

Yes, and in the interim, go and grab a pair of scissors, and all the cards, and cut them up. Go on, I dare you! (And that includes the new one if you're not planning on spending on it!)

Yes that is my aim. I am just going to log in and check now...scissors at the ready! Not going to close them down, as i am hoping to build by credit rating in order to get a mortgage one day. I'll just cut them up and not use them.

WantToBeSE

Sanctioned_Parts_List wrote: »

All automatic, but after the transfer proceeds, initially pay the minimum payment on the new Barclaycard in order to pay off that last £200.

Afterwards divide the balance by what you can pay per month. If that's greater than the balance divided by one less than the remaining number of introductory months, then mark a date 2 months before the end of the introductory period to apply for a new 0% card and do it again.

Good fortune!

Thanks, great ideas there. I SHOULD be able to pay it off in 12 months, taking into account Christmas expenses (December will probably be a minimum payment month).

WantToBeSE

Yes, it's all been processed! 1 card has £207, 1 card has £0 and the Barclaycard has the huge amount.