How to do a balance transfer?

cheeseontoast12

I have a £3k credit card debt. I have a new job and i'm paying back £300 per month, more if poss.

I was told to do a balance transfer to a card with 0% interest.

How do I do this? my card is Lloyds, i was told I could do this with another lloyds card, is that true?

As I don't understand it all I am tempted to just leave things how they are and keep paying the £300 a month.

What do you think?

tea_n_toast

Just do a comparison search on here for a 0% card and it'll tell you your eligibility and if it looks likely apply for it. Pay off the balance before the 0% period is up or do another transfer before then.

Kim_13

The MSE guide to balance transfer cards may help you: https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards?_ga=2.99062366.1798824297.1513112874-1010848097.1513112873

Once you've found a suitable card, follow the new provider's instructions to transfer a balance to them. I have an option to do one within the online portal for instance.

You may well need to transfer the balance within x days of opening to get the 0%, but this won't be a problem if you are transferring as soon as possible so as to avoid interest on your existing card.

It may be that you get a card with a limit that isn't high enough to transfer the whole balance, in which case anything you can transfer would save you money.

Providers do take into account how long you have been in your job, so don't be afraid to try again in the future if you're unsuccessful at this time.

demi60

I also wanted to do a balance transfer as I've got £2700 on an Aqua credit card, and they're hiking up their rates from March so wanted a 0% balance transfer. I did an eligibility check before applying from this forum and there was a 90% chance that I would be accepted but I got turned down for the Barclaycard.

I applied for next one which was MBNA, I got a 95% chance of being accepted but I got turned down for that but they offered me another card but they won't let me transfer the full balance of £2700 at 0% so I'm going to reject MBNA card when it comes through. I'm very disappointed that I can't move this amount to 0% as it would make life a lot easier. However, I am currently in the process of buying my council house so that may be the reason I was turned down :-(

SuzieSue

cheeseontoast12 wrote: »

How do I do this? my card is Lloyds, i was told I could do this with another lloyds card, is that true?

No, you can't transfer to a card with the same provider. It has to be a different one.

Kim_13

demi60 wrote: »

I also wanted to do a balance transfer as I've got £2700 on an Aqua credit card, and they're hiking up their rates from March so wanted a 0% balance transfer. I did an eligibility check before applying from this forum and got turned down for the Barclaycard.

I applied for next one which was MBNA and they won't let me transfer a balance of £2700 at 0% so I'm going to reject MBNA card when it comes through. I'm very disappointed that I can't move this amount to 0% as it would make life a lot easier. However, I am currently in the process of buying my council house so that may be the reason I was turned down :-(

Each application will leave a search visible which may impact future applications if you have too many within a short space of time. Declining MBNA isn't going to make it easier for you to get an alternative card; if it's offering a better deal than Aqua I would use it for the time being.

The impact of searches diminishes over time until they are completely removed after a year (Experian and Equifax) or two years in the case of the CallCredit agency.

cheeseontoast12

Thanks all, think i'll leave it. Have been in work solidly for the past 15 years before starting new job but think i'll just keep paying off as much as poss each month.