Balance transfer - help needed.

prettyandfluffy

My 2 rules regarding balance transfer cards are: always pay it off within the 0% period or have a plan for when that period ends (savings etc); and don't mix purchases and balance transfers on the same card as it can get messy and expensive.

retiredbanker1

No you cannot use the new offers to pay current balance transfers on your card.
You could transfer what you owe to another card and back again but this would mean 2 sets of fees.

bob69

Hi all. Just an update on where I'm now at with the balance transfer. I have just made a payment today which will get my balance down to £4400, & I hope to pay another £200 off before the 0% runs out on 21/1/24. I just re-submitted my details for a 0% balance transfer card on the eligibility calculator, & received a few pre-approved offers, one of which is for an HSBC credit card with 27 months 0% on balance transfers, with a 3.49% fee. As I currently bank with HSBC, would this have any bearing on whether I am accepted for their credit card?
Also, when I entered my details for an all-rounder card, my top pick was a Halifax card with 0% for 17 months on balance transfers & purchases, with a 2.99% fee. I don't currently bank with Halifax, although I am an ex-customer.This would be my preferred choice, tbh, as I can't discount the possibility of a few purchases, although my main focus will be to reduce the balance as much as possible during the 0% period. 
When is the ideal time for me to submit the application for the new card? As I understand it, if I were to apply today, & receive any new card in the next week or 2,  I would then be holding 2 cards simultaneously, but the new card would be lying dormant, & effectively I would be wasting some of the 0% window on it, while I pay more off my old card before transferring the lowest possible balance to the new one. I will probably keep the old card as a back up, once it has a zero balance on it, following a helpful suggestion earlier in this thread which wouldn't have otherwise occurred to me. 
How long does the balance transfer process usually take, if I were to move the balance from a Virgin Money card to Halifax? 
Apologies again for all the questions, but this process is new to me, & I just want to make the right move at the right time & save as much money as possible when making the transfer. 
Thanks in advance for any replies. 

RavingMad

Transfers usually only take a couple of days I've found.  Do the transfer as you're applying for the card the month your current offer runs out and you should be sweet 

Just make sure they're not of the same banking group as they usually don't allow you to transfer

bob69

RavingMad said:

Transfers usually only take a couple of days I've found.  Do the transfer as you're applying for the card the month your current offer runs out and you should be sweet 

Just make sure they're not of the same banking group as they usually don't allow you to transfer

Thanks. So you say I'd be better off submitting the application for the new card in early January? My 0% runs out on January 20th on my old one. And I'm pretty sure that Virgin Money & Halifax (or HSBC)  aren't part of the same group. 

MorningcoffeeIV

Apply now. You're almost at the end of your promo period and you need a plan B if you're declined.

Make sure you keep your previous card open.

Nasqueron

RavingMad said:

Transfers usually only take a couple of days I've found.  Do the transfer as you're applying for the card the month your current offer runs out and you should be sweet 

Just make sure they're not of the same banking group as they usually don't allow you to transfer

I have a Tesco one which I moved some older balances off - I was able to put the BT request in during the process however they wouldn't do the transfer until I had got the card and activated it which held things up.

I did an eligibility check on the Tesco site and it was approved so I applied via TopCashBack for £26 which went towards the BT fee

bob69

Last question(s) before applying for a pre-approved 17 month 0% NatWest All-Rounder card. When will NatWest apply the 3% fee for transferring the balance? Is it when I complete the application today or tomorrow?, Or will I not be charged the 3% fee, ( about £129), until I actually transfer the balance? Is this £129 just added to my current total balance of £4300? Or will this need to be paid up front?  Bearing in mind I still have a January 20th 0% deadline for my old card? 
Thanks again for any replies.

MrFrugalFever

The fee is normally applied at the point of requesting the transfer, this is because the % applies to the total amount transferred. It will be added on to your balance. Most cards don't allow you to transfer more than 90% of available balance but just be aware that you need to factor in your fee when making the transfer so allow plenty of 'headroom' for it.

bob69

Ok thanks. I entered my current balance of £4300 on the eligibility calculator, & this was factored in to the results, so the pre-approved NatWest card already stated £4300 as a minimum amount.  Would anyone recommend increasing the final balance amount entered on the eligibility calculator, to include any fee incurred when completing the transfer, being added to the starting balance?