Balance Transfer Offers Disappeared

MissM112

Hi all. I have several credit cards, and use balance transfers to avoid paying interest. I always pay payments on time, and have never missed one. Between all the cards, my credit limit is just short of £60,000 (I'm not using this full amount, and actually had almost zero debt a couple of years ago.)

I consistently had loan offers with low interest rates and always had 0% balance transfer offers to use. I took a career break to go travelling recently and didn't quite have enough saved to cover all of my travels, and as I had planned, I used credit cards to pay for what I didn't have saved and now I've returned I'm going to pay it back.

However, there's been an uh-oh in my plans. After relying heavily on balance transfers, active offers have disappeared before my eyes before the expiry dates were up. For a period, there were no offers, but now I've paid a little off each, I'm seeing offers, but at around 30%. My debt went up so I'm assuming it's an affordability/limit usage increase issue. Also lack of incoming funds. I'm hoping that now I'm home and will have a regular salary, and also my debt will be coming down (every spare penny will be used to pay off debt), the offers will appear again.

Is anyone seeing anything similar? I believe there was a period during covid where offers disappeared so wondering if there's something similar, or if it's just me becoming an unsuitable candidate for 0% offers. I can afford the payments of course but would much rather be paying 0%! Thanks in advance.

Gandalf644

https://forums.moneysavingexpert.com/discussion/6669618/balance-transfer-offers-disappeared

Although my own circs are different to yours (am retired, no debt whatsoever) I still have a basketful of 0% BT offers showing as available (both on generic sites as well as direct from banks I have cards with). The sad thing is I don’t want or need any BT offers as I always clear credit card balances in full every month.

It sounds like your current circumstances as you describe maybe the reason your offers have currently dried up. Perhaps with a bit of time and a return to normality in income etc they may return.

HillStreetBlues

What cards aren't now offering BT?

ManyWays

If some 0%s have ended, it is best to overpay the cards now charging rather then overpay them all a bit. This reduces the interest next month as well as improving your overall credit utilisation

MissM112

https://forums.moneysavingexpert.com/discussion/comment/82010433#Comment_82010433

MBNA and Lloyds (I know MBNA is part of Lloyds), Virgin Money and Debenhams (NewDay).

MissM112

Thank you. Luckily I'm still not paying interest (the promotional periods end in July). I have only overpaid on the two I really need to offer me 0% so fingers crossed some offers appear.

MissM112

Thank you. Sounds like my rising use has caused this then, and hopefully with paying off, I'll see some 0% offers soon!

Brie

Sometimes you have to do a domino process to get the debt covered.

So max the BT on C1 to pay as much as possible on C2 which will give you enough on C2 to pay off some of C3 which will give you something to pay on C1 and circle round.

I find MBNA regularly offers me BTs even though my retirement income isn't very high - rarely a month goes by without something being available. Barclaycard on the other hand hasn't given me an offer in several years since they cut my limit drastically and tightened up their guidelines. Santander and M&S also offer a couple of times a year.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82010525#Comment_82010525

MBNA still offers me a BT even thou I opened a new Lloyds CC and maxed it out. I've also opened RBS & M&S CC and maxed them out also.
Newday (Aqua) I have a lousy 3% 6 months. Natwest, Barclays & HSBC I have no offers (was getting them every month).

Nebulous2

Everyone's circumstances will be individual and you wont be able to read too much into them - I'm seeing people here saying MBNA offers are good, but they aren't for me, and others are saying that Barclays offers are bad, whereas I'm getting the best offers from them that I have had in years…

Martico

There's no hard and fast rule - purely anecdotal, but above there's a comment that Barclaycard are no longer offering to one person, but for me they remain the most generous as a standing customer - longest 0% periods at a low enough rate: two years at 0% for a 2.9% fee, or more recently 6 months at 0% for no fee. So they vary by customer (MBNA always have an offer for me, tends to be close to 3% fee for 18 months; Virgin 4% fee for 12 months)