Best Balance Transfers Discussion Area 6 January 2008 at 6:53PM edited 10 June 2010 at 11:31AM in Credit Cards 5K replies 835.5K views

Former_MSE_Dan

This is the discussion area for the guide

Best Balance Transfers: Cut the cost of existing debts

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matron001

Am new to this site, but I have just been turned down for an egg card to transfer a balance. I have an existing loan with them but have just transferred a balance to a different card.Am trying to sort out my finances at long last. I'm not sure what to do now. Is it worth me applying for another one? I checked my credit score and its good and I never miss any payments. Any advice would be appreciated.

Moggles_2

Hi matron001

Welcome to MSE & the credit card board!

I checked my credit score and its good ...

You don't say where you checked your credit score, but these numbers are generally of little use to most people.

It's important to realise, there is NO universal credit rating/score applicable to all lenders and all products, as lenders assess us differently.

Fortunately, there are ways to improve your chances of acceptance next time. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, before you submit your next credit card application.

Very best
M

Moggles_2

Today, the Hally launched a new balance transfer deal, which offers 0% on BTs for 15 months. A 3% handling fee applies.

http://www.halifax.co.uk/creditcards/home.asp :j

Mutton_Geoff

I've been looking at 0% BT cards over the last few days to build up my stooz pots. This is what I've seen on offer:

Capital One 0% 1st November 2008 1.7%
RBS 0% 13 months 2.5% (+£24 Quidco)
Natwest 0% 13 months 2.5% (+£24 Quidco)
Nationwide 0% 10 months 2.5%
Barclaycard Platinum 0% 14 months 2.5%
Post Office 0% 10 months 2.75% (+£20.50 Quidco)
Mint 0% to 1st March 2009 2.9%
Virgin 0% 15 months 2.98%
MNBA 0% 12 months 3% (+£8.50 Quidco)
Egg 0% 15 months 3%

liz545

I'm thinking about transferring my existing credit card debt (approx £2k on a virgin card & a barclaycard) to a lower lifetime rate, so I can clear them off. My current repayment totals £100/month, and I can afford this, I hope to be able to clear the debt in the next two years. Last year I got my credit reports after I was turned down for a card, but I haven't checked them recently. The problem was that I wasn't on the electoral roll at my new house, and I've moved a few times since uni; I can't get a free trial to Experian or Equifax since I've used them before, so is it worth me paying the £6.99 to see my reports before I apply, or should I just make the application and see what happens? I'd really like this to be the year that I manage my money, rather than the other way around, and this is one of the areas that's crucial to that, but thinking about my money often makes me feel anxious, and so I put off sorting things out! Also, is it better for me to apply for a card in-branch or online? I think the HSBC 2-year card is the one I'll apply for, if that makes any difference.

Objd

Hi just thought Id write to say I felt the same about monies too but decided to take bull by horns and follow Martins list one by one. Just started today - got my existing Barclaycard rate reduced as a goodwill gesture by Barclays after I asked what they could do before I moved balance. Then applied to Virgin as deal suited me and got accepted for 0% etc... to clear existing debt. Feeling very happy made the effort. Good luck with yours trust me its worth it.

PLBrael

Could also be worth noting that Virgin are offering £40 towards the cost of your Virgin Media bill if you sign up for their card before the end of January. Also, I noticed today that the Post Office card currently offers 0% on the 1st and 2nd anniversary of your card for 5 months. I think there was a balance transfer fee of just under 3% applicable.

Moggles_2

Originally Posted by liz545
Last year I got my credit reports after I was turned down for a card, but I haven't checked them recently. The problem was that I wasn't on the electoral roll at my new house and I've moved a few times since uni.

Presumably, you are on the electoral roll now though. If not, you'll need to register at your present address, before you submit a further application or woe will definitely betide.

I can't get a free trial to Experian or Equifax since I've used them before, so is it worth me paying the £6.99 to see my reports before I apply or should I just make the application and see what happens?

If you have any doubts about your electoral status (or anything else), it's worth spending £2, IMO, to have one of the leading CRA's reports - either Experian or Equifax - posted to you. These can be ordered online and usually arrive within 3-4 days.

Moggles_2

Originally Posted by liz545
Is it better for me to apply for a card in-branch or online?

This varies between lenders. Some launch deals exclusively for online applicants, other offers are marketed solely in-branch or in shops and yet others are offered by post or telephone only.

Most MSEs find online applications convenient, but it's your choice really.

Mutton_Geoff

Virgin are offering £40 towards the cost of your Virgin Media bill if you sign up for their card before the end of January

Virgin told me this offer has been extended to the end of February 2008.