Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by Ian.2
I've just transferred £10,600 from my Virgin card to Egg as my interest free period with Virgin is at an end. My minimum payment with Virgin has been £5 per month. My first Egg statement informs me my minimum payment is £218. They have a 2% minimum payment rule.Why is it so different? I feel I've been duped. My fault for not reading the T&C's I guess.

Exactly. Your post, like the previous one, underlines the importance of reading and understanding the terms & conditions before you sign up for a credit card. Egg is not at fault here. The 2% minimum monthly payment is clearly stated in the summary box as well as the Ts & Cs.

Is a 2% minimum payment the norm or are Virgin particularly generous with their terms?

Virgin/MBNA's minimum payments are the lowest available in the UK.

All credit cards, aside from those issued by MBNA, require a minimum monthly payment of between 2% and 3% and most charge handling fees of 2.5-3% for BTs.
On payment of the fee, you have a 0% balance transfer for 15 months, the longest interest-free period currently available. If you budget for the 2% monthly payments, you'll save lots of money.

Originally Posted by JohnDocherty
.. cancel the Virgin card if you've now cleared the balance or it'll sit on your credit file and maybe stop you getting other cards.

It won't prevent you from getting cards, IMO, though it could affect the credit limits you're handed.

Personally, I'd keep your Virgin card. Once your balance is zero, good existing-customer offers are almost always available from Virgin

Moggles_2

Originally Posted by DebJack
I read Martin's advice about balance transfers and applied to Barclaycard using the link on this site. I went through the application process on line and got a response to say that couldn't approve me online but would write. Needless to say I have received a letter saying that my application has been refused... Reason given was the amount of credit I already have.

Barclaycard has become rather stringent about available credit in relation to income. Currently, this lender turns down some 50% of applicants.

Moggles_2

Originally Posted by DebJack
I use Experian to keep an eye on my credit report and am confused as to why I wasn't accepted as I am rated as "Excellent".

Judging from the posts on here, it's easy to be lulled into a false sense of security by these ratings. Then it comes as a shock, when your application is turned down.
The credit reports themselves are valuable. That said, additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical use to most people.

It's important to realise, there is NO universal credit rating applicable to all lenders and all products. None of us - including the agencies - knows how individual credit card companies view our applications. Lenders do not divulge this information.

Moggles_2

Originally Posted by DebJack
At no point in the process are you given an opportunity to say that you don't want the card for spending (although I don't know if they would consider that a negative or a positive)

Neither do I, but I suspect it's a negative so perhaps it's as well (for most of us on this thread) that lenders don't ask.

Moggles_2

Originally Posted by DebJack
What do I do now as I am reluctant to try another card provider in case I get the same response?

Fortunately, there are ways to improve your chances of success 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 *How to Manage and Improve your Credit Score* article, before you submit your next credit card application

Access to too much credit, even if not used, can be a problem. See Martin's *Cancel Old Cards* article for what to close when.

beckah

Hi all
Wondered if some one could give me a bit of advise?! I had laser eye surgery on Monday went to pay for it on my 0 % interest card for purchases and had forgoton my pin was due to have surgery any minute. The only other card i had on me was my joint account debit card so had to pay for it on that but the money in that account is for morgage and bills. So now im in a bit of a pickle!
Can i get another card 0% for balance transfers and transfer the balance from my debit card or have i got to transfer the money to another credit card then get the balance transferd to a 0% card? Hope i haven't confused anyone i have confused myself!

HannahGreen

I have been looking into getting this new credit card with 0% balance transfers for 14 months but whilst studying the terms and conditions it says this:

We will charge you:
• £5.00 for each copy of transaction details (unless the copy shows a transaction which has been wrongly put on your account); and
• £3.00 for each copy of a statement

What I am wondering is ... will I get charged for each monthly statement or will I just be charged for duplicate statements? It seems ridiculous that they can charge you for statements which is you only way of knowing the details of your balance.

I would appreciate some help with this as I don't want to get caught out with another dodgy credit card deal.

Moggles_2

Originally Posted by beckah
Wondered if someone could give me a bit of advice? I had laser eye surgery on Monday.Went to pay for it on my 0 % interest card for purchases and had forgottenmy pin Was due to have surgery any minute. The only other card I had on me was my joint account debit card so had to pay for it on that,but the money in that account is for mortgage and bills. So now I'min a bit of a pickle!
Can I get another 0% for balance transfers card and transfer the balance from my debit card?

A few rather special cards will allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account:

A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) Egg card or the Post Office card.

Alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as you cannot be sure when the next cheques will arrive.

Which is best depends, to some extent, on which cards you have at the mo.

Moggles_2

Originally Posted by HannahGreen
I have been looking into getting this new credit card [Barclaycard], with 0% balance transfers for 14 months but whilst studying the terms and conditions it says this:

We will charge you:
• £5.00 for each copy of transaction details (unless the copy shows a transaction which has been wrongly put on your account); and
• £3.00 for each copy of a statement

Will I get charged for each monthly statement or will I just be charged for duplicate statements?

You'll be charged £5 if you request a duplicate statement.

Moggles_2

Originally Posted by HannahGreen
I have been looking into getting this new credit card [Barclaycard], with 0% balance transfers for 14 months but whilst studying the terms and conditions it says this:

We will charge you:
• £5.00 for each copy of transaction details (unless the copy shows a transaction which has been wrongly put on your account); and
• £3.00 for each copy of a statement

Will I get charged for each monthly statement or will I just be charged for duplicate statements?

You'll be charged £5 if you request a duplicate statement.