Best Balance Transfers Discussion Area

Moggles_2

dubsola wrote: »

Is it possible to do a balance transfer from a card in someone else's name?

Yes. You can switch credit card balances from family, friends or Dave down the pub.

Please bear in mind though, the person whose card the balance is shifted to, becomes soley liable for the debt. If you were to fall out, you couldn't ask the card company to charge them for any remaining balance.

From the lender's perspective, it's not a problem. If you request the transfer by phone, Customer Services may ask you for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

paul.d.robinson

nigey_claim wrote: »

Hi there all, Wanted to post to share experience with Barclaycard being absolutely rubbish - despite highlighted on the MSE site as the best of the best at the moment.

Applied online - including a nice flashy feature of a real-time-chat with a female advisor to help with any questions - and got a confirmation screen saying "thank you, your application is being processed, please call this 0844.... number with any questions...we'll let you know".

Waiting 2.5 weeks ish, and hadn't heard anything

This matches my experience. I've applied on line three times - no record of my application when i call up and no other communications from them.

Has anyone successfully applied for the Barclaycard OnePulse deal recently? If not then surely this shouldn't be the recommended deal.

Applegate_2

Hi,
I'm new to the site - this being my first post!
I have just had a miserable experience with Barclaycard - I have had a Platinum card for a number of years but haven't used it for at least 3 years. I read on this website that there was a deal for existing customers to transfer a balance at a rate of about 6.9% for the life of the balance. Now I have my new card (changed address etc), I called up to see what options I have and look into balance transfers only to be told that there aren't any for existing customers. Am I being told the truth?! Are there any rates for existing customers?

Has anyone else had a similar experience with Barclaycard and can advise on what rates are available to existing customers?

Moggles_2

paul.d.robinson wrote: »

I've applied [to Barclaycard] online three times - no record of my application when I call up and no other communications from them. Has anyone successfully applied for the Barclaycard OnePulse deal recently? If not then surely this shouldn't be the recommended deal.

I haven't applied for this particular deal, but I'm a longstanding Barclaycard customer. B'card has figured quite prominently on this thread recently and rarely for the right
reasons :rolleyes:

Moggles_2

Applegate wrote: »

I have just had a miserable experience with Barclaycard. I have had a Platinum card for a number of years, but haven't used it for at least 3 years. I read on this website that there was a deal for existing customers to transfer a balance at a rate of about 6.9% for the life of the balance. Now I have my new card (changed address etc), I called up to see what options I have and look into balance transfers only to be told that there aren't any for existing customers. Am I being told the truth? Has anyone else had a similar experience with Barclaycard and can advise on what rates are available to existing customers?

Barclaycard have written to me regularly with this offer. Now that you're using the card once again, perhaps a letter will turn up in the post shortly.

Meanwhile, it's worth another call to check. If you ring Card Services on 01604 234234, you'll avoid the dreaded 0870 numbers

redpires777

Hi Im new to this forum and would like some advice. I have a abbey credit card with a balance on £3500, on o% till February. I also have a mint card with balance of £2000 which i pay interest on and use most months. I will receive in the next 2 months approx £2000 which I want to put towards my credit cards, but not really sure which one I should pay it to. Can any help with some sound advice.

spf_2

I have to admit, I've "transferred" many credit card balances over the last few years, but I've never paid a single BT fee. As an aside, it still bugs me that certain sites class a 3% BT fee (which is essentially a flat rate) as "A low cost" when it is actually close to 6% APR over 12 months, not too different from a loan! Over 9 months it's nearer to 8% APR, that is getting scary!

Anyway, back to the plot. I've never used a BT card to do a BT transfer, I've only used a 0% on purchases card.......Probably best explained by example......

Imagine you have £6000 debt on a 0% credit card whose 0% rate will expire in six months. Your "normal" monthly spend (food, petrol, entertainment etc) is £500 and you have £500 left at the end of each month to service your debt. Thus in six months you expect to have £3000 debt left on your card and then to BT this to another 0% card and give them 3% BT fee (£90) for the privilege.

Instead, take out a 0% card on purchases for 12 months right now e.g Halifax. Use this card for your normal spend and stash the £500 that you would normally spend on food etc into a savings account (may as well have the interest!) Now in 6 months you have £3000 debt on each card and £3000 in a savings account (+ interest!) which you can use to pay off your "expired" 0% credit card. Net result is the same, but you've avoided the £90 BT fee, and hopefully gained a bit of interest for a bottle of wine to celebrate!

In reality it's slightly more complex, as you need to maintain the minimum payments each month on the new and original card, but for example the Virgin card (at least when I had it) was only £5 per month so makes very little difference.

This process can be carried on ad-infinitum. But it needs two cards live at any one time and to keep track of where you always are with your cash, but as money-saving-experts we all do that anyway: don't we ;-)

Hope this different approach may help someone out there.

I think I may have submitted this to the wrong place!! Not sure if it meets the "BT" requirements: Apologies if I have.

rachrob

I have a credit card, with about £600 on it. I have recently been accepted for a capital one card that gives me 0% balance transfer until may 09. If I ring capital one up and say "I want to transfer £600 please" I know there is a fee of about 3%, which is fine, but can I, when I get my statement from the card with £600 on, ring up and pay it off with my capital one card? Thus the balance is transfered, with no fee and I can pay it off interest free til may? Is this right? Rachel

Moggles_2

redpires777 wrote: »

I have an Abbey credit card with a balance on £3500 on 0% till February. I also have a Mint card with balance of £2000 which I pay interest on and use most months. I will receive in the next 2 months approx £2000 which I want to put towards my credit cards, but not really sure which one I should pay it to. Can any help with some sound advice?

As you're paying interest on your Mint balance, it would make sense to clear that balance first.

This is not a best balance transfer question. If you need further advice, please post again on the main credit card board. You'll get lots of replies there.

Moggles_2

rachrob wrote: »

I have a credit card with about £600 on it. I have recently been accepted for a Capital One card that gives me 0% balance transfer until May 09. If I ring Capital One up and say "I want to transfer £600 please" I know there is a fee of about 3%, but can I (when I get my statement from the card with £600) ring up and pay it off with my Capital One card? Thus the balance is transferred with no fee and I can pay it off interest free till May? Is this right?

If this were possible, we'd all be doing it.

The only way to transfer your balance to Capital One is to contact C1 and request a balance transfer from your other card.