Best Balance Transfers Discussion Area

milliemonster

Moggles wrote: »

Congratulations on your success with Egg.
:beer:

There's no harm in asking certainly, but once his balances were cleared, he would be in a much stronger position to negotiate a lower rate. In fact once he's reduced his balance to zero, courtesy of Egg or another credit card, MBNA will more than likely make him a 0% offer. This lender in particular has a reputation for market-leading existing customer deals


Which credit cards - besides A&L/MBNA and Argos - do you have at the mo?

I have Cahoot, Mint and Barclaycard, I also have A&L but have cleared the balance, I applied for Cap One and HSBC back in July but was refused, Hubby has Natwest, Hsbc, Argos and A&L, and now Egg

udydudy

does halifax card accept SBT i.e. to current account?

anybody here has an experience with halifax cards??

NickX

udydudy wrote: »

does halifax card accept SBT i.e. to current account?

No you cannot Super Balance Transfer with the Hally. Sorry.

spf_2

NickX wrote: »

Absolutely correct, you just request that Virgin transfer the funds to your Bank Account. This will pay off you overdraft and you can pay off any other debts you may have from there aswell.

It is usually best to request this over the telephone and confirm that the transfer will be at the 0% rate, also bear in mind there is usually a fee of 2.98% of the balance transferred which they collect as part of the first repayment. Thereafter Minimum Repayments are £25.

Good Luck.

Though of course it depends on what your overdraft interest actually is!
Does your current account actually go into credit for part of the month e.g. after payday? As this means that that actual COST of this debt will be in reality less than that implied by the quoted APR. This can be awkward to calculate but based on your historical data: What has the cost been PCM?
For simplicity just multiply this by the term and compare it with the BT Fee.
A further consideration: Does the BT fee itself attract interest at the standard rate?

NickX

spf wrote: »

What has the cost been PCM?
For simplicity just multiply this by the term and compare it with the BT Fee.
A further consideration: Does the BT fee itself attract interest at the standard rate?

I would put money on the overdraft interest being significantly more than the 2.98% BT fee.

Virgin do not charge interest on the Balance Transfer fee. As I previously stated it is collected in full as part of the first Minimum Payment.

Trillionaire

Hi. We've got a virgin card with 0% interest for 15 months. Just to let you know that our first payment was £25 plus £xx for the 2.98% fee upfront. OK? It then became (and still is) £25 every month. You can phone them to find out how much your first dd payment will be. I found them very helpful.

Moggles_2

Originally Posted by milliemonster
Hubby is tempted now to apply for another 0% deal. Do you know who would be best to look at for this? I have Cahoot, Mint and Barclaycard. I also have A&L but have cleared the balance. I applied for Cap One and HSBC back in July but was refused. Hubby has Natwest, Hsbc, Argos, A&L and now Egg.

Has he considered the Halifax Plus balance transfer card? 13 months at 0% is currently available to new customers. There's a 3% handling charge

http://www.halifax.co.uk/creditcards/pluscard136.asp

frisbee

I have just got a new A & L credit card with 0% balance transfer for 12 months and 0% on purchases for 3 months, does this mean if i spent on the card for 3 months then stopped using it i would not pay any interest on my purchases or does it mean i do not pay interest for the first 3 months but after that interest will start getting added on.

NickX

frisbee wrote: »

I have just got a new A & L credit card with 0% balance transfer for 12 months and 0% on purchases for 3 months, does this mean if i spent on the card for 3 months then stopped using it i would not pay any interest on my purchases or does it mean i do not pay interest for the first 3 months but after that interest will start getting added on.

You would have to pay interest on the purchases after the 3 months have expired, and you will go on doing so until the entire balance is cleared.

Any payments you make will reduce the Balance Transfer balance and leave the Purchase balance accruing interest.

If you are making a Balance Transfer, then I would not use this card for Purchases and forget about the 3 month promotion on Purchases otherwise you will end up paying interest.

frisbee

Thanks for clearing that up nickX, that is exactly what i will do.