Best Balance Transfers Discussion Area

ashbart

Thanks NickX. I searched everywhere EXCEPT the stoozing article!

Briggsy.notts

Right to answer a few questions

My dad's credit rating is terrible so he isn't even an option to apply for a card. Plus he can not be trusted with a card.

The debt on my mum's current card is about £5500 and the interest rate is 16.9%. She always pays about £50 to £60 more than the minimum balance but that is wiped out by the interest costs per month. I've told her to kept the Barclaycard Life of Balance card and transfer the £1770 that her credit limit is. Do you think it is possible to then apply for a 0% balance card so that she is reducing the interest further and then when the Barclay card ups the limit move some more across and then when the 0% ends apply for a new one. Hope this makes sense.

JimmyTheWig

Briggsy.notts wrote: »

Right to answer a few questions

My dad's credit rating is terrible so he isn't even an option to apply for a card. Plus he can not be trusted with a card.

The debt on my mum's current card is about £5500 and the interest rate is 16.9%. She always pays about £50 to £60 more than the minimum balance but that is wiped out by the interest costs per month. I've told her to kept the Barclaycard Life of Balance card and transfer the £1770 that her credit limit is. Do you think it is possible to then apply for a 0% balance card so that she is reducing the interest further and then when the Barclay card ups the limit move some more across and then when the 0% ends apply for a new one. Hope this makes sense.

Yes, I can make sense of that.

Currently monthly interest is going to be about £72. I think that transfering the maximum to Barclaycard would reduce the total interest due by about £17 a month. This is worth doing. By keeping up the same payments, £17 a month extra will get paid off the capital - significantly reducing the balance.
The thing in your favour is that 16.9% isn't that bad for a credit card. Some people are paying nearly twice that! But it's still more than you want to be paying.

The trouble with a 0% deal is that you don't know if you will be able to get another 0% deal in the future. Banks might stop doing them. Transfer fees might shoot up. Criteria might get stricter. Personal circumstances might mean that you no longer qualify. Etc, etc.
That's the only problem with your plan.
I suggested a 0% card for the rest of the balance as I thought they might be able to pay this portion off before the 0% ran out. I'm now not convinced that they would be able to but I still think it is probably worth doing.
If they can get a 0% deal for the rest of the balance then that would really help cut the interest down. This, in turn, would help clear the balances.

So my thinking is transfer as much as they can to the Barclaycard as soon as possible. Meet the minimum payments on that (DD is easiest to do this normally) and no more.
Any spare money should go against the 16.9% balance.
Apply for a 0% balance transfer card. Transfer as much of the balance on to that as soon as possible.
If that then takes care of the whole balance then pay off the 0% first, keeping the Barclaycard at the minimum repayments.
If that still leaves a balance on the old card, pay the minimum on barclaycard and the minimum on the 0% and as much as possible against the 16.9% balance.
If there is still a balance when the 0% deal runs out then it is probably best to figure out what to do at the time. Maybe Barclaycard will have increased the limit and you can transfer there. Maybe transfer back to the old card. Maybe get a new 0%. Either way, the more you can pay off this balance before that comes the better.

Briggsy.notts

I can not say thank you enough for the advice you have given. It makes me feel a little better than I am kind of doing the right thing. I'm going to give the 0% balance card a try. Going for Virgin as it has the longest rate so by then hopefully the Barclaycard will have upped the limit.

Once again thank you so much.

Moggles_2

Briggsy.notts wrote: »

I'm going to give the 0% balance [transfer] card a try. Going for Virgin as it has the longest rate, so by then hopefully the Barclaycard will have upped the limit.

Sounds like a plan

Very best
M

funky04

I have got 0% bal transfer for 12 months with a 2% fee on £4200

is this a good follow on offer from Ulster bank?

tried but couldnt get the fee lowered, but did increase my limit from £3000 to £4200.

Jonny0000

Hadn't tried ulster bank before, many thanks will enquire.

nigey_claim

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.
.....
Nigeyclaim, Sussex.:T

After the above fiasco and ending up with a nice experience with Tescos - I got an email today from Barclaycard telling me my application had been approved and I would have my card within 5-10 days! This is since applying twice online with no record found in their system, and trying to apply by phone for a 3rd time and phone line cutting out leading to a cancelled status application with "no ability to reapply within 6 months".

Not sure if this is a recovery for Barclays or a decline even further in the quality of their processes and systems???!!! Methinks the latter.

:>

Moggles_2

nigey_claim wrote: »

I got an email today from Barclaycard telling me my application had been approved and I would have my card within 5-10 days! This is since applying twice online with no record found in their system and trying to apply by phone for a 3rd time and phone line cutting out leading to a cancelled status application with "no ability to reapply within 6 months".Not sure if this is a recovery for Barclays or a decline even further in the quality of their processes and systems. Methinks the latter.

Barclaycard has figured quite prominently on this thread recently and rarely for the right reasons :rolleyes:

sjp_3

Have been looking at balance transfers for life

Come across Citibank at 4.9% with a 3% fee.

Trying to get my head around the maths.

How does this compare with Martin's suggestion of Barclaycard at 6.3% no fee?

Have got £5000 to shift