Best Balance Transfers Discussion Area

dolly-day-dream_2

I've just got a Barclaycard to transfer a balance from a storecard but when I've gone to transfer the balance BC told me they can't do transers to the company (Argos).

Anyway round this? Can I pay my account off at my bank with my Barclaycard? The bloke at Barclaycard said I could get it transferred to another CC I have and then transfer that one. Only problem is I don't have enough limit on my other card to do that.

Moggles_2

dolly-day-dream wrote: »

I've just got a Barclaycard to transfer a balance from a store card, but when I've gone to transfer the balance, BC told me they can't do transfers to [sic] the company (Argos). Any way round this? Can I pay my account off at my bank with my Barclaycard? The bloke at Barclaycard said I could get it transferred to another CC I have and then transfer that one. Only problem is I don't have enough limit on my other card to do that.

Which other credit card do you have?

You can shift a credit card balance to another credit card. Transferring a store card balance to a credit card is not so straightforward.

I would apply for Egg card or Virgin. Both offer new customers 0% on balance transfers for 14-16 months* What's more they'll allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account. (Just a handful of credit cards have this capability).You then have cash in your bank account equal to the balance on the 0% BT card and can pay off your store card, which must be costing you a fortune

*A 3% balance transfer fee applies.

Sam_41

I'm just looking at the Virgin 18 months 0% balance transfer offer.

Could I transfer the £2k balance from my Abbey card, and also my £2k overdraft as 2 seperate balance transfers?

Then put the card away and not use it, and use my Abbey card for purchases (0%)?

All it would be a £120 transfer fee, I could put more money in to an ISA and make much more than that in the period on interest.

I took the Abbey card out last month and have 5 months 0% balance transfer remaining.

Moggles_2

Sam_41 wrote: »

Could I transfer the £2k balance from my Abbey card and also my £2k overdraft as 2 separate balance transfers [to either a new Egg card or Virgin]? Then put the card away and use my Abbey card for purchases (0%)? All it would cost me is the £120 transfer fee. I could put more money in to an ISA and make much more than that in the period on interest. I took the Abbey card out last month and have 5 months 0% balance transfer remaining.

Sounds like a plan

Sam_41

Moggles wrote: »

Sounds like a plan

Thanks, just to clarify though, my overdraft is just a student bank account, and a debit card. Can I do this or does it need to be a credit card to do a balance transfer?

NickX

Sam_41 wrote: »

Thanks, just to clarify though, my overdraft is just a student bank account, and a debit card. Can I do this or does it need to be a credit card to do a balance transfer?

Fortunately Virgin allow transfers direct to your bank account at Balance Transfer rates so you should be fine to do this.

geordiegirl35

Using the Experian site, we have seen we have an excellent credit rating.

Seeing Capital One had an offer of 0% on Balance Transfers until 2010, we decided to apply for one to transfer a balance of £1600 from our NatWest Card.

Capital One refused us a card! How does that one work - and will that now go against us on our credit score?

YorkshireBoy

geordiegirl35 wrote: »

Using the Experian site, we have seen we have an excellent credit rating.

If Experian did credit cards you'd be quids in. More seriously, stop wasting your money on gimmicky credit scores!

Seeing Capital One had an offer of 0% on Balance Transfers until 2010, we decided to apply for one to transfer a balance of £1600 from our NatWest Card.

Capital One refused us a card! How does that one work

Do you have the "excellent credit rating" defined by Capital One? Namely, amongst others, do you have...

- An existing card with a >£5K limit?
- 5 years of credit history with existing cards?
- Total credit card debt <£10K?

If not, then that's probably why you were declined. The fact you weren't offered an alternative product (Capital One operate a rate for risk policy) says Capital One really didn't like you!

- and will that now go against us on our credit score?

No. Only a credit search was registered. The fact that you were declined is not shown on your credit file.

geordiegirl35

Yea

We have the first two, but not the third!

GrammarGirl

I've had numerous problems with my HSBC credit card... basically, I applied for a HSBC card when it was advertised as 0% on purchases for 12 months. After a few issues (HSBC asked me to take proof of my earnings into my local branch, even though I have a current account with them that clearly shows my wage going in each month!) my application was accepted, but by this time the offer had changed and I ended up with 0% on purchases for only 3 months. I've tried and tried to get this changed, with no luck.

So, the interest free period ended at the beginning of Sept. At first I tried transferring my balance, first to a Natwest card (declined) and then to Virgin (again, declined), then decided to leave it for a while and pay off the balance. I paid off £400, leaving £100 on the card.

Anyway, the balance has crept back up to £250 and I really want to transfer it. The interest isn't yet showing on my balance as it takes 56 days to clear. Any advice as to how long I should wait between applications, or any recommendations as to which card is best for me? I graduated last year, have an overdraft, car insurance paid monthly, phone bill and Virgin Media payments that I have never missed. I've also been paying off my credit card on time each month. Any help would be useful!