Best Balance Transfers Discussion Area

TraceyJ_2

Can anyone advise re the MBNA first payment following the BT please? My mimimum payment is showing as £25 as I expected but I thought I'd read somewhere that I'd be paying the BT fee as well in my first statement. Just wondering if I need to make sure I pay the fee as well to avoid any charges on that or if this will automatically be included in the 0% offer as well?

Thanks in advance for any help.

YorkshireBoy

TraceyJ wrote: »

My mimimum payment is showing as £25 as I expected but I thought I'd read somewhere that I'd be paying the BT fee as well in my first statement.

It's the greater of...

BT fee + £5

or

£25

Maybe you've made a very small BT?, ie £670 or less?

paddingtondoo

Quick query

OH is filling in Virgin application.
He has no cards but we wish to transfer my card balances to virgin.

What does he fill in in the borrowings section? My balances? and should he say yes or no to interested in balance transfer?

Bit dim this morning

JimmyTheWig

paddingtondoo wrote: »

OH is filling in Virgin application.
He has no cards but we wish to transfer my card balances to virgin.

While you can happily transfer money from one person's card to another's, you cannot transfer money from the same card provider. So you will not be able to do this transfer.

However, you are fortunate that Virgin offer a "super balance transfer" facility. Your OH needs to get Virgin to transfer the money into his current account (as if to pay off an overdraft). Virgin (being part of the MBNA family) are one of the few cards who let you do this (Egg are another one) - which is why I say you are fortunate.
Once the money is in his current account you can use that to pay your balance.

If there is space to put in current account details for the balance transfer then I don't see why you shouldn't put that in there on the form. If there isn't space then he can do it over the phone once he gets his card.

paddingtondoo

JimmyTheWig wrote: »

While you can happily transfer money from one person's card to another's, you cannot transfer money from the same card provider. So you will not be able to do this transfer.

However, you are fortunate that Virgin offer a "super balance transfer" facility. Your OH needs to get Virgin to transfer the money into his current account (as if to pay off an overdraft). Virgin (being part of the MBNA family) are one of the few cards who let you do this (Egg are another one) - which is why I say you are fortunate.
Once the money is in his current account you can use that to pay your balance.

If there is space to put in current account details for the balance transfer then I don't see why you shouldn't put that in there on the form. If there isn't space then he can do it over the phone once he gets his card.

Thanks Jimmy but think you mis read my post - my cards are not with either Virgin or MBNA

Should he fill in my balances in the borrowing details?

Moggles_2

paddingtondoo wrote: »

Should he fill in my balances in the borrowing details?

No. Potential lenders are interested in his borrowings, not yours

Moggles_2

paddingtondoo wrote: »

Should he say yes or no to interested in balance transfer?

'Just read your previous post.

IMO, it's best to keep your options open and leave the balance transfer section of your credit card application blank or, if asked over the phone, state you may be interested.

An horrendous story involving LTSB and Capital One was posted to this forum last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid unwanted partial transfers, paying another card twice etc., it's better to wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card. (Virgin has a dedicated Freefone number for this.) That way you retain some control over what happens when

JimmyTheWig

paddingtondoo wrote: »

Thanks Jimmy but think you mis read my post

Yes, so I did! Sorry.
But still wouldn't disagree with Moggles here - waiting until you have the card sounds like the thing to do...

paddingtondoo

Thanks to you both.

I'll get him to fill it in later on

TraceyJ_2

YorkshireBoy wrote: »

It's the greater of...

BT fee + £5

or

£25

Maybe you've made a very small BT?, ie £670 or less?

Thanks YorkshireBoy, it was just short of £20k BT. I was working from my online statement which states the minimum payment is £25 but perhaps my paper statement will give more information.

Thanks again