Best Balance Transfers Discussion Area

NickX

JimmyTheWig wrote: »

However, I have seen no sign of companies pulling them and so I doubt that all of these products will disappear over the next month or so.

Hi Jimmy, actually Capital One have just pulled all their 0% cards, and the Abbey Zero has been pulled aswell. I think the market is getting tougher in the current climate.

JimmyTheWig

NickX wrote: »

Hi Jimmy, actually Capital One have just pulled all their 0% cards, and the Abbey Zero has been pulled aswell. I think the market is getting tougher in the current climate.

Ouch.
In which case, stephensdan, I suggest you apply now!

[If you apply for a card that allows you to do "super balance transfers", such as Virgin, (or if you have an Egg Money card) then you could "stooz" the money until it was needed. Might be worth £50 to you if you have a balance of £10k. Ask if you are interested but don't understand.]

Bascule_2

Moggles wrote: »

It's good to hear things proceeded smoothly with Virgin. This has been my experience with Virgin/MBNA too.
:beer:

Note for future reference: most lenders will not accept BT instructions until you have received your new card. You either complete the BT request section (if there is one) during the application process or wait until the card arrives and request your BT(s) when you call to activate. (There's usually a dedicated, Freefone number for this )

IMO, it's best to wait until the activation call. That way you keep your options open, avoid unwanted partial transfers, paying the same card twice etc. and retain some control over what happens when. An horrendous story involving LTSB and Capital One was posted on this thread last year. This was an extreme case, but the frequency of slip-ups that crop up on the main cc board has convinced me it's safer to wait until receipt of your card and credit limit. BTs are not easy to reverse and, in attempting this, you could incur two BT fees.

Oh, that's slightly worrying. I won't ask what the "horrendous story" was as I'd only get more worried. When I phoned them up to check that the application was being processed I asked if I would need to do anything else to activate the BT and the chap said that it would just happen. The amount I specified would simply be paid to the other card. Oh well, just hoping it all goes smoothly.

Little_Chicken

Hi - I've just applied for the Abbey Zer card - how do you know it's been withdrawn? Will they just send me an email telling me? Or offer me a different card?

molley

Moggles wrote: »

It's good to hear things proceeded smoothly with Virgin. This has been my experience with Virgin/MBNA too.
:beer:

Note for future reference: most lenders will not accept BT instructions until you have received your new card. You either complete the BT request section (if there is one) during the application process or wait until the card arrives and request your BT(s) when you call to activate. (There's usually a dedicated, Freefone number for this )

IMO, it's best to wait until the activation call. That way you keep your options open, avoid unwanted partial transfers, paying the same card twice etc. and retain some control over what happens when. An horrendous story involving LTSB and Capital One was posted on this thread last year. This was an extreme case, but the frequency of slip-ups that crop up on the main cc board has convinced me it's safer to wait until receipt of your card and credit limit. BTs are not easy to reverse and, in attempting this, you could incur two BT fees.

That;'s not the way it worked when I did a BT to a Paypal card and a Halifax Card .I entered the amount to BT on the application form ( online) and it went through automatically . When I activated the card the guy confirmed that I didn't want the amount changed .

s@sha

Hi all
I've been wondering whether this huge base rate cut might mean that we may see lower interest rates on 'life of balance' transfers' cards? I assumed that if the base rate is cut, borrowing should therefore be cheaper...including credit card rates. Or doesn't it work like that?

I have a couple of cards with 0% deals but I know I'm not going to finish paying the balances by the time the deals end in about 3 months,so I was planning to move them to another 0% card when the time comes. However, if lenders are starting to pull their 0% deals, maybe a 'life of balance' card would be better. Or do you think that these will be pulled (or their rates not cut) as well?

sarahs999

NickX wrote: »

Hi Jimmy, actually Capital One have just pulled all their 0% cards, and the Abbey Zero has been pulled aswell. I think the market is getting tougher in the current climate.

That's interesting. I applied for that card a couple of weeks ago and they turned it down but gave me another 0% card instead. I've never been turned down before and this is about my ninth or tenth card (long term tart!).Damn this c***** c*****.

Moggles_2

Bascule wrote: »

Oh, that's slightly worrying. I won't ask what the "horrendous story" was as I'd only get more worried. When I phoned them up to check that the application was being processed, I asked if I would need to do anything else to activate the BT and the chap said that it would just happen. The amount I specified would simply be paid to the other card. Oh well, just hoping it all goes smoothly.

IME, Virgin is a good deal more efficient, than some lenders I could name. Online services are good too so, once registered, you can monitor the process online. I'm sure you'll be fine

cscarlsson

Just got my Citi platinum through this morning, balance transfer rate for the life of the balance 4.99% with a fee of 3%

Moggles_2

s@sha wrote: »

I've been wondering whether this huge base rate cut might mean that we may see lower interest rates on 'life of balance' transfers cards? I assumed that if the base rate is cut, borrowing should therefore be cheaper, including credit card rates. Or doesn't it work like that? I have a couple of cards with 0% deals but I know I'm not going to finish paying the balances by the time the deals end in about 3 months, so I was planning to move them to another 0% card when the time comes. However, if lenders are starting to pull their 0% deals, maybe a 'life of balance' card would be better or do you think that these will be pulled (or their rates not cut) as well?

The Abbey, Capital One, Citi and Royal Bank of Scotland 0% BT cards were all pulled before the BoE base rate cut was announced, so new offers may now be on the cards (Sorry, I couldn't resist).

Likewise, there's a dearth of decent LOB deals at the mo, but things could easily improve over the next couple of months. After all, lenders have to lend in order to make money