Best Balance Transfers Discussion Area

wannaberich41

hi,
Ive got my normal mortgage which we pay no problems everymonth,
We have a loan for the car whcih we pay off every month with no problems.
Ive got buy now pay later on catalogue which is bout £150.
but now pay later on argos card £400
these 2 will be cleared by the time the buy now pay later comes to an end because i still pay off a little of it each month.

When i checed credit scor about 1 yr ago ago it was excellent.

Ive got a credit card and this is where problems is now. see below



I have a lloyds tsb mastercard which has about £4k on it. I was looking at the tesco card to transfer the debt too. it i2 2.9% transfer fee and is 0% until 2010 then 16.9 %. How do i go about transferring the fee? and what reason will they or could they reject the application? I'm also a little concerned because i work for the family business and they are asking about employment information. I do not wish for my family too find out but would like to get debt free. If i transfer to tesco and get the grace until 2010 it will just give me a free few months over xmas before i would start paying it off and would get it cleared by 2010.

I am paying well above the minimum off at the moment on the current card.

Please help and advise.

Thanks in advance.

clairelem

Can anyone advise which credit cards allow you to transfer your bank overdraft to them - preferrably a card with 0% balance transfer rate.

Many thanks
Clairelem

YorkshireBoy

clairelem wrote: »

Can anyone advise which credit cards allow you to transfer your bank overdraft to them - preferrably a card with 0% balance transfer rate.

See post #1249 et seq in this thread.

Moggles_2

wannaberich41 wrote: »

I have a Lloyds Tsb mastercard which has about £4k on it. I was looking at the Tesco card to transfer the debt to. It has 2.9% transfer fee and is 0% until 2010 then 16.9 %. How do I go about transferring the fee?

Not sure what you mean. On receipt of your new credit card, you can ask Tesco to transfer the balance from your LloydsTSB card. Tesco will allow you to borrow up to 95% of your credit limit and currently charges 2.9% of the balance shifted. This fee appears on your first monthly statement.

What reason will they or could they reject the application?

There are any number of reasons why a given lender may refuse to extend credit. For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

clairelem

Could i get some advice off people about what the best options would be please:
I have an overdraft of £3000 -

a) would I be best transferring all this to a 0% balance transfer credit card
OR
b) should I get a 0% purchase credit card, buy everything on that and not use my bank account until the overdraft is gone and I'm back in credit. Then I'd pay the credit card off

Or are they both the same result??!!

YorkshireBoy

clairelem wrote: »

Snip

Assuming your overdraft EAR is more than 3% (the cost of transferring to an SBT card for a year or so), 'A' is the best option.

However, have you addressed the reason(s) for building up such a large overdraft in the first place? Because if you haven't, then you'll be in (more) trouble again very soon.

wannaberich41

hi moggles

Not sure reall how to go about transferring from one card too another? How long it takes to do? Do u tell them when u appl for the application or do u transfer after u have got card. Do u think the will accept me? I never miss an pa ments. Sorr m letter x ( ) z isn't working, hence wh m writing looks abit strange.

JimmyTheWig

bj007 wrote: »

i have a loan with egg for £6000, Im paying off £300 every month on this in order to clear it in 24 months.
...
i am finding it difficult to make these. ideal would be 250 a month.

my question is, what would be better:

1. go for a 0% balance transfer on a card
2. opt for another loan at a cheaper rate

The longest 0% deal you will get is 16 months. From what you have said, you will not be able to repay this debt in this time. So option 1 relies on the ability to get another 0% (or at least low) rate in the future.
With the current economic climate I would not be too confident about this being possible, and so in your position I would be happier doing something that was guaranteed - like a life of balance transfer rate, a new loan or just keeping the existing loan and making savings elsewhere to ensure you meet the monthly payments

molley

wannaberich41 wrote: »

hi moggles

Not sure really how to go about transferring from one card to another? How long it takes to do? Do you tell them when you apply for the application or do you transfer after you have got card. Do you think they will accept me? I never miss any payments. Sorry my letter y isn't working, hence why my writing looks a bit strange.

As far as I can tell different card providers work differently . I have applied for three cards over the past year and a couple asked on the online application form for details of what you wanted to transfer but Egg didn't . As far as I know they all give you a certain time after you get the card to let them know what you want to transfer .It will all be explained on the site when you look at it ,probably in a FAQ section. Best to have the details all written down in advance so you know exactly how much you want to transfer and the account details of the cards you are transferring from .

Moggles_2

wannaberich41 wrote: »

Not sure really how to go about transferring from one card to another?

For a full explanation, Martin's *Best Balance Transfers* article is the place to start

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

How long does it take to do?

The industry standard is 7-10 days, but lenders vary in this respect as with everything else.

Do you tell them when you apply for the application or do you transfer after you have got card?

With Tesco, you can either complete the BT request section during the application process or wait until the card arrives.

IMO, it's best to wait until you have your new card. 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 this board has convinced me it's safer to wait until receipt of your card and credit limit. BTs are not easy to reverse and, if you attempted this, you could incur two BT fees. This is just my opinion of course.

Do you think they will accept me?

Sorry, only Tesco knows the answer to that one.