Best Balance Transfers Discussion Area

JimmyTheWig

Millie-Moo wrote: »

Mint offered 0% until June 09 and NO TRANSFER FEE, so that was a no brainer! Have moved all my money from Barclaycard to Mint. The offer from Barclaycard expires at Christmas. It is for 0% until November 09, but with 2.5% transfer fee. This is still less than the interest I would be charged over that period, so I'm going to transfer it over at Christmas.

Sounds like you've got it sorted. Well done.
Remember to make the minimum repayments on time and do what you can to get the debt down significantly by November 09 (even better if you can clear it completely by then!).
You may want to look at other areas of this site to find other ways of saving money and use that against this debt, too.

molley

JimmyTheWig wrote: »

Sounds like you've got it sorted. Well done.
Remember to make the minimum repayments on time and do what you can to get the debt down significantly by November 09 (even better if you can clear it completely by then!).
You may want to look at other areas of this site to find other ways of saving money and use that against this debt, too.

Probably best to set up a Direct Debit for the minimum ( at least). Extra payments can still be made by other means like a payment arrangement by online banking .It's easy to forget after the bill comes in and that could be your 0% stuffed .

molley

Anyone know why Abbey take so long to sort out a Zero Card application .Any other cards I have had I arranged online in minutes and got an immediate decision ( all yes so far) but Abbey have taken from the 8th Nov and I'm still waiting .I did phone them and ,after speaking to 3 people...They have a number on the site which is for MBNA cards ( not very helpful that as it is on the Zero Card site) and another number for Santander Cards. The girl said my application was with the Underwriters and could take up to 28 days .She did say it would have been quicker in a Branch .
Not sure why I ask about Abbey being slow as my experience with them( I have a bank a/c) is that they are useless.

lil_lady_2

hi im about to apply for a virgin cedit card 0% to do a balance transfer (over draft) i cant seem to see if theres a minimum amount ?

Moggles_2

Originally Posted by Millie-Moo
Mint offered 0% until June 09 and NO TRANSFER FEE, so that was a no brainer! Have moved all my money from Barclaycard to Mint.

Excellent. You're still paying the standard rate on your existing £2500-£3000 Mint balance and your monthly repayments will be used to pay off the 0% BT debt first, but at least you haven't had to pay the usual 3% BT fee and, once you have a Barclaycard statement to show that your balance is zero (the statement itself is important with B'card because of the way interest is now calculated by this lender), you can transfer the entire Mint balance to B'card at the cost of one 2.5% BT fee.

Congratulations
:beer:

Moggles_2

molley wrote: »

Anyone know why Abbey take so long to sort out a Zero Card application? Abbey have taken from the 8th Nov and I'm still waiting .I did phone them and ,after speaking to 3 people...They have a number on the site which is for MBNA cards ( not very helpful that as it is on the Zero Card site) and another number for Santander Cards. The girl said my application was with the Underwriters and could take up to 28 days .She did say it would have been quicker in a Branch .
Not sure why I ask about Abbey being slow as my experience with them( I have a bank a/c) is that they are useless.

Sadly, that's been my experience with Abbey too. When Santander took over from MBNA, customer service deteriorated almost overnight.

Laur£n

Hi folks,

A newbie here (although i have been reading articles here on and off for a while)

I have a question regading 0% on balance transfers:

I got an egg card in September in order to get 12 months at 0%...
I have since stupidly spent on this card (needed to book holiday and wanted security of credit card because of holiday companies going bust - partner is giving me money back).

But now after reading lots of MSE Martin's tips am accutely aware that i've made a mistake and worry that even though i am getting most of the money back from my other half i'll end up paying off the 0% rated balance before the rest and it'll cost me a fortune in interest and thus wasting my 0% way before the 12 months is up

What's my best course of action? Move to a new 0% card with the full egg balance ASAP (like the new Virgin card)?

YorkshireBoy

Laur£n wrote: »

I have since stupidly spent on this card (needed to book holiday and wanted security of credit card because of holiday companies going bust...

For future reference, you need only put the deposit on a credit card (and as little as £1 will do if they'll take it!) to enjoy section 75 protection...providing the total cost is between £100 and £30,000.

What's my best course of action? Move to a new 0% card with the full egg balance ASAP (like the new Virgin card)?

That'll depend on the Egg purchases APR (to determine the likely interest incurred over the remaining 12 months), the size of the purchase balance, the total balance on the card, any BT fee applicable on the new card, etc. More information required.

Laur£n

Total balance: £1,800
Purchases Balance: £800
BT Fee for Virgin card 2.98% (16 months 0% on BT)
Interest rate for purchases: 16.9% pa variable

Thanks for the info about Section 75, i will definitely bare that in mind in future

JimmyTheWig

Laur£n wrote: »

Total balance: £1,800
Purchases Balance: £800
BT Fee for Virgin card 2.98% (16 months 0% on BT)
Interest rate for purchases: 16.9% pa variable

Once you pay off the £800 from your partner, you will be paying interest on practically all of your balance. So yes, another balance transfer would almost definitely be worth it.
I suggest you pay off the £800 as soon as possible and then transfer what is left. Unless you want to stooz the money (which I'm not convinced is a good idea for someone paying off a debt) I'd say don't transfer the whole lot over as you'll be paying the transfer fee on a larger amount.