Best Balance Transfers Discussion Area

Laur£n

JimmyTheWig wrote: »

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.

Thanks for the advice Yes, my other half will be paying the money in this week so i think i'll transfer the smaller balance afterwards, like you suggest, to avoid the larger transfer fee. As for the stoozing... no you're right, i'm not sure i'm financially savvy enough for that just yet hehe

Moggles_2

lil_lady wrote: »

I'm about to apply for a Virgin credit card 0% to do a balance transfer (overdraft). I can't seem to see if there's a minimum amount?

Well, the minimum handling charge is £3.00, so it wouldn't be worth transferring less
than £100.

Btw you don't actually need an overdraft to transfer cash from the Virgin credit card to your bank account and Virgin will allow you to transfer up to 95% of your credit limit, so many of us request the maximum on offer and shift any surplus funds to a cash ISA until the 0% promotion ends

Rabbitx

Hello, I've never had a credit card before, but it seems to me this is an excellent time to have one.
I have two £2000 overdraft facilities with the Halifax and Natwest. One of these was only increased from £1000 this week. I owe £3000 between them. I was made redundant three weeks ago, and even with quick re-employmnt, am likely to seriously struggle for a couple of months. I am going to inherit aprox £30,000, which I may see in 3 - 4 months time, but may be quite a while longer, as it is dependant on the sale of a property. I am not a home-owner, and my credit report looks healthy at the moment, but could look very unhealthy quickly, when my banks see wages have stoppped going into my accounts. Obviously I need healthy accounts to manage for the next few months, and it would be advantageous to improve my credit score by having a healthy credit card account as well, especially if in the future, I have the opportunity to get on the property ladder.
Am I right in thinking it is worthwhile and safe to apply for the Virgin card?

Moggles_2

Rabbitx wrote: »

I've never had a credit card before, but it seems to me this is an excellent time to have one. I have two £2000 overdraft facilities with the Halifax and Natwest. I owe £3000 between them. I was made redundant three weeks ago and even with quick re-employment, am likely to seriously struggle for a couple of months. I am not a home-owner and my credit report looks healthy at the moment ...Obviously I need healthy accounts to manage for the next few months and it would be advantageous to improve my credit score by having a healthy credit card account as well, especially if in the future, I have the opportunity to get on the property ladder.Am I right in thinking it is worthwhile and safe to apply for the Virgin card?

Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks.

If this would be your first credit card, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a credit card, rather than trying to select the best 0% card to shift your overdrafts.

Lenders like Virgin launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are likely to see your lack of a permanent job as too great a risk, so I would concentrate on finding a new job first.

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

Rabbitx

Thanks Moggles, as it is obviously very tempting. Perhaps I should inform the bank about my current predicamant, but I am worried that they will limit my overdraft if I do, and that would lead to a lot of problems with paying bills and just surviving.

wannaberich41

hi
ive finally done the tesco card deal and done a balance transfer from my current card provider. my limit on current provider is £10,000 and owed just over £4000. i managed to transfer £2850. as they gave me a limit of £3000. would it be best to pay of some on my tesco card which is 0% balance transfers and then transfer more from my current provider on to it. Not sure if they will let me do that tescos. or would be worth just payingoff my current provider?

Your advise would be very much appreciated.

thanks in advance

NickX

wannaberich41 wrote: »

would it be best to pay of some on my tesco card which is 0% balance transfers and then transfer more from my current provider on to it. Not sure if they will let me do that tescos. or would be worth just payingoff my current provider?

Why pay off Tesco and then incur further Balance Transfer fees by moving more of the original balance over ?

I would have thought you would be best to pay as much off from the original provider as you can and pay the minimum on the Tesco card whilst its on a 0% rate.

poker_face

wannaberich41 wrote: »

hi
ive finally done the tesco card deal and done a balance transfer from my current card provider. my limit on current provider is £10,000 and owed just over £4000. i managed to transfer £2850. as they gave me a limit of £3000. would it be best to pay of some on my tesco card which is 0% balance transfers and then transfer more from my current provider on to it. Not sure if they will let me do that tescos. or would be worth just payingoff my current provider?

Your advise would be very much appreciated.

thanks in advance

Surely its easier to pay off the card with the 0% balance transfer rather than pay for two

Moggles_2

wannaberich41 wrote: »

Would it be best to pay off some on my Tesco card which is 0% on balance transfers and then transfer more from my current provider on to it (not sure if Tesco will let me do that) or would it be worth just paying off my current provider?

Tesco would let you do it, but I agree with Nick. I would make the minimum payment required to Tesco. As long as you remember not to spend on this card, you'll be charged 0% for 14 months.

Meanwhile, I would stop spending on your existing LLoydsTSB card (if you haven't already) & concentrate on paying off as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process

Very best
M

hyperjedz

this thread has given me ideas on how to pay my debt easily. now that you mentioned it, it would be easier to pay if there's 0% interest. thanks!