Best Balance Transfers Discussion Area

afghanbill

Tom_CrAcK69 wrote: »

Hi Guys,

have had a virgin card for a while now and the 0% BT deal runs out on my Jan 09 statement

Owe about £8.5k so I asked them today if I could extend the deal buy paying them the 3% instead of going to another card (I have a good credit rating) better for them to have the money instead of another company with the current Banking rate as low as it is.

They were nice on the phone but the answer is NO

If I did close the account and then wanted to come back then they said is is possible that they 'may' offer me a deal at a later date to go back.

Tesco have offered me £4.5k online and if I want more I need to send in 3 months bank statements, which I could do s I'm not overdrawn etc.

Halifax is offering 14 months for 3.5% which is tempting

I think Barclay card was £5k max for 2.5% but i've not applied

I gues I could go for both the Tesco and Barclaycard???

2 months ago I transferred onto Barclay visa card it was for 5100 but they set my limit at 10,000, think its for 14 mnths.
I also got my Bro. a bank loan last mnth in my name 5k, yesterday phoned up my other credit card Mnba, 2k outstanding so they have also offered 0% on new visa for 13 months ( so split limit 2500 & 7500) now can do a cash transfer of 5k pay off the loan have 0% for 13 mnths. so now have 2 CC at 0% for roughly the next year, no bad :T

Moggles_2

Alx_B wrote: »

Are you saying that if they returned a positive balance to another CC, you could get hit with a BT fee, even if it's something the card company has done without your express consent?

Forum users have reported this from time to time, although judging from their posts, the outcome depends on which lender is involved.

As you know, credit card companies take a dim view of any transaction which breaches their Ts & Cs and where payments/balance transfers result in overpayment, some will insist on returning the surplus funds to the account from which the money has been sent.

Credit cards - other than Egg Money - are not designed to carry a positive balance. Most lenders are relaxed about one-off, small amounts that arise temporarily (due to a refund, for instance), but some card provider's Ts & Cs (eg. Halifax, HSBC) specifically prohibit payments/balance transfers that place the account in credit.

E.g. Halifax
7.6 You must not make payments or transfer funds from another credit or store card to your account, that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

So it pays to calculate BTs with care

molley

Wonder what will come out of today's "summit" with CC companies re the interest rates they use .Probably !!!!!! all . Store cards is another area that needs looking at

samara

hi all,

third attempt to post this as orange bband keeps dropping me!

anyway,I'm a bit concerned after reading the latest report about sharing info between lenders.

I have a barc.card and a mint card.The bcard is for normal use,the mint for bt's.

I want get a new bt card to transfer the mint balance to,but it seems the only ones are virgin or mbna(same),or a 6month abbey one.

sometimes i only make minimum payments,so god knows how i am going to be viewed!

I would really appreciate some advice,i guess no-one knows how this will pan out,should i be rushing to get an app in this week? will it matter if i miss out this week? i don't understand how it will impact the score if it's before or after?


help!!!

Also,in the report,it states that having joint accounts or bills could affect your score.I have just opened a joint account with my wife ,she has no score as she is from overseas,but we now have a joint checking account(no c card,just atm card) and a joint utility bill.Will this affect me?

thanks

Marchbank

Hi,

First timer great site and an informative bunch.

I currently have a balance of £5K on Clydesdale mastercard o% for remaining 5 months. Have 0 balance on egg card who have offered 5.9% for balance life (available up to 30/11) and would be able to transfer whole amount. I currently pay between 250/300 per month and depending on next cut on rates (tracker mortgage) could up it another 100/150. Can you please advise.

Regards

bhulesch

Hello Everyone
Just to mention that given my special circumstances (quite a lot of debt but quite fast repayment), the Abbey Zero card, as described by Martin (no balance transfer fee, no interest for 6 months, but expensive thereafter), has worked out quite nicely for me. I've successfully applied and I now have 6 months to pay back about 4000 pounds. I am saving about 250-300 pounds worth of interest vs. my existing M&S card.
I've also sorted out my car insurance as it was coming up for renewal, but I'll talk about that on a different forum.
However, let me just say that Martin has saved me about 600 pounds for next year! Also, it was very insightful to talk to these financial institutions and see how arbitrary (to the point of silliness) they can be.
Thanks,
Bors

paddingtondoo

Thanks for your earlier advice about Virgin BTs.

Have now transferred my balances to OH's new shiny virgin card .

BT was done on the 19th - can anyone give me an idea when
how much the first payment is likely to come in at and when it will be due please?

Thanks in advance.

molley

paddingtondoo wrote: »

Thanks for your earlier advice about Virgin BTs.

Have now transferred my balances to OH's new shiny virgin card .

BT was done on the 19th - can anyone give me an idea when
how much the first payment is likely to come in at and when it will be due please?

Thanks in advance.

I'm not trying to be funny but did you not get or see a copy of the t+c's relating to this card showing how much had to be paid relative to the balance , including any minimum payment amount . You should also get a statement prior to the payment being due or you can check it online .
If you are paying by Direct Debit you should get a notification outlining when the payments will be taken.

JimmyTheWig

molley wrote: »

I'm not trying to be funny but did you not get or see a copy of the t+c's relating to this card

Slightly harsh, molley. Terms and conditions are not always easy to read.
Yes, I agree they should have read them and understood them, but sometimes this isn't easy.

paddingtondoo wrote: »

BT was done on the 19th - can anyone give me an idea when
how much the first payment is likely to come in at and when it will be due please?

The first minimum payment should be for the balance transfer fee (about 3% of the amount transfered) plus £5. If you can't work this out then let us know how much you transfered and we'll do it for you.
When it is due will depend on your statement date rather than the date you made the transfer. It will be at some point during the next month. Keep a look out for the statement and make sure you pay at least the minimum by the due date.
If you are trying to clear a debt, I suggest paying off as much as you can as quickly as you can.

Moggles_2

samara wrote: »

I'm a bit concerned after reading the latest report about sharing info between lenders. I have a Barclaycard and a Mint card. The Bcard is for normal use, the Mint for bt's. I want get a new BT card to transfer the Mint balance to, but it seems the only ones are Virgin or Mbna (same) or a 6 month Abbey one. Sometimes I only make minimum payments, so god knows how I am going to be viewed! I would really appreciate some advice. I guess no-one knows how this will pan out. Should I be rushing to get an application in this week? Will it matter if i miss out this week? i don't understand how it will impact the score if it's before or after?

This initiative has been under discussion for 2-3 years. I should have thought at least 12 months data would need to be collected and shared, before lenders could draw conclusions, so I wouldn't worry. Just my opinion of course.

One thing's certain, individual card companies are unlikely to disclose the patterns of credit card use they are looking for. This, like credit scoring criteria in general, is likely to remain a closely guarded commercial secret.