Best Balance Transfers Discussion Area

Moggles_2

moredough wrote: »

I've just spoken to A&L about a BT to my existing MBNA card and I've been offered 0% for 9 months with a 3% fee. I don't know if all will qualify. My card was empty and had been paid off in full.

Thanks for posting.

MBNA has a reputation for regular, existing-customer/follow-on offers, once your balance is paid off in full, so a credit card issued by this lender (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) is worth having in your deck.

MBNA will even waive BT fees sometimes, if you're prepared to negotiate over the phone. I've had offers as good or better than the introductory deals now and again

N1SEXYTING

Moggles wrote: »

Strictly speaking, lenders carry out credit checks when you apply for credit facilities. The credit reference agencies (CRAs) have provided you with credit reports. These are the files UK lenders search when they do a credit check.



Experian and Credit Expert are one and the same organisation. Have you obtained credit reports from Experian and Equifax or Experian and CallCredit, perhaps?

I was writing in a hurry, I meant experian and equifax, I do have a overdraft on my Halifax student account but its always pretty much maxed out, I've been waiting for some money Tax Credits own me to pay off the balance but it does not look like it's coming anytime soon so I'm going to probably use my next installament to pay off about £1000 which would leave me about £300 to transfer so would there be other Credit card companies not under the RBS that I could realistically get accepted on with my low income or maybe i just clear the balance and stop using the card. but then I wouldn't be re-building my credit history right

Moggles_2

N1SEXYTING wrote: »

I meant Experian and Equifax....Would there be other credit card companies not under the RBS that I could realistically get accepted on with my low income?

We cannot be certain which credit card providers search a particular agency's files. Lenders do not disclose this information. Judging from posts to this forum the majority use Experian.

Forum users have reported that Egg searched Equifax only, following recent applications for the Egg card, so you may want to give this one a go. You'd have almost 12 months at 0% with Egg. A 3 % BT fee applies.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

A late payment or two will not affect your credit score for too long, but missed payments can trash your credit rating for years

If you apply to Egg and get accepted it might be an idea to set up a direct debit to pay the minimum amount. That way, it's the lender's responsibility, not yours, to make sure the monthly repayments get there and on time. You cannot afford any more missed payments.

Moggles_2

N1SEXYTING wrote: »

... or maybe I just clear the balance and stop using the card, but then I wouldn't be re-building my credit history, right ?

Whether or not you spend on the card makes no difference to your credit rating. As long as you make at least the minimum payment on time each month, your credit worthiness is not affected, but of course this is not money saving.

I would stop spending on your Halifax card for a bit & 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. If you were to settle the statemented balance in full for two consecutive months, you'd have up to 59 days interest-free on purchases.

Moggles_2

98cnshoes wrote: »

[I have a Barclaycard] with £3500 on it (limit £5600) and Halifax with £3800 on it (limit £7900). I am paying 26.75% interest on Halifax, so really want to get rid of this one. Spoke to Barclaycard about tranferring Halifax card at 6.9% life of balance, but Barclaycard will only increase limit to £7000.

You don't mention the interest rate you are paying on the £3500 balance on your Barclaycard, but unless you clear this debt first, you'll be saddled with that rate (whatever your standard APR happens to be) for the duration of the life-of-balance deal. If the interest rate is variable, it could get as expensive as your current Halifax card.

Barclaycard suggested transferring all monies to Halifax and then transferring back to Barclaycard to take advantage of 6.9% for total debt.

Will Barclaycard charge a balance transfer fee to transfer everything back? If not, this strategy avoids the above predicament, but B'card normally restricts balance transfers to 90% of your credit limit or £5000 max, so you would be left with approximately £2300 to pay off yourself.

pinkerton_angel

I have approx £9k worth of credit card debt, £4.5k on Barclaycard, Cap One and LloydsTSB and the rest on 3 MBNA cards. I have defaults on my file so unable to get any decent credit, my partner has offered to try and get a 0% card so we can transfer the balances over, is this possible if we don't live at the same address? I believe Virgin may do this but won't be able to take the MBNA balances?

NickX

pinkerton_angel wrote: »

my partner has offered to try and get a 0% card so we can transfer the balances over, is this possible if we don't live at the same address? I believe Virgin may do this but won't be able to take the MBNA balances?

Your partner is allowed to transfer balances from cards belonging to yourself, friends or just Dave from down the pub :beer:

However, once the transfer is complete, your partner becomes solely responsible for the debt and is legally obliged to make the repayments even though they didn't actually run up the debt.

You can transfer a balance from MBNA to Virgin by requesting a Money Transfer (otherwise known as Super Balance Transfer) from Virgin which means they move funds directly to your bank account. You can then settle the MBNA balance from your Bank Account thereby getting around this restriction.

Good Luck.

Dawndave1

Just watch the small print if you want 14 months interest free credit as you have to spend £100 in the first 3 months otherwise you only get 3 months interst free credit !
I quote " 0% p.a. for Balance Transfers you make in the first 6 weeks after we open your account. If you make at least £100 of Purchases in the first 3 months after we open your account this rate is fixed for 14 months from the date the transferred balance is put on your account. Otherwise, this rate is fixed until 3 months after we open your account.
We will open your account a few days before you get your card."

Moggles_2

Dawndave1 wrote: »

Just watch the small print if you want 14 months interest free credit, as you have to spend £100 in the first 3 months. Otherwise you only get 3 months interest free credit. I quote " 0% p.a. for Balance Transfers you make in the first 6 weeks after we open your account. If you make at least £100 of purchases in the first 3 months after we open your account this rate is fixed for 14 months from the date the transferred balance is put on your account. Otherwise, this rate is fixed until 3 months after we open your account.

To be fair, the minimum spend requirement is clearly stated after each mention of the 0%-interest-for-14-months feature. LloydsTSB has been quite up front about it.

To avoid interest accruing on the £100 spend once the 0% on purchases expires, you would need to pay off the balance, then request your balance transfer(s) within 6 weeks of account opening .

beerbottles

paul.d.robinson wrote: »

This matches my experience. I've applied on line three times - no record of my application when i call up and no other communications from them.

Has anyone successfully applied for the Barclaycard OnePulse deal recently? If not then surely this shouldn't be the recommended deal.

Hi
I applied today . took longer than i thought it would but was accepted i will post what happens next . cheers H