Best Balance Transfers Discussion Area

T&M's_mum

Hi
I have a Barclaycard with balance of £2300 and A&L with balance of £1100. Just called Virgin and transfer from Barclaycard would be ok but the only way to do the A&L would be to take a cash advance from the card and then pay off the A&L card. They said the rate is the same 0% for 16 month but has to be done within 60 days.

Does anyone know if this is a good way to transfer A&L balance? Are there any catches?

Thanks for any help!

YorkshireBoy

T&M's_mum wrote: »

...the only way to do the A&L would be to take a cash advance from the card and then pay off the A&L card. They said the rate is the same 0% for 16 month but has to be done within 60 days.

Does anyone know if this is a good way to transfer A&L balance? Are there any catches?

Be careful with your terminology!

You need to ask for a 'money transfer', in other words a transfer of a (ficticious) overdraft balance from your current account. Ask the CSA during the activation call, but double check the 'money transfer' is still at 0% (2.98% fee) because offers change all the time.

samara

I have a barclaycard,natwest business card,and a mint bt card.Upon reading the updated article,i see now lloyds tsb may be the next best option.any idea what there limits are? I don't really want to go down the mbna route,as this would stop me getting a higher balance card from them later(subject to credit ).how does the capital 8.5% work? do you pay 8.5% per month? I have a balance of about 6k to shift.

many thanks

NickX

samara wrote: »

I have a barclaycard,natwest business card,and a mint bt card.Upon reading the updated article,i see now lloyds tsb may be the next best option.any idea what there limits are? I don't really want to go down the mbna route,as this would stop me getting a higher balance card from them later(subject to credit ).how does the capital 8.5% work? do you pay 8.5% per month? I have a balance of about 6k to shift.

Don't worry about getting an MBNA card now will reduce your Credit Limit on any future cards, they allow you to move limits from one account to another.

The Capital One card that you mention is fixed at 8.5% per annum (Annual) until 1st August 2012 on Balance Transfers and Purchases with no BT fee.

Good Luck.

Cash_Flow

Moggles wrote: »

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.

I have applied for a egg card today, and they have searched both experian and equifax, so I think in many cases it's the luck of the draw.

8336juliel

New to the site I'm afarid so have no idea if I'm posting this right. Urgent help is needed. Can a balance transfer be cancelled before the money reaches the old card? I recently applied for one with Barclaycard. I asked them to cancel the same day, but they said it cannot be done. Is this right?

Please help

mickeyD_3

Hi
I'm new here, so I'm not sure if I'm posting in the right place.

I currently have an outstanding balance on an HSBC card (paying interest) and another balance on an interest free card (about to expire). I'm not sure the best way to deal with these debts. I am thinking that I should combine both cards on to another interest free card and just keep paying ( I always pay more than the minimum) and then find another interst free card once that expires. My problem is I am paying all my spare cash off of my existing debt and then having to use another card in order to live. Thus creating more debt! It seems to be a never ending circle that I am going in. I truley would welcome any advice.

TIA

carbonmonoxide

Quick question as I have never done any balance transferring before. I currently have 3 credit card, one is with virgin which has 0% on balance transfers until August. I usually pay off my credit cards in full but I could really do with a new computer (our one is 10 years old now and painfully slow). I applied for the virgin card less than 6 months ago so I am worried applying for a new card will affect my credit rating.

So in a nutshell, what I need to know is if I do go ahead and buy the computer should I buy on one of my other cards then immediately transfer to Virgin, then look for another deal in August when the 0% rate finishes?

Cheers

samara

NickX wrote: »

Don't worry about getting an MBNA card now will reduce your Credit Limit on any future cards, they allow you to move limits from one account to another.

The Capital One card that you mention is fixed at 8.5% per annum (Annual) until 1st August 2012 on Balance Transfers and Purchases with no BT fee.

Good Luck.

thanks nickx. 8.5% pa is only about 45 per month on 6 grand.thats less than half of the minimum payment i currently make! Or am i bad at maths? that is definitley the best bet then,or is there a minimum payment ontop of the 8.5%?
thanks.

NickX

samara wrote: »

thanks nickx. 8.5% pa is only about 45 per month on 6 grand.thats less than half of the minimum payment i currently make! Or am i bad at maths? that is definitley the best bet then,or is there a minimum payment ontop of the 8.5%?
thanks.

The 8.5% is the APR or the interest rate applicable to the deal.

You will have to make Minimum Payments which I believe to be 3% of your total outstanding balance.

This would easily cover any interest accrued, so you balance will decrease but you would be well advised to pay as much as you can each month to reduce the overall level of the debt.

Good Luck.