Best Balance Transfers Discussion Area

Marishka

OK, I've shifted most of one card onto a 0% egg (not thrown out...yet!) and want to shift some more. I'm thinking Virgin since Barclaycard is confusing (the front page says 2.5% fee, all the others say 2.9%). I suppose it's still cheapest whichever way but I'm wondering what else they've hidden and I haven't spotted!
The thing is, I know I shouldn't apply for too many too quickly but how soon is too soon? I got the egg card at the beginning of Jan and an ICICI savings account to put extra money in towards paying it off when the 0% period runs out so is it too soon to try Virgin or Barclaycard?

Moggles_2

Originally Posted by Marishka
I've shifted most of one card onto a 0% Egg (not thrown out...yet!) and want to shift some more. I'm thinking Virgin since Barclaycard is confusing (the front page says 2.5% fee, all the others say 2.9%). I suppose it's still cheapest whichever way but I'm wondering what else they've hidden and I haven't spotted!

I would have a read through this thread, which was only started on 6 January 2008 btw, before you apply (See #41, #42, #43, #47, #93, #98, #109, #140, for instance). Barclaycard figures quite prominently and not always for the right reasons.

Moggles_2

Originally Posted by Marishka
The thing is, I know I shouldn't apply for too many too quickly but how soon is too soon? I got the Egg card at the beginning of Jan and an ICICI savings account to put extra money in towards paying it off when the 0% period runs out, so is it too soon to try Virgin or Barclaycard?

In itself the effect of a couple of credit card applications in two months would be insignificant but, in the context of your credit history as a whole, could certainly have an impact.

Think about the number of applications for credit you've made in the past 3 months. Include catalogues, store cards, mobile phones etc. not just credit cards, as all can leave footprints on your file. Then consider your plans over the next 3 months. Credit checks appear on your credit file more or less in realtime. Too many in a short period of time will put off other lenders so, where possible, it's best to space them out through the year

Marishka

Moggles wrote: »

I would have a read through this thread, which was only started on 6 January 2008 btw, before you apply (See #41, #42, #43, #47, #93, #98, #109, #140, for instance). Barclaycard figures quite prominently and not always for the right reasons.

thanks again for both answers, I have read the thread (before posting - I'm a good girl!) and am not too sure about Barclaycard at all! I'm still puzzled though if they can legally get away with advertising one fee on their front page (2.5%) and quite another on their T&C and Summary pages (2.9%). Surely this can't be legal?
(I'm going with Virgin, btw!)

Marishka

a quick follow up,
I've emailed them for clarification but a trawl through their main site provided a) Barclaycard Platinum 0%BT for 12 months, 2.5% fee
b) Barclaycard Platinum 0%BT for 14 months, 2.9% fee

but no card, currently, as referred to here and in Martin's article. I suspect they've changed things but forgotten to update their own website properly *sigh*

Moggles_2

Originally Posted by Marishka
I'm going with Virgin

Provided that your current card isn't underwritten by MBNA, Virgin should be fine.

A trawl through their main site provided
a) Barclaycard Platinum 0%BT for 12 months, 2.5% fee
b) Barclaycard Platinum 0%BT for 14 months, 2.9% fee
but no card, currently, as referred to here and in Martin's article.

I suspect they've changed things, but forgotten to update their own website properly *sigh*

That's how it looks. Barclaycard Platinum still offers 0% BTs for 14 months, but a handling fee of 2.9% now applies.
Thanks for updating us. :beer:

Colleen

Hi am new to this so sorry if question has been asked already. I have an MBNA card with a balance of £7800 which want to transfer to 0% but keep getting turned down. I know our credit isnt A! but both me and m husband work full time. Any alternatives or suggestions???

Moggles_2

Originally Posted by Colleen
I have an MBNA card with a balance of £7800 which I want to transfer to 0%, but I keep getting turned down. I know our credit [rating] isn't A, but both me and my husband work full-time. Any alternatives or suggestions?

There are many reasons why someone's credit rating may be less than perfect. Have you checked your credit reports lately? This is the information UK lenders see when you apply for a new credit card (For help, see the *How to obtain credit reports* sticky.)

To help you further, we need to know which credit cards - apart from MBNA - you currently hold and which ones you applied for unsuccessfully.

Tinkerbell35

Objd wrote: »

Hi just thought Id write to say I felt the same about monies too but decided to take bull by horns and follow Martins list one by one. Just started today - got my existing Barclaycard rate reduced as a goodwill gesture by Barclays after I asked what they could do before I moved balance. Then applied to Virgin as deal suited me and got accepted for 0% etc... to clear existing debt. Feeling very happy made the effort. Good luck with yours trust me its worth it.

I also did the same, I did something stupid with my Tesco card and paid off money that was on a lower rate because i forgot i had two rates on there. so of course that left the balance on the higher 17.9%. I have a Barclarycard that has about £50 on at the moment and saw Martin's advice so rang them to ask if i were to transfer what the rate would be - all I got was no special rate at the moment - I even mentioned 6.9% - but nothing.
So i rang Virgin and was offered 0% till november and my current balance also at 0%. It cost me a BT fee but I still save 7 months interest had i left it on Tesco. So no i have Natwest and Virgin on 0% until november. My Tesco card will now be used for purchases only that are paid off within the month so i can collect my points. and I will cancel my Egg and Barclaycard. And then hopefully in October I can apply for another 0% card for the balance.

Tinkerbell35

Ian.2 wrote: »

Thanks John.........I'm paying 0% interest with Egg.My point is that I was paying 0% with Virgin and their minimum payment was only £5 per month.Egg have a minimum monthly payment of 2% of balance,in this instance £218.I had hoped still to get away with paying £5 per month minmum for the interest free period then pay it off with a lump sum at the end.Is 2% minimum payment the norm or are Virgin particularly generous with their terms?

I think Virgin are generous with their minimum payments - they are the only ones who I know that do this (well out of Barclay, Egg, Tesco and Natwest).
this is why i transferred my balance to Virgin - I can pay more than their minimum but less than Tesco's and still pay off the balance quicker - and have extra money in my banl account and thus not use the cc so much.