Best Balance Transfers Discussion Area

wwwscott

Hi,

New to the site and loving the amount of people on here to ask for help.

I've got a credit card with £2900 and its at the end of the 0%. My question is do I change to another card (Tesco looks good at the minute with 0% for 14 months, the 2.9% fee would cost me £80) or do I go for a life long transfer rate....OR....do I get a loan over 3 years (which is looking at a repayment of about £90 per month and will have paid back £3400 when finished).

Any help would be very much appreciated.

Scott

poker_face

wwwscott wrote: »

Hi,

New to the site and loving the amount of people on here to ask for help.

I've got a credit card with £2900 and its at the end of the 0%. My question is do I change to another card (Tesco looks good at the minute with 0% for 14 months, the 2.9% fee would cost me £80) or do I go for a life long transfer rate....OR....do I get a loan over 3 years (which is looking at a repayment of about £90 per month and will have paid back £3400 when finished).

Any help would be very much appreciated.

Scott

Might work out cheaper to transfer to a 0% card. Depends how long you wish to take to pay it back really.

Moggles_2

wwwscott wrote: »

I've got a credit card with £2900 and it's at the end of the 0%. My question is do I change to another card (Tesco looks good at the minute with 0% for 14 months, the 2.9% fee would cost me £80) or do I go for a life long transfer rate....OR....do I get a loan over 3 years (which is looking at a repayment of about £90 per month and will have paid back £3400 when finished)?

Well, the Tesco credit card would save you the most money.

That said, there's no perfect solution that suits everyone. Martin's *Best Balance Transfers* article explains the pros and cons of 0% and life-of-balance deals and how to decide.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#choosing

For advice on loans, you may get replies more quickly if you post again here

http://forums.moneysavingexpert.com/forumdisplay.html?f=12

wannaberich41

hi,
i balance transferred £2800 from lloyds tsb matercard to tesco 0% in november. I couldnt transfer all what i wanted because tesco wouldnt give me a higher limit. i have another £1700 which i would like to transfer to another 0% card if possible. ive looked at the virgin one and that says something about cant transfer if got mbna card. checked credit report and ive got 999. im looking to transfer the last bit really because this time of the year is really quiet work wise so do not earn as much now as i would begin of march. i always pay over the minimum repayment charge.
any advise would be very much appreciated.

Moggles_2

wannaberich41 wrote: »

I balance transferred £2800 from Lloyds Tsb mastercard to Tesco 0% in November. I have another £1700 which I would like to transfer to another 0% card if possible. I've looked at the Virgin one and that says something about can't transfer if got MBNA card.

You cannot transfer balances between Virgin and MBNA as both cards are underwritten by the same bank (MBNA), but you can shift balances from LloydsTsb to MBNA. This lender has a reputation for regular, existing-customer/follow-on offers, once your balance is paid off in full so, if the balance on your MBNA card is zero, it's worth a phonecall to customer services to see if the bank can offer you a preferential BT rate.

Alternatively, 0% for 13 months is currently available to new customers from Halifax on balances transfers made in the first 90 days. There's a 3% BT fee.

http://www.halifax.co.uk/creditcards/pluscard136.asp

As always, remember not to spend on this card

rodent

Moggles wrote: »

You cannot transfer balances between Virgin and MBNA as both cards are underwritten by the same bank (MBNA),

I beg to differ, you can effectively transfer balances by making sensible use of the the SBT facility which is available on bioth Virgin and MBNA (well it would be wouldn't it !!)

Bt cash to Bank acc then pay off other card ......:rolleyes:



The Rodent

zoony67

Here's my problem, I have two cards with balances outstanding, the first is a Halifax Card the other a Barclaycard.

The Halifax Card has 2309 on it and the B/card has 3000 on it.

I want to balance transfer a balance from one to the other and the Halifax have stated that they can give me either a 6 month 0% deal or 5.94% for the life of the balance. B/card on the other hand have told me that they can give me either 0% for six months or 6.9% for the life of balance. The Halifax has a 3% transfer fee and the B/Card a 2.5% transfer fee.

My idea is to transfer the Halifax balance onto the barclaycard at 0% clearing my Halifax Card. Then once the transfer is complete to transfer the whole amount on the Barclaycard back to my Halifax card at hopefully 5.94% life of balance until I clear it.

I know that I will incurr two transfer fees but what I don't want to do is to find that if I clear my whole balance from the Halifax card that they will take the funnies and not let me balance transfer at the rates they have given me today.

What if any thoughts to the astute among you think would be the best policy ?

rodent

zoony67 wrote: »

Here's my problem, I have two cards with balances outstanding, the first is a Halifax Card the other a Barclaycard.

The Halifax Card has 2309 on it and the B/card has 3000 on it.

I want to balance transfer a balance from one to the other and the Halifax have stated that they can give me either a 6 month 0% deal or 5.94% for the life of the balance. B/card on the other hand have told me that they can give me either 0% for six months or 6.9% for the life of balance. The Halifax has a 3% transfer fee and the B/Card a 2.5% transfer fee.

My idea is to transfer the Halifax balance onto the barclaycard at 0% clearing my Halifax Card. Then once the transfer is complete to transfer the whole amount on the Barclaycard back to my Halifax card at hopefully 5.94% life of balance until I clear it.

I know that I will incurr two transfer fees but what I don't want to do is to find that if I clear my whole balance from the Halifax card that they will take the funnies and not let me balance transfer at the rates they have given me today.

What if any thoughts to the astute among you think would be the best policy ?

I would be looking at 16mths 0% with virgin 3% fee who will possibly give you a big enough cl to cover both balances

OR even an Ulster 0% card no fee !

See: Stoozing.com

The Rodent

Moggles_2

rodent wrote: »

I beg to differ, you can effectively transfer balances by making sensible use of the the SBT facility which is available on both Virgin and MBNA (well it would be wouldn't it !)

I don't disagree, Rodent. We've made that very same point hundreds of times on this thread, but you've quoted me completely out of context here.

The Op (#1520) seemed to be under the impression that having an MBNA card was a barrier to applying for a new Virgin one.

Moggles_2

zoony67 wrote: »

I have two cards with balances outstanding, the first is a Halifax Card the other a Barclaycard..... My idea is to transfer the Halifax balance onto the Barclaycard at 0% clearing my Halifax card. Then once the transfer is complete to transfer the whole amount on the Barclaycard back to my Halifax card at hopefully 5.94% life of balance until I clear it. I know that I will incurr two transfer fees but what I don't want to do is to find that if I clear my whole balance from the Halifax card that they will take the funnies and not let me balance transfer at the rates they have given me today.

I doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers. As far as anyone at Barclaycard is aware, you would have transferred a balance from another card (Halifax) and afterwards settled your account in full. Where the Hally is concerned, you'd have settled your existing balance in full, then moved a debt from another card (B'card) to take advantage of its special offer.

That said, all providers are apt to vary or withdraw offers without warning. There are no guarantees, particularly as you have nothing in writing.

Is there a particular reason why you would rather not apply for a new 0% balance transfer card?

To help you further, we need to know which credit cards - besides B'card and Halifax - you have at the mo or have held recently.