Best Balance Transfers Discussion Area

zoony67

Moggles wrote: »

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.

The situation is that I want a life of balance deal where I can reduce the amount of interest that I am paying and I can pay down the debt as I go. I have a Virgin Card which I have a balance on with someone else and I do not want anymore on on that card, in addition I wish to keep this seperate from the joint virgin card. I really dont want to be tarting cards as I am bound to forget to obtain a new card near the expiry of the 0% and then obtain a new card with a new 0% deal, so a much lower interest rate such a a life of balance would suit my needs better I think, unless you can see another way ?

Moggles_2

zoony67 wrote: »

I want a life of balance deal where I can reduce the amount of interest that I am paying and I can pay down the debt as I go. I have a Virgin Card and I do not want any more on that card. In addition I wish to keep this separate from the Virgin card. I really don't want to be tarting cards as I am bound to forget to obtain a new card near the expiry of the 0% and then obtain a new card with a new 0% deal, so a much lower interest rate such as a life of balance would suit my needs better I think, unless you can see another way?

Unfortunately, there's a dearth of decent life-of-balance deals at the mo, but with a new LOB card you avoid paying two BT fees to shift the same money.

For a comprehensive list, updated regularly and not influenced by advertising commissions, the stoozing site (which is sponsored by Money Saving Expert) is hard to beat.

http://www.stoozing.com/lob.php

JimmyTheWig

zoony67 wrote: »

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.

Can you get the offer from Halifax in writing with an expiry date? (I.e. balance transfered before such-and-such will be at this rate.) If not in writing then at least in a phone call that they will have recorded.

HannahC

Thanks to everyone for the advice on this thread. I have just transfered my balance across to the Virgin card and I'm very pleased. I've got 16 months interest free and they gave me a £6k limit meaning that I was able to transfer the entire balance of my existing Halifax card and I should be able to pay it all off during this 16 months (if all my plans work out)! Thanks again! :beer:

Moggles_2

paullaws72 wrote: »

Nice article. Even I am looking for a good balance transfer card. I looked at a site on credit cards and the best deal on balance transfer seems to be the MBNA Europe Card 13 months which I found the credit card list here ...

Unlike MoneySavingExpert, this is a profit-driven service that lists some, but not all best buys, due to its commercial relationships.

You can get BT suggestions here on MSE if you click on Martin's *Best Balance Transfers* article. For a comprehensive list of 0% balance transfer cards, updated regularly and not influenced by advertising commissions, the stoozing site (which is sponsored by Money Saving Expert) is hard to beat

http://www.stoozing.com/0fees.htm

Moggles_2

HannahC wrote: »

Thanks to everyone for the advice on this thread. I have just transferred my balance across to the Virgin card and I'm very pleased. I've got 16 months interest free and they gave me a £6k limit, meaning that I was able to transfer the entire balance of my existing Halifax card and I should be able to pay it all off during this 16 months (if all my plans work out)! Thanks again!

Congratulations and thanks for your feedback
:beer:

peterfollett

My credit card payment was due on 29 Dec 2008. I instructed my bank, Alliance and Leicester, to make the payment on 23 Dec 2008, which they did.

I have just had my statement, the payment did not arrive with Saga until 30 Dec, I have now £39 interest to pay.

Saga when challenged state they still need 4 working days to receive money from other banks.

I thought money transfers between banks had speeded up to a same day or at the very least a next day transfer.

Has anyone any experience of this, I think I am being ripped off !!

Moggles_2

peterfollett wrote: »

My credit card payment was due on 29 Dec 2008. I instructed my bank, Alliance and Leicester, to make the payment on 23 Dec 2008, which they did. I have just had my statement, the payment did not arrive with Saga until 30 Dec, I have now £39 interest to pay. Saga when challenged state they still need 4 working days to receive money from other banks.I thought money transfers between banks had speeded up to a same day or at the very least a next day transfer.Has anyone any experience of this, I think I am being ripped off!

In theory, transfers from scheme members to other providers are covered by the faster payments system but, IME, it still doesn't operate 24/7 even between accounts held by participating banks.

Had you acted before 5.00pm, payment online via the A&L site may have reached your Saga a/c on time, but with two public holidays in the frame, you were cutting things fine, IMO. Most card providers ask you to allow 4-5 working days. The time required is normally shown on the back of monthly statements.

Might be an idea to set up a direct debit to pay the minimum amount. That way, it's Saga's responsibility, not yours, to make sure the monthly repayments get there at the right time.;)

This is not a balance transfer issue. If you want to explore it further, please post again on the main credit card board. You'll get lots of replies there.

Sunshine&Stars

Hi All,

Have posted on the DFW board about my finances.

I have two cards on LoB transfer rates, however I have a third card on a variable rate and I want to get that one sorted ASAP.

Having looked at MoneySupermarket it is suggesting The Co-Op as I already have a Citi Card. The rate on the Co-Op is 12.9% til repaid.

Do you think this is wise?

Or should I consolidate it on a loan and pay a smaller amount of interest long term? I know that this is not considered a wise move, but if it means I am not paying off extra amounts of interest on a CC that I could avoid by taking a loan, surely that is wise? As I will destroy my credit card..

I am enjoying sorting out my pennies and my life has taken a fresh new approach and I think about everything I spend - do I have to spend it? Is it essential? Can I go without? My new spending diary that I am keeping is really helping me.

Appreciate any advice.

Moggles_2

Sunshine&Stars wrote: »

I have two cards on LoB transfer rates, however I have a third card on a variable rate and I want to get that one sorted ASAP. Having looked at MoneySupermarket it is suggesting the Co-Op as I already have a Citi Card. The rate on the Co-Op is 12.9% till repaid. Do you think this is wise?

Congratulations on turning things round.
:beer:

Unfortunately, there's a dearth of decent life-of-balance deals at the mo, but for a comprehensive list, updated regularly and not influenced by advertising commissions, the stoozing site (which is sponsored by Money Saving Expert) is hard to beat.

http://www.stoozing.com/lob.php

To help you further, we need to know which credit cards - besides Citi - you have at the mo or have held recently.