Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by Tinkerbell35
I think Virgin are generous with their minimum payments. They are the only ones 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 bank account and thus not use the cc so much.

This applies to all credit cards underwritten by MBNA (e.g. Alliance & Leicester, Sony, MBNA itself and of course Virgin)
MBNA's minimum monthly payments are the lowest available in the UK.

All credit cards, aside from those issued by MBNA, require a minimum monthly payment of between 2% and 3% of the balance.

s.jenkins

Hi, I’m new to this forum. I’ve been trying to find the best credit card offers and reviews? I’ve been checking out https://www.financeglobe.com for some tips.

Anyone have any good or bad experiences? Whats the best deal for rewards?

Moggles_2

Originally Posted by s.jenkins
I’ve been trying to find the best credit card offers and reviews? I’ve been checking out www.XXXXXXXXXXX.com for some tips... etc.

This is a North American site of no use to MSEs in the UK. Also, I believe it's important to point out that, unlike MoneySavingExpert, it’s 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 transfers and life-of-balance cards, updated regularly, see also: http://www.stoozing.com/0fees.htm which is sponsored by
Money Saving Expert

wendy36

Hi, I am new to this site and was wondering what was the best way to balance transfere 3 cards onto 1 card so i am only making 1 payment a month. It will a total of about £4K.

ryan52

i balance transferred £800 from barclaycard to Virgin last week, yet both my statements online, do not show this.
Is this normal, or, if i put in a balance transfer again, would it transfer another £800 eventually?
Is it just patience i need??

thanks in advance

Beth176

pyewackett wrote: »

Hi All
Hope others can benefit from this. Online yesterday for new customers only saw a BT deal of 2.9% for 24 months with a 2.5% fee. In the post this morning as an existing customer got offered a lousy 5.9% for 6 months! Called up and pulled the loyalty card and they gave me the better deal straight away!
:j

Am a little bit disappointed - read the post above and thought I'd give it a try so just gave them a ring and guess what - "I'm sorry but we cannot offer rate reductions over the phone but we can arrange for you to get an account review". Can anyone help me with some kind of leverage?? I've been a customer of HSBC for 13 years and have a very good credit rating with them. I have a loan with them and have, up until now, been very happy with them.....Now though, I'm not so happy.....

Grunumph

Shy newbie - looking to transfer into Virgin 0% - however it appears to be part of MBNA group or linked. What other cards come under MBNA as I understand you cannot transfer in if you have already used them

Cheers

Grunumph:beer:

Moggles_2

Originally Posted by wendy36
I am new to this site and was wondering what was the best way to transfer balances from 3 cards onto 1 card, so I am only making 1 payment a month? It will be a total of about £4K

There's no best solution that suits everyone.

Do you want to shift your debts to a 0% balance transfer card or a life-of-balance card?

To help you further, we also need to know which credit cards you have at the mo.

Moggles_2

Originally Posted by ryan52
I transferred a balance of £800 from Barclaycard to Virgin last week, yet neither of my online statements show this. Is this normal ?

You don't say which day last week you requested your balance transfer or whether this was done online, by post or over the phone, but if actioned on say Monday 28 January, you've only allowed six working days. 7-10 working days is not uncommon.

You can expect the transaction to appear on the Virgin site first and on Barclaycard's site 3-4 working days later.

If I put in a balance transfer again, would it transfer another £800 eventually?

Yes. This would be asking for trouble.
IME, Virgin are very efficient but, for peace of mind, you can always ring Customer Services and ask.

Moggles_2

Beth176 wrote: »

Am a little bit disappointed - read the post above and thought I'd give it a try so just gave them a ring and guess what - "I'm sorry but we cannot offer rate reductions over the phone but we can arrange for you to get an account review". Can anyone help me with some kind of leverage?? I've been a customer of HSBC for 13 years .....

Let me stop you right there. Credit card providers are not there to help you and me. They're there to make money.

Ask yourself why a company that's retained your custom for 13 years, would reduce your interest rate now, simply because you asked them?

You don't mention your current credit card balance, but if you were to settle in full or shift the debt to another credit card, you would be in a better position to negotiate a lower rate with HSBC. Depending on your credit history, the bank may then offer you a balance transfer at a promotional rate.

Attracting new business is expensive and most lenders prefer to retain existing customers. That said, HSBC is certainly not known for great follow-on/existing customer offers. The best deals are aimed at new customers.