Best Balance Transfers Discussion Area

Mazzystarlett

Hi,

I could really use some help with this one. I've got a Capital One card with £964 outstanding on a £1000 limit as well as a couple of store cards (I know, I know) totalling about £650 and both well within their limits. I always pay the minimum payment plus the estimated interest for the next month and although I did have a couple of payment problems a couple of years ago, I am well caught up on the payments and have no defaults, CCJ's or anything nasty like that.

However, I've just had a letter this morning from Capital One saying that they are upping the interest rate to 34.94%. I've just tried to apply for a Virgin card as they have the 0% balance transfer deal and have been turned down.

I am not currently working as I am disabled but I do have a steady income because of the benefits I receive, as well as other small, but regular, independent means which more than cover my current repayments, but I object to paying 34.94%!

Unfortunately I'm not in a position to clear the balances off and I'm unsure as to whether the other alternative mentioned on the letter (continue at the old rate, cut up the card and make no further purchases) will affect anything should I wish to apply for another card later on?

Sorry this a bit long and convoluted, but I could do with some advice as to what to do!

cheljohn

i am unemployed but still paying my credit card off i owe 2700 on a lloyds tsb platinum mastercard i have seen the virgin 0% percent over 16 months offer but dont know what to do about changing can anyone put it in simple terms for me thanks

cheljohn

what or who are mbna

angiesavemoney

i have just become a card shuffler and i am amazed at the savings i have made, thanks team for some very very good advise (as always) i should now be able to clear my card debts much much sooner, you have made my week. keep up all your good work.

Moggles_2

Mazzystarlett wrote: »

I've got a Capital One card with £964 outstanding on a £1000 limit, as well as a couple of store cards (I know, I know) totalling about £650 and both well within their limits. Although I did have a couple of payment problems a couple of years ago, I have no defaults, CCJ's or anything nasty like that. However, I've just had a letter this morning from Capital One saying that they are upping the interest rate to 34.94%. I've just tried to apply for a Virgin card as they have the 0% balance transfer deal and have been turned down. I am not currently working as I am disabled, but I do have a steady income because of the benefits I receive, as well as other small, but regular, independent means which more than cover my current repayments, but I object to paying 34.94%!

Well, perhaps Capital One has done you a favour, if it's spurred you to act. 34.94% APR is a hideous rate, but those two store cards must also be costing you an absolute fortune.:eek:

Virgin is not known to score particularly harshly, but lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article, to make sure no other factors, besides your modest income, are working against you.

ttp://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Have you considered Halifax? 13 months 0% on BTs is currently available to new customers. There's a 3% handling charge. Remember not to spend on this card

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

Meanwhile, I would concentrate on paying off as much as possible each month. Clearing these debts ASAP will reduce the interest you pay and you'll be building a better credit history in the process.

Moggles_2

cheljohn wrote: »

I am unemployed, but still paying my credit card off. I owe £2700 on a Lloyds Tsb platinum mastercard. I have seen the Virgin 0% percent over 16 months offer.

While unemployed, you aren't really in a position to get the best balance transfer deals on credit cards, TBH, so I would concentrate on finding another job first

I don't know what to do about changing. Can anyone put it in simple terms for me?

Martin's *Best Balance Transfers* article is the place to start. Then come back here if you have specific questions.

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

What or who are MBNA?

MBNA is the name of the bank which underwrites Virgin and quite a few other credit cards. The letters stand for Maryland Bank, National Association.

brocagh1981

hi ppl i have missed alot of this section but i am wondering what is the best card to balance transfer too?
i currently owe virgin 5000 and egg 2000 so thats 7k in total
i have a job and reg income
my main out goings are these cards
my credit rating is ok i think

so main questions i have are
1) should i get a credit report before applying for a balance transfer??
2) what is best card to transfer too???

foxystoat69

Decided to buy a car in october 2007, needed £4,500 towards this and after lots of working out interest to be charged on bank loans etc, and reading the wonderful advice on Balance Transfers on the moneysavingexpert.com, worked out I would pay half as much if I decided to take out the "credit card Balance Transfer" route, taking into account the arrangement fees in sorting out the transfers. I am aiming to repay afer 3 years

Paid for my car loan in October 2007 with my American Express Card (1.5% cashback on my platinum card!), then opened a Virgin account, taking advantage of their 15 months balance transfer offer (2.98% arrangement fee - approx £130), that offer has nearly ended, so this morning, sorted out transferring my balance (now well under £3000 as managed to pay some extra off per month) to Tesco Clubcard, who are offering 14 months 0% balance transfers 2.9% arrangement fee, which will be less than £90 in my case).

Assuming that I keep up my current level of repayments (I'm fortunate enough to work in public sector at the moment so likely not to be affected as drastically as many out there - my thoughts are with you all during these times) total in arrangement fees for a loan in 2 and a half years is a little over £200, which I find is very acceptable.

Anyway, just want to take this opportunity to thank the MSE crew for the "credit card tarting" information, that I am taking full advantage of!

Q_Who?

Hi all.
I have a Capital One card with a credit limit of £5500 and a balance of £2216 at 20% and some at 24.98%. I also have a Halifax Card with a maxed balance of £2800 at 0% until March 2009. In addition I have a Barclaycard with a maxed balance of £1910 at 7.6% for life of balance.
Currently Halifax have a promotional offer of 7.92% for the life of a balance with the offer closing on the 8th of February.
I am very keen to reduce the interest I am paying on Capital One and also want to take advantage of the offered Halifax rate. I have applied for a Virgin card but no luck.
Typing this up is already helping but can some of you confirm that what I am about to do makes sense, and see if anyone has any other suggestions.
My best route seems to be to transfer the balance of my Halifax card to my Capital One card and then transfer it back again to Halifax to get the promotional rate. Is it also possible that Capital One will give me a pomotional rate for a balance transfer? If they do and I then transfer the £2800 back to Halifax would I lose that rate? Is it worth going through the process or shall I just ask Halifax outright to change the rate and save me all the hassle?
Any suggestions? Have I got time to get all this done befor the 8th of February?
Cheers
Q

Moggles_2

brocagh1981 wrote: »

I currently owe virgin 5000 and egg 2000 so thats 7k in total. I have a job and regular income. My main out goings are these cards. My credit rating is ok I think Should I get a credit report before applying for a balance transfer?

Yes, definitely. The credit reference agencies (CRAs) have a statutory obligation to provide you with your credit file and charge no more than £2. If you apply using the links provided on page 1 of the *How to obtain credit reports* sticky, you'll be able to see at first hand the data UK lenders search, when you apply for a new credit card. Experian and Equifax send accompanying notes which are helpful.

What is the best card to transfer to?

To maximise the 0% period, 14 months is currently available to new customers from Tesco.
A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

Alternatively, you'd get 13 months with Halifax. A 3% BT fee applies.

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

IME, and that of other forum users, the Hally tends to hand out more generous credit limits than Tesco. That said, which deal's best depends, to some extent, on which credit cards - besides Virgin and Egg - you have at the mo or have held recently.