Best Balance Transfers Discussion Area

Lisa11_2

Before reading your article I don't have any idea about this . Thank's for giving me knowledge about a new thing.

Lisa11
Camping

Q_Who?

Moggles wrote: »

Please keep us posted

Very best
M

Hi
I got the balance transferred to Capital One and then back again to Halifax without any problems. So the Halifax Card is now at 7.92% for life. The transfer to the Capital One card was at 18% for the life of the balance. The question is will that be the rate that is left on the balance after the transfer to Halifax? I will find out in a few days. I have to hope so because I had a letter from C1 telling me of a change to my interest rates. Standard rate will increase to 28.88%!!! This will be effective after my March statement.
My options, according to the letter, are 1, pay off the balance now (I wish) or 2, continue to make payments at the current rate by phoning C1 before the 20th February and telling them I have destroyed my card. I can then carry on making payments until the balance is gone at which point the account will be closed. Or I can smile nicely and just carry on paying at the new interest rate.
I get the distinct feeling they want to get rid off me. I would love to go and as soon as possible!
Anyone else had a similar letter?
Cheers
Q

Sunshine&Stars

Moggles wrote: »

As explained above (please see #1629), a small number of exceptional credit cards allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates.

You may be able to clear the MBNA balance and, credit limit permitting, your overdraft using Egg card. A 3 % BT fee applies, but there are no other charges during the 13 month 0% period.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Brill thanks.

Any thoughts on the new Barclaycard Simplicity that has a BforL transfer of 6.8%???? rather than the Egg and just pay off my OD myself as and when I can.....?

Moggles_2

skindeep wrote: »

We have 3 credit cards with £6500, £4500 and around £500 on. We have both recently lost our jobs, although we are still managing to make the payments, really need to transfer to 0% for all cards (one is adding 94.00 interest per month)! We have excellent credit we believe. Are there any cards available who won't ask for income/job details?

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

Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks and make as few changes beforehand as practicable. Being with the same employer, bank and current address for a while all help when applying for market-leading BT cards.

Meanwhile, you may be able to reduce your costs using credit cards you already hold. For details, see Martin's *Credit Card Shuffle*article

http://www.moneysavingexpert.com/car...-card-interest

Moggles_2

Sunshine&Stars wrote: »

Any thoughts on the new Barclaycard Simplicity that has a B for L transfer of 6.8% APR rather than the Egg and just pay off my OD myself as and when I can?

A life-of-balance card charges a fixed interest rate for the life of the balance(s) transferred.

With Barclaycard Simplicity, your standard APR (currently 6.8%) is variable. This means B'card reserves the right to raise your standard rate at any time.

Also, B'card has figured quite prominently on this thread recently and rarely for the right reasons, but it's your choice really.

Moggles_2

Q_Who? wrote: »

I got the balance transferred to Capital One and then back again to Halifax without any problems. So the Halifax Card is now at 7.92% for life. The transfer to the Capital One card was at 18% for the life of the balance. The question is will that be the rate that is left on the balance after the transfer to Halifax?

If I've understood your post correctly, the 18% LOB rate applies only to the balance you transferred from your Halifax card to Cap One. If you shifted a similar amount back to the Hally, any remaining C1 balances will continue to be charged at 20% and 24.98% APR, as previously.

Moggles_2

helinlouise wrote: »

Beware 5% balance transfer fees on MBNA Cards. This is due to come in on 1st April 2009, so please be aware!

There seems to be some variation in dates and percentages. Some forum users received notice of a change last year. Others have been quoted 4% BT fees from 1 April this year.

Note: this is for existing customers. Whether MBNA intends raising the BT fees for new customers as well, remains to be seen.

vaz119

i wonder if anyone can help me?

i recently applied for a barclaycard with the offer of 0% on balance transfers for 14 months, however when i received the card it only says 0% for 6 months. Is this possible? Do all customers get different offers?

tia

Moggles_2

vaz119 wrote: »

I recently applied for a Barclaycard with the offer of 0% on balance transfers for 14 months. However when I received the card, it only says 0% for 6 months. Is this possible? Do all customers get different offers?

Barclaycard has become stringent with available credit recently. This lender currently turns away 50% of its applicants. Of those accepted, 33% do not get the card they applied for.

B'card practises a rate-for-risk policy. This means that it reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file.
Btw, Capital One and Citi operate a similar policy.

Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.

Lisa_H

Just a quick question... If credit cards belong to different groups i.e. A&L is MBNA how do I find out what other cards belong to this group so I dont apply for those cards? What other groups are there and which cards fall into these groups? Is there anywhere on this site, or elsewhere, where this info is available as it would be so handy for us tarts!!!!!

I have an A&L card about to come to the end of it's 0% deal with £1,300 remaining. Was looking to apply to either the Tesco or Barclaycard at 0% or even considering the Barclaycard Simplicity at 6.8% for life with no fees. Have I read somewhere that Tesco is also part of MBNA though?

Thank you