Best Balance Transfers Discussion Area

Chlolily

poker_face wrote: »

not sure I can make any sense out of that either:p

Exactly! :rotfl:

As I understand it, if you have less than £25 in your account you have to pay it off as a minimum payment.

If you have over £25 you have to pay whichever of the following is higher....

If you have PPC (75p per £100) no interest or default charges and add a Fiver on say £1000 balance that would add up to £12.50 so your minimum would be £25.

BUT if you had the above on a balance of £5000 that would be £42.50 so you would pay that BUT that would mean you hadn't paid a penny off your balance surely?

And if you didn't have PPC could you just, therefore, pay off £25 minimum straight from your balance each month!!!!!!!

HELPPPPPPPP :mad:

Sunshine&Stars

Moggles wrote: »

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.

Nuff said.

Barclaycard Simplicity - I'm OUT!

Thanks again!

Moggles_2

vaz119 wrote: »

I was trying to BT from a MBNA card but 6 months [0% from Barclaycard] isn't really long enough. Applied for a Virgin card ~2 months ago because I didn't realise they were also MBNA and won't let me BT. After reading around, think I'm going to pay these cheque things, because they also have 0% for 12 months, into my current account and use that to pay the MBNA! Will this work?

Sounds like a plan.;)

You can also request the transfer of funds to your current account by calling Virgin Card Services on 01244 673700 (to avoid the dreaded 0870 numbers). This is usually quicker than using the cheques. You'll find this company has good telephone back-up (unlike some I could name). A 2.98% handling fee applies, but there are no other charges during the introductory 0% period.

Virgin will allow you to transfer up to 95% of your credit limit. The money arrives in your bank account in about 6 days.

Caution: if you've already used the card for anything other than BTs, I would pay off the balance first and remember not to spend on the card.

jimbob10000

Thanks to Martin for another really good article and to the posters on this forum for their extremely useful suggestions. I'm looking to get a new 0% deal as my current one expires in February and the Virgin deal looks very good.

My main concern about whether I would be accepted was that I had a MBNA card that I cancelled about one year ago. But having spoken to Virgin they have confirmed that they only make you wait six months before you can re-apply. So fingers crossed for the application.

Moggles_2

jimb!!!0000 wrote: »

I'm looking to get a new 0% deal as my current one expires in February and the Virgin deal looks very good. My main concern about whether I would be accepted was that I had a MBNA card that I cancelled about one year ago. But having spoken to Virgin they have confirmed that they only make you wait six months before you can re-apply. So fingers crossed for the application.

Thanks for posting. Lenders vary in this respect, as with everything else. Some will not consider applications from former cardholders for various periods following closure. Others accept applicants straight away.

IME, and that of other forum users, Virgin/MBNA accepts applicants a month or so afterwards. Obviously this conflicts with what you've just been told, but that's of no consequence as you've already waited a year.

In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply.

Btw, MBNA has a reputation for regular, existing-customer/follow-on offers, once your balance is paid off in full, so a credit card issued by this lender (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) may be worth keepng in your deck.;)

Chlolily

Any help on understanding the Virgin deal please? See my posts above?

Thanks

Theo_Cupier

I've just had an unexpected garage bill of £1100 which I'm looking to shift onto someone's 0% deal for a few months. It should only take me about 6 months or so to sort it out, but I'd rather not leave it on my Tesco card, since I use it regularly.

I'm already an MBNA card holder, but they can "only" offer me 0.9%APR until August, with a 3% transfer fee. Apparently I've just missed a 0%APR offer through them.

Would something like the Abbey Zero card be my best option, since it has no transfer fee? Or is there a reason to look at Barclaycard or Egg, or A N Other?

I'm assuming Virgin won't help me since I have an MBNA card already, is that right? My bank - First Direct - have no offers at the moment, just their standard 16%APR on transfers.

Have I missed anything out? Any suggestions or pointers gratefully received.

Moggles_2

Chlolily wrote: »

I need a lower monthly payment than £150. I think Virgin will do what I want, but don't understand their minimum payment bit. Can anyone help please?

Last September, Virgin made some changes to the Ts & Cs. The 2.98% handling fee is now added to the balance (as with other credit cards) and the first payment is indeed only £25.

Do you have to have PPC?

The credit card and payment protection insurance policy are two separate products run by different companies, so buying the insurance neither helps nor hinders your chances of obtaining credit.;)

Moggles_2

Theo_Cupier wrote: »

I've just had an unexpected garage bill of £1100 which I'm looking to shift onto someone's 0% deal for a few months. It should only take me about 6 months or so to sort it out, but I'd rather not leave it on my Tesco card. I'm already an MBNA cardholder, but they can "only" offer me 0.9%APR until August, with a 3% transfer fee. Would something like the Abbey Zero card be my best option, since it has no transfer fee?

I've no recent experience of Abbey but, judging from posts to this board, you would be best advised to apply in branch. Online applications are often subject to long delays, apparently.

Is there a reason to look at Barclaycard?

Barclaycard has figured quite prominently on this thread recently and rarely for the right reasons. Please see #1645 above, for instance.

or Egg?

Currently, you would have around 13 months at 0% using Egg card. A 3 % BT fee applies.

http://new.egg.com/visitor/0,,3_8410...w_1763,00.html

I'm assuming Virgin won't help me since I have an MBNA card already. Is that right?

Well, it depends. If there's a balance on your MBNA card, particularly if it's still charged at 0%, you could certainly be turned down or handed a lowish credit limit by Virgin/MBNA.

That said, if there's no balance on your existing card, this lender will sometimes switch your credit limits around to give you a higher limit on the new card.

Theo_Cupier

Interesting comment about Abbey's lead time. T hat's a shame because otherwise it looked pretty much ideal. A £34 saving on the transfer fee isn't to be sneezed at.

My existing MBNA card has largely lain dormant in my wallet for a year or so. I only use it as a balance transfer card and I've not needed to do this for quite a while. I think it has a ridiculous credit limit of about £14K.

Are you saying that - with my MBNA card in this state - I might be successful in applying for a Virgin card (albeit at the loss of some of my credit limit with MBNA, which isn't really a concern)?