Best Balance Transfers Discussion Area

JimmyTheWig

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, 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?

You could do a lot worse than the MBNA deal you've been offered. The interest you would pay if you cleared this balance in 6 months would be about £2.48. I wouldn't bother looking for a 0% deal to better that.

The only thing you might do (as you suggest) is find a deal with no or lower balance transfer fee. The fee with MBNA will be £33. You would probably pay this in interest in a couple of months on your Tesco card. Assuming your credit rating is decent you should be able to get a new card in less time than two months in which case this would be the best way forward.

Theo_Cupier

Jimmy, Thanks.

From what you are saying, the total "cost of credit" by moving to MBNA will be about £35.50. This just about matches my calculation.

Comparing this to any other card with a balance transfer fee, I'm only going to save about £2.50 because the fees are all the same, so it doesn't seem worth the effort of applying for a card for this.

It still seems worth looking at the Abbey card, but only if it will come through in time, since if I have to make my Tesco payment before it arrives (or move the money elsewhere) I've incurred costs which pretty much nullify the saving via Abbey.

Can anyone tell me how slowly the Abbey online applications are going? What chance do I stand of getting an account before 21 Feb?

Chlolily

Moggles wrote: »

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.

Ok thats great help can I just ask what the minimum would be after the first payment on a balance of £5000 then please? that's the bit I struggle to believe! Would they actually allow you to make that much minimum even though it means you would never clear the balance in the 0% transfer time limit?

As I say doesn't matter to us as we will clear from cashing other investments, BUT want as low as possible up till then to help the monthly outgoings short term.

THANKS IN ADVANCE AGAIN

Sunshine&Stars

DAMNATIONS of the highest order.

Decided to apply for the Egg Card and.............. the good news is I got accepted.

The bad news is that I was accepted for the variable rate of 16.9%.

Not so good.

So do I now cancel the card and just accept that I have reached my limit on applying for 0%s for the time being, eg: at least this year!!

I realise it does not look good on my credit rating etc, but I don't want this card and don't want to use it.

Am very cross with myself as I wasn't going to apply and my willpower let me down, which is what got me in this debt mess in the first place.

TIA

Moggles_2

Theo_Cupier wrote: »

It still seems worth looking for the Abbey card, but only if it will come through in time, since if I have to make my Tesco payment before it arrives (or move the money elsewhere) I've incurred costs which pretty much nullify the saving via Abbey. Can anyone tell me how slowly the Abbey online applications are going? What chance do I stand of getting an account before 21 Feb?

I've no recent experience of Abbey, but the following are fairly typical of posts to this board and on this thread, unfortunately. If you use the search facility, I'm sure you'll turn up some others.

http://forums.moneysavingexpert.com/showthread.html?t=1434971&highlight=Abbey+zero

http://forums.moneysavingexpert.com/showthread.html?t=1393005&highlight=Abbey+zero

Abbey's staff recommend that you apply in branch, rather than online or by telephone.

Moggles_2

Chlolily wrote: »

Can I just ask what the minimum would be after the first payment on a balance of £5000 please? Would they [Virgin] actually allow you to pay that minimum, even though it means you would never clear the balance in the 0% transfer time limit? As I say, doesn't matter to us as we will clear from cashing other investments, BUT want as low as possible up till then to help the monthly outgoings short term.

Cards issued by MBNA, such as Virgin, have the lowest minimum payments in the UK, currently £25 during an introductory 0% period

Moggles_2

Sunshine&Stars wrote: »

Decided to apply for the Egg Card and the good news is I got accepted. The bad news is that I was accepted for the variable rate of 16.9%. Not so good.

Thanks for your feedback

As you know, Martin recommends spacing out credit applications. There is an argument in favour of applying for 2 or 3 cards together, but only if you submit the applications at the same time (see #1633 above).

So do I now cancel the card and just accept that I have reached my limit on applying for 0%s for the time being, eg. at least this year? I realise it does not look good on my credit rating etc, but I don't want this card and don't want to use it.

If I were you, I'd sleep on it. It's already on your credit file, so you may as well use it, though not for a BT obviously.

Am very cross with myself as I wasn't going to apply and my willpower let me down, which is what got me in this debt mess in the first place.

Well, don't beat yourself over the head because of it. You've been accepted for Halifax and Tesco, which can't be bad. It would be sensible to leave applications for credit well alone for a bit though.

jimbob10000

I wondered if anyone can help me with this. In addition to getting a new balance transfer card at the moment, I am also considering trying to get a cashback / rewards style card to spend on, (and repay from my bank each month!)

I currently have a normal Barclaycard for spending but its not a rewards card. The one I am interested in getting is the Hilton Honours card but I understand that is also with Barclays.

Is there any chance that Barclays would agree to switch my card to the Hilton one? Has anyone switched cards with a provider before?

Moggles_2

jimb!!!0000 wrote: »

In addition to getting a new balance transfer card, I am also considering trying to get a cashback /rewards style card to spend on. I currently have a Barclaycard for spending, but its not a rewards card. The one I am interested in getting is the Hilton Honours card, but I understand that is also with Barclays. Is there any chance that Barclays would agree to switch my card to the Hilton one? Has anyone switched cards with a provider before?

I don't know of any provider that allows customers to switch cards in this way. Some, including Barclaycard, will allow cardholders to "upgrade" to a specified card eg. classic to gold or gold to platinum, but this is usually by invitation only.

That said, B'card doesn't seem to mind customers holding more than one card. I have three at the mo.

Note: if you apply for more than one credit card from the same lender, the credit limit(s) on each subsequent card may be reduced to take account of the credit already available on the existing card(s).

Sunshine&Stars

Moggles wrote: »

It would be sensible to leave applications for credit well alone for a bit though.

Absolutely I will.

Won't be applying for anything until my BTs are due for renewal and they are at the end of the year.

Moggles - your advice is invaluable. Thank you.