Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by 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?

Yes. Virgin is underwritten by MBNA.

What other cards come under MBNA?

A large number. I do not know of a comprehensive list that I can point you to (Sorry) Which card(s) do you hold at the mo?

vickiw85

Hi all,

This is my first post so I hope it's in the right place and that no-one has asked this already. I have 2 credit cards, 1 at it's max and the other isn't.
My boyfriend saw Martin on TV this morning saying that you can transfer a balance to an existing card (even though its maxed as you cant actually use the card) for a long period of time and they'll fix your % at a lower rate. It benefits them as they're then getting the interest.

Is this correct?

Thanks,
Vicki

sianlauren

Hi has any one done this before? I have a bank overdraft of £3000 on which I am paying a high 16.9% interest. I have just applied for a cc at a really low rate for 2 years, am I allowed to get cash (£3000) on an old cc which has no debt on it and put in my bank account to cover the overdraft. Then transfer that old cc balance to the new cc at low interest without any extra charges? When you transfer from one cc to another does it matter if the amount is from a cash withdrawal?

Moggles_2

Originally Posted by vickiw85
I have 2 credit cards, 1 at it's max and the other isn't. My boyfriend saw Martin on TV this morning saying that you can transfer a balance to an existing card (even though it's maxed as you can't actually use the card) for a long period of time and they'll fix your % [interest] at a lower rate. Is this correct?

If we delete your phrase in brackets (a balance cannot be shifted to a credit card that's already maxed), the rest makes sense.

As you have just two credit cards at the mo, I wouldn't rule out the possibility of signing up with a brand new credit card. By far the best balance transfer deals are aimed at drawing in new customers (See Martin's *Best Balance Transfers* article on the main site.)

That said, there are any number of reasons why some credit card applications are unsuccessful and you don't have to apply for a new card to get new credit. If you play your cards right, you can reduce your costs using a credit card or cards you already hold. For details, see Martin's *Credit Card Shuffle* article.

adelaidenoah

I have just paid off my Co-operative Bank Visa Credit Card debt fully with a Virgin 0%. Today the Co-operative Bank Visa card Head of Customer Services Centre has informed me that 'we regret we are unable to issue a new card to you at the moment'....
Is this in retaliation for paying off the debt with Virgin card?
I have been a customer of the Co-operative Bank for 30 years and this is my long term card that I have always used. I am shocked.

adelaidenoah

I have just paid off my Co-operative Bank Visa Credit Card debt fully with a Virgin 0%. Today the Co-operative Bank Visa card Head of Customer Services Centre has informed me that 'we regret we are unable to issue a new card to you at the moment'....
Is this in retaliation for paying off the debt with Virgin card?
I have been a customer of the Co-operative Bank for 30 years.

Moggles_2

Originally Posted by sianlauren
I have a bank overdraft of £3000 on which I am paying a high 16.9% interest. I have just applied for a cc at a really low rate for 2 years. Am I allowed to get cash (£3000) on an old cc which has no debt on it and put in my bank account to cover the overdraft?

It depends which old credit card with no debt on it, you have in mind. A few rather special cards will allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account:

A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

Alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account Unless you already have them, this is the least satisfactory option, as you cannot be sure when the next cheques will arrive.

Then transfer that old cc balance to the new cc at low interest without any extra charges?

If this is the HSBC two-year balance transfer deal, the new card would charge a handling fee of 2.5% of the debt shifted.

Moggles_2

Originally Posted by sianlauren
When you transfer from one cc to another, does it matter if the amount is from a cash withdrawal?

No. The type of transaction on the old card has no bearing on the new card's terms & conditions.

Moggles_2

adelaidenoah wrote: »

I have just paid off my Co-operative Bank Visa Credit Card debt fully with a Virgin 0%. Today the Co-operative Bank Visa card Head of Customer Services Centre has informed me that 'we regret we are unable to issue a new card to you at the moment'....
Is this in retaliation for paying off the debt with Virgin card?
I have been a customer of the Co-operative Bank for 30 years and this is my long term card that I have always used. I am shocked.

This is not really a best balance transfer question. Please post again on the main credit card board. You'll get lots of replies there.

FWIW, I very much doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers.

mumof30_3

I have £2432.78 on my Nectar American Express card. What is the best card to 0% balance transfer the whole lot to. I got a Barclaycard and tried to transfer and they said they could only transfer about 90% of my limit on my card. I think that is about £1300. I want clear this within the year. Told them to forget it and I'll go elsewhere.

Thanks
maureen