Best Balance Transfers Discussion Area

Moggles_2

JFC wrote: »

I had a Tesco Card a long time ago, it's now closed. If I reapply for the 0% BT deal, will I count as a new customer?

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.

The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself), makes former customers wait 8 months following cancellation of one of its cards.

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.

xiomara_mayoral

Thank you Moggles - is there absolutely no chance to shift the debt from overseas then ? Or maybe some providers would be able to accept a transfer like that, depending upon the bank ?

Sorry if I am repeating myself but that is just simply veerrrrry bad news for me & my husband ((((((

Moggles_2

xiomara_mayoral wrote: »

Is there absolutely no chance to shift the debt from overseas then or maybe some providers would be able to accept a transfer like that, depending upon the bank?

My understanding is that UK credit card providers - including those owned and operated by overseas banks - only accept balance transfers in pounds sterling from UK credit card accounts held by a UK resident.

Low rate, balance transfer cards are available in the USA. If he wants to spread the costs of relocation using credit cards, an American BT card may be the answer.

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

Mrs_Worry

Hello, hope you can help me.

I have recently decided to total my debt up and try to get rid of it after bunging statements in drawers for far too long. How shocked and embarrassed I was to see the total :eek: .

Anyway, I am serious about clearning the debt but am not really financially savvy. I have a Halifax CC which has about £1200 on it already but I also have about 7k to clear as well (gulp). Halifax have sent me some cheques with a life of balance transfer rate of 2.95%pa which will obviously only apply to the 7k I transfer plus an additional 3% fee. My question is, for this amount of debt would I be better with a loan or would this deal work out better in the long term? Going to set up a standing order of approx £150.00 per month at least and cut up my cards leaving my bank CC in my safe.

I know I must sound stupid....but I am in all matters money related.

Thanks in advance....

Mrs W x

Moggles_2

Mrs_Worry wrote: »

I have a Halifax CC which has about £1200 on it already, but I also have about 7k to clear as well (gulp). Halifax have sent me some cheques with a life of balance transfer rate of 2.95% pa which will obviously only apply to the 7k I transfer plus an additional 3% fee. For this amount of debt, would I be better with a loan or would this deal work out better in the long term? Going to set up a standing order of approx £150.00 per month at least and cut up my cards leaving my bank CC in my safe.

Why not plug some numbers into this credit card calculator? You can then estimate the time it would take to clear your debts at different interest rates. You can also see the effect of increasing your payments by a few pounds.;)

http://www.whatsthecost.com/creditcard.aspx

Caution: to take advantage of the Halifax LOB offer, you'll need to clear the £1200 balance first. Otherwise these transactions will continue to attract interest at your standard rate (which is variable), until the 7K balance has been paid off.

Mrs_Worry

OMG my head hurts! Thanks for your reply I shall have a mess around with it and see what the outcome is.

Thanks again

TismE_3

Hi all,
i know nothing of credit cards , i have never had one, but have heard alot about 0% balance transfers, if i was to apply and be accepted could i transfer the balance of my overdrafts? there almost 5 grands worth, not sure what the interest rate is but paid roughly70 quid in interest last month. they are both with natwest.

anyone got any advise for me please.....thanks
Tisme x

Moggles_2

TismE wrote: »

I know nothing of credit cards. I have never had one, but have heard a lot about 0% balance transfers. If I was to apply and be accepted, could I transfer the balance of my overdrafts?

In theory, yes. A few rather special credit cards will 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 need:

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

To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge.

http://uk.virginmoney.com/credit-card-v3/

Caution: if this would be your first credit card, you may have a limited credit history. This means, from the lender's perspective, you're something of an unknown quantity. You may need to be more concerned about actually getting a credit card, rather than looking for the best cards to pay off the overdrafts. If NatWest holds your main current a/cs, the bank may be the best place to start.

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

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

TismE_3

Thanks moggles xx Tisme x

mimmi_2

Hi

Not sure if I am posting this in the right place, ( first time poster...), but I wanted to give people a heads up about repaying the full amount on a 0% cc deal.

My 0% deal was coming to an end and I owed £3640 with Barclaycard. I tried to pay the full amount online, and it wouldn't go through, so I called and they told me the maximum I could pay was £3k per day. Fine, paid that. Tried to pay the remaining £640 today, and also couldn't online. So I called again, and was told the MAXIMUM you can pay online or over the phone is £3k per billing cycle.

I can go into a branch and pay with a cheque or cash- but to me, this seems a bit silly- and dangerous to anyone who is leaving it right up to the end to pay the full amount.

After saving like never before to pay this off- ( I did keep the savings in an account to get interest), I'm pretty disgusted that we are all encouraged to do everything online, and yet, when you want to be pay a debt, how ridiculous that you can't. They certainly don't make it easy!

I hope this helps someone.:o