Best Balance Transfers Discussion Area

gordylad

Anyone got any experience of using Goldfish? Are they part of mbna or anyone else? They have a decent balance transfer rate:

4.9% p.a. for 36 months from date of account opening on balances transferred by 01/05/2008* 3% Chanrge to transfer with a minimum monthly payment of 2% or £5

Moggles_2

Originally Posted by mumof30_3
I have £2432.78 on my Nectar American Express card. What is the best card to transfer the whole balance to 0%?
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.

Well, you haven't said what the credit limit on your new Barclaycard actually is.

None of us knows in advance the credit limit we will be given. The so-called credit crunch may mean that, this time round, you're handed a lower limit.

If the worst happens, Martin's advice is to transfer what you can. You'll still save money. Don't leave Barclaycard's offer unused out of exasperation. It's already on your credit file, so you may as well use it (Please see Martin's *Credit Card Limit: didn't get what you wanted?* article on the main site)

Moggles_2

Originally Posted by gordylad
Anyone got any experience of using Goldfish? Are they part of MBNA or anyone else?

Goldfish has no connections with the MBNA family of credit cards. The bank was recently taken over by Morgan Stanley.

They have a decent balance transfer rate:
4.9% p.a. for 36 months from date of account opening on balances transferred by 01/05/2008, 3% charge to transfer with a minimum monthly payment of 2% or £5.

I think you'll find the minimum monthly repayment is 2% of the outstanding balance or £5, whichever is greater.

Jo4

Moggles wrote: »

Virgin sounds good to me.

You can safely disregard an additional card on someone else's account. This will neither help nor hinder your friend, because the principal card holder has sole responsibility for their account.

Moggles, they got the card and the limit is more than what they wanted. They said to tell you THANKS!! :j

risk1

Hi all,

I'm new to all this and I hope I'm posting in the right place. I've got a question which I'd love someone to help me out with - can I use a 0% balance transfer to pay off an overdraft? Or could I use my current credit card to pay off my overdraft (which is £900) and then transfer my balance to a 0% balance transfer card (which has just arrived in the post)?! HELP!!

Thanks in advance

Moggles_2

Originally Posted by Jo4
Moggles, they got the card and the limit is more than what they wanted. They said to tell you THANKS!!

Congratulations Jo4 & friends,
and thanks Jo4 for keeping us posted.
:beer:

Moggles_2

Originally Posted by risk1
Can I use a 0% balance transfer to pay off an overdraft?

Yes, if you have the right credit card(s).

Or could I use my current credit card to pay off my overdraft (which is £900) and then transfer my balance to a 0% balance transfer card (which has just arrived in the post)?

It depends which credit cards you have at the mo.

A handful of 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. Please see #168 above. If your current or 0% balance transfer card is one of those listed, you're home and dry.

Trigle

Hi,

I'm new to the whole balance transfer game but was offered a deal from HSBC which I took to help clear an existing debt on a card that I have with the Bank of Ireland.

I owe around £800 which comparitavely seems small to some of the debts I've seen around, but in relation to my situation it's been tough to clear it.

I have been on low income but have lately improved my psychological state and cut out expenditures such as smoking cigarettes. I'm finding i'm now spending more time trying to tackle the issue rather than avoiding it, but I have read how once I have done the balance transfer that I should not use the card for any purchases.

Well in that case shouldn't I take more advantage of the existing debt that I have (I know this might sound stupid) and buy something on credit now before the transfer, so that it can be included in the low rate deal that I have been offered? Rather than wait until after and only get low rate for 3 months?

Maybe I'm missing something here.

Moggles_2

Originally Posted by Trigle
I was offered a deal from HSBC which I took to help clear an existing debt on a card that I have with the Bank of Ireland.

I owe around £800, but it's been tough to clear it. I have been on low income but have lately cut out expenditures such as cigarettes. I'm now spending more time trying to tackle the issue rather than avoiding it.

Well done. You've made a start in turning things round

I have read that once I have done the balance transfer, I should not use the card for any purchases.

Unless purchases are charged the same rate as your balance transfer(s) over exactly the same period of time, you should certainly keep all your spending on a separate card.

Once the balance is paid off, why not use your Bank of Ireland card for shopping? If you always settle your monthly statement balance in full by the payment due date, your shopping will be interest-free and you'll be building a good credit history in the process.

Moggles_2

Originally Posted by Trigle
Shouldn't I take more advantage of the existing debt that I have and buy something on credit now before the transfer, so that it can be included in the low rate deal that I have been offered ..?

Without knowing the terms and conditions of the deal HSBC has offered you as an existing customer, it's hard to say. This statement in particular

... rather than wait until after and only get the low rate for 3 months?

needs some explaining. Please specify the interest rates payable on a) balance transfers
b) purchases and the duration of the special low rate(s).