Best Balance Transfers Discussion Area

Moggles_2

steelercaz13 wrote: »

If I call and cancel the Citi card today, anyone have any idea how long it'll take for it to disappear from against my name? i.e. How long should I then leave it before applying for the 0% card?

When you call today, I would ask Citi to confirm closure to you in writing.

Unlike credit checks (and an increasing number of online and telephone credit card applications) which appear on your credit file more or less in realtime, this type of data is reported to the CRAs monthly.

It's advisable to check your credit reports to make sure the a/c is marked "settled" before you submit a credit card application. The whole process (from the initial phone call to your lender) can sometimes span a couple of months and, IME, there's little you can do to chase things up, so allow plenty of time.

Btw, once you have your credit report, the agencies seem happy to answer questions over the phone if you quote your reference number. So if, for instance, you wanted to check that a particular item had since been updated, there's no need to order further copies of your credit reports.

D_a_v_i_d

Hi

Is it possible to transfer an amount from one credit card, where there is no outstanding balance, to a new one with 0% interest period? For example I have Card A with no outstanding balance. I apply for Card B which has a 15 month interest free offer on balance transfers. I then transfer £1000 from Card A to Card B. Will this be allowable and result in Card A having a £1000 credit which can be used over several months whilst Card B, with a £1000 debit is paid off slowly at 0% interest.

I know this can be done with some cards to Bank accounts, but only a few do this and usually charge more for the [FONT=&quot]privilege[/FONT].

Thanks

D

Moggles_2

D_a_v_i_d wrote: »

Is it possible to transfer an amount from one credit card, where there is no outstanding balance, to a new one with 0% interest period? For example I have Card A with no outstanding balance. I apply for Card B which has a 15 month interest free offer on balance transfers. I then transfer £1000 from Card A to Card B. Will this be allowable and result in Card A having a £1000 credit which can be used over several months whilst Card B, with a £1000 debit is paid off slowly at 0% interest?

Personally, I wouldn't risk putting a credit card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance. Small amounts that arise temporarily (due to a refund, for instance) are okay, but the Ts & Cs usually prohibit payments that deliberately place the account in credit.

Some (eg. Citi, HBOS, HSBC - there may be others) insist on returning the surplus funds to the account from where the funds were sent. If this account happens to be another credit card, you're back to square one and could incur two balance transfer fees.

Additionally, section 75 probably wouldn't apply if you spent from a positive balance because technically it's not credit and, according to Abbey, if you're card got stolen you wouldn't be covered for fraudulent transactions on the card.

Moggles_2

D_a_v_i_d wrote: »

I know this can be done with some cards to bank accounts, but only a few do this and usually charge more for the [FONT=&quot]privilege[/FONT].

Yes. A small number of exceptional credit cards 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.

A 3 % BT fee applies, but there are no other charges during the introductory 0% period.

JudandTina

Hi all,

Just a question to see if this is possible, we have been approved a loan for £2500 at an APR of 21% which seems huge.... So..

We have been accepted for the barclaycard platinum at 6.5% Apr for 5 yrs, would it be possible to take cash from one of our other credit cards (we have a HSBC mastercard and a Virgin card - both have nothing owed at the moment) amounting to £2500 (obviously we would need to do this over a period of days) and then transfer to debt onto the barclaycard to get the 6.5% rate. Or does this incur charges from the original cards for taking cash out which woud make it not worthwhile?

Hope that makes sense! We are trying to buy a caravan privatly so need the £2500 cash!!!

Thanks for your help

JudandTina

JudandTina wrote: »

Hi all,

Just a question to see if this is possible, we have been approved a loan for £2500 at an APR of 21% which seems huge.... So..

We have been accepted for the barclaycard platinum at 6.5% Apr for 5 yrs, would it be possible to take cash from one of our other credit cards (we have a HSBC mastercard and a Virgin card - both have nothing owed at the moment) amounting to £2500 (obviously we would need to do this over a period of days) and then transfer to debt onto the barclaycard to get the 6.5% rate. Or does this incur charges from the original cards for taking cash out which woud make it not worthwhile?

Hope that makes sense! We are trying to buy a caravan privatly so need the £2500 cash!!!

Thanks for your help

Don't worry - I've just done a balance transfer from my virgin card into my current account - and it says I have promotional rates available for balance transfers - so maybe 0% for a while! :T troble is it takes 7-10 days hopefully the owners of the cravan will wait that long.....

6banana0

Hi there

I'd like to arrange a balance transfer to clear my NZ credit card. Is this do-able? Anything I need to know before I approach the UK banks? Thx!

Moggles_2

JudandTina wrote: »

I've just done a balance transfer from my Virgin card into my current account and it says I have promotional rates available for balance transfers, so maybe 0% for a while!

If you've registered your details on the Virgin website, you can log onto your account and check the exact terms of the promotion.

Note: Virgin is one of a handful of rather special credit cards which allow you to route funds from the card to your current account at balance transfer rates. Your HSBC card doesn't have this capability.

Trouble is it takes 7-10 days. Hopefully the owners of the caravan will wait that long.....

In practice the money usually arrives in your bank account in 4-5 working days.

Very best
M

Moggles_2

6banana0 wrote: »

I'd like to arrange a balance transfer to clear my NZ credit card. Is this do-able?

Unfortunately not. UK credit card providers can only accept balance transfers from UK card accounts.

sdstar

Hi i applied for a zero abbey card online and was told today that its been declined!:rolleyes: not received letter or anything from them just over the phone. Can someone tell me if this will effect my credit rating?? and could i apply else where for a card ??
I've never had anything declined in ma life so was rather shocked to hear this. i've written to em today so should hear why...thats if they reply.
any replies would be appreciated