Best Balance Transfers Discussion Area

Springlight

I would really appreciate a little help on this minefield of balance transfers. I'm not great with numbers, but I thought that transferring my balance would help me with my monthly payments.

I had £9100 on a Natwest Classic credit card and the minimum payment was about £205 per month. I'm gradually busting down this debt, but the credit crunch has made things tight for me. I havent missed any payments, and have a good credit rating.

I put the balance transfer into a transfer calculator into an internet site and Captial One card came out as the best card, apparently reducing my minimum payment by about £50 a month. They have a deal on where they are offering 6.9% till 2012. My card was sent to me and I have just received my first statement from them. Incredibly, my minimum monthly payments are £275 and there is a charge for £31 which I have no idea. If this £31 is for insurance, I specifically told them that I didnt want any insurance.

I'm not great with figures, but surely my payments should have come down?

I have looked at several ways of trying to work out what it should be, but its far too complicated to me. Please could anyone help me resolve this? I would really appreciate any help.

Moggles_2

Springlight wrote: »

I thought that transferring my balance would help me with my monthly payments

If the aim was to help with monthly payments, it was essential to check the minimum repayment required each month before you applied for the new card. With NatWest it's 2.25% of the balance (approx £205), whereas Cap One requires 3% (circa £273 on a balance of £9100)

That said, moving this debt will save you money in the long run. Although you don't mention the interest rate that NatWest charged, C1's 6.9% fixed rate is presumably better.

There is a charge for £31 which I have no idea. If this £31 is for insurance, I specifically told them that I didn't want any insurance.

A phonecall to customer services is normally all that's required to cancel insurance on a credit card. If you ring Card Services on 01159 938002, you'll avoid the dreaded 0870/0845 numbers.;)

eira

Advice appreciated.Have a Citi card-the remains of the old Associates card for people with bad credit.iIt worked well for repairing my credit but I now have a card that has no advantages-it doesn't seem to exist on the main Citi website so it's not useful.Have had issues with poor customer service and recently Citi have put the interest rate up to 23.9 % -far higher than on the Egg cards I have which have some handy add ons like purchase. insurance.

Anyway today I got an e-mail from Citi saying they wouldn't reduce the interest rate on the card-so I rang up to cancel.I was given the guff about being a valuable customer etc and how's about a lifetime balance on a balance transfer of 3.9% with no fee. Now I do have a balance of £2900 on a Post Office card at 16.9% which I am paying off at £100 a month.Do I take the offer (have no intention of ever using the Citi card again) or stay well away.Am not using any other cards ,have no other balances but am paying into Egg Money for the 4% balance interest and the 1% cashback

Moggles_2

eira wrote: »

Today I got an e-mail from Citi saying they wouldn't reduce the interest rate on the card, so I rang up to cancel. I was given the guff about being a valuable customer etc and how's about a lifetime balance transfer of 3.9% with no fee. Now I do have a balance of £2900 on a Post Office card at 16.9% which I am paying off at £100 a month. Do I take the offer (have no intention of ever using the Citi card again) or stay well away?

Well, if I was forking out 16.9% APR on another credit card, I'd certainly accept Citi's offer, but it's your choice really.

charlie27

Hi
I'm new to this forum but can somone please throw a little advice my way.
I have just been refused an egg card to balance transfer my 2 existing credit cards (1virgin, 1 lloyds tsb with approximately £6000 between them). Can you advise what maybe my best move next?
I did start to apply for a Tesco credit card but the credit limit was not suffcient to move both existing balances to so I cancelled it before agreeing to the credit agreement.
Any help would be very greatful!
Thanks
Charlotte

Moggles_2

charlie27 wrote: »

I have just been refused an Egg card to balance transfer my two existing credit cards (1 Virgin, 1 Lloyds Tsb with approximately £6000 between them). I did start to apply for a Tesco credit card, but the credit limit was not suffcient to move both existing balances, so I cancelled it before agreeing to the credit agreement.

Not a good move, IMO.

In these circumstances, Martin's advice is to transfer what you can. (See Martin's *Credit Card Limit: didn't get what you wanted?* article.)

http://www.moneysavingexpert.com/cards/bad-credit-rating

Can you advise my best move next?

To maximise the 0% period, 13 months is currently available to new customers from Halifax on balances transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is 1% of the balance shifted.

http://www.halifax.co.uk/creditcards/pluscard136.asp

If the worst happens, don't leave another offer unused out of exasperation. It's already on your credit file (along with Tesco), so you may as well transfer what you can. You'll still save money.;)

charlie27

Hi
Will I get refused if I try to apply for the halifax card seeing as I have tried for Egg and almost Tesco card. When I do the steps to see if I have a good credit scoring it says that I do but I'm just worried I may have damaged my rating.

If I have damaged it how long before I can apply again?

Thanks

charlie27

Hi
Me again. Also would it be too late for me to call Tesco and re-instate the application I nearly made?

Thanks

sabretoothtigger

eira thats a good deal

Moggles_2

charlie27 wrote: »

When I do the steps to see if I have a good credit scoring, it says that I do, but I'm just worried I may have damaged my rating.

Where did you check your credit score?

For peace of mind, why not order your credit reports? Then you'll be able to see at first hand the data UK lenders search, when you apply for a credit card.;)

For help, see page 1 of the *How to obtain credit reports* sticky. Experian sends explanatory notes which are a good read as well.