Best Balance Transfers Discussion Area

smoggie35

Cheers Moggles. :j

Will try with my cc first although it's not one of the mentioned just to see. You never know.

If not we'll look into the other option.

Thanks again for you advice. :beer:

goodhope7

Hi all, i need a bit of advice.
first of all I would like to thank MSE and all u guys, for giving idea about the concept of stoozing.
I have a virgin credit card with 8000 limit which expires middle of this month. I had applied for tesco bonus credit card online couple of days before, so that I can do balance transfer. It was accepted with a limit of 3,600 and so i am waiting for the card to arrive.
As i am looking for a limit of 8000, i am not sure whether they would increase it once i get the card. so does any body know how to negotiate with them about the limit and on what factors does the limit depends on?
would welcome any suggestions. My net monthly income is around 3000.
many thanks.

Moggles_2

goodhope7 wrote: »

I have a Virgin credit card with £8000 limit which expires middle of this month. I had applied for Tesco bonus credit card online couple of days before, so that I can do a balance transfer. It was accepted with a limit of £3,600. I am not sure whether they would increase it once I get the card.

It normally takes a minimum of 14 days to process a credit card application and balance transfer request. IME, there's little you can do to chase up applications & requests, so it's sensible to allow at least 5 weeks (plus extra time to compensate for public holidays in between). That way your transfer(s), credit limit negotiations etc.are completed before the 0% period on the old card expires.

You can ask for an increase when you call to activate the new card, but this is unlikely to result in more than an extra £500 or so. If you appeal against Tesco's decision, this will only result in further delay and meanwhile you'll be charged at your standard rate of interest by Virgin.

It's probably quicker to apply for another 0% BT card and move the rest there. Which deal is best depends, to some extent, on which cards you have at the mo or have held recently.

What factors does the credit limit depend on?

Sorry, lenders do not disclose the criteria they use to decide. Perhaps, because to do this would only encourage applicants to be economical with the truth.
Your available credit in relation to your income is likely to be a factor though.

dylansmum

Hmmn again. Well have you tried paying it off online? I have only ever bought odd bits in the sale through online and only pay cahs (debit card) but I thought (I may be wrong) there was an option for settling balances using any card. So - no transfer, just use the new card? Worth a try?

Moggles_2

dylansmum wrote: »

Have you tried paying it off online? ... I thought (I may be wrong) there was an option for settling balances using any card. So, no transfer, just use the new card? Worth a try?

You can arrange to transfer a balance to another credit card (this normally attracts a BT fee of around 3% of the funds shifted), but you cannot pay a credit card bill with another credit card.

Most credit card companies now provide online facilities and some take payment over the phone, but those that offer these facilities only accept payment with your debit card.

maza68

I am new to this site. I would like to apply for a balance transfer. I checked my creditscore which is rated fair. I used up around 30% of my credit available. I recently lost my job and currently not working; my question is will the new creditcard company I am applying for, know that I have no income coming in? (as I assume this will affect my application?)
Many thanks!

Moggles_2

maza68 wrote: »

I would like to apply for a balance transfer. I recently lost my job and I'm currently not working. Will the new credit card company know that I have no income coming in, as I assume this will affect my application?

While unemployed, you're not in a position to get the best balance transfer deals on credit cards, so I would concentrate on finding another job first

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.

Meanwhile, you may be able to reduce your costs using credit cards you already hold. For details, see Martin's *Credit Card Shuffle*article

http://www.moneysavingexpert.com/car...-card-interest

wigwam

Hi
I called barclaycard yesterday to see if I could do a balance transfer (EGG 21.9% is killing me!)
They said no offers on my account.

So thanks to all your posts I have just paid off my balance in full (£22) despite this being the lowest APR with the hope that if I call to cancel in 1-2 months I will be offered a deal

Quick question, I went over my egg limit this month, but have paid back (thats when I wised up and noticed crazy APR). Are egg likely to agree to reduce APR if I cancel the card and just pay off ?

Thanks in advance,

Wigwam

Moggles_2

wigwam wrote: »

I called Barclaycard yesterday to see if I could do a balance transfer (Egg 21.9% is killing me). They said no offers on my account. So, thanks to all your posts, I have just paid off my balance in full (£22), despite this being the lowest APR, with the hope that if I call to cancel in 1-2 months, I will be offered a deal.

Very best

I went over my Egg limit this month, but have paid back (that's when I wised up and noticed crazy APR). Is Egg likely to agree to reduce the APR, if I cancel the card and just pay off?

Unlikely, tbh, but at least Egg won't raise your APR if you cancel the card and pay it off.

This is not a best balance transfer question and you may get more replies, if you post again on the main credit card board.

jon32

Moggles wrote: »

Normally, there's nothing to prevent you from doing this, although with some credit cards you may not be offered the same introductory interest rate the second time round, so check your Ts & Cs carefully.



The M&S card would seem to be taylor-made for your needs

Hi Moggles,

many thanks for your help. M&S card got refused, so I am trying the Barclays Simplicity now. (or should I wait, because the other application has just been refused? and how long? My status will not change in the next 6 months, and I have no late payments, but I am no homeowner, so this may be why I got refused).

I wanted a tip on credit limit. At the moment I have got a RyanAir GE card with a limit of £2500 and a Capital One with a limit of £1100. I have read in some threads you suggest that the total credit limit across all cards affects the limit offered on new cards.. I am happy to ditch the Capital One card, but I dont want to do this blindly... can I apply for the Barclays card, and upon approval immediately ask for an increase in credit limit, and if refused, what is the chance that I will get an increase if I ditch the Capital One? And, how long does it take for the information to filter through?

Many thanks for an awesome brilliant website and forum, you guys rock !

Jon