Best Balance Transfers Discussion Area

sindy9001

Great site.

dizzybuff

Okay we need to Balance transfer to another card , the debt is currently on a Mint card. Advise please on the best transfers , ill so a moneysupermartket thing is a mo

Plus does it have to be the primary card holder that transfers the debt , or can a secondry card holder apply and get the debt transfered

Moggles_2

dizzybuff wrote: »

We need to transfer a balance to another card. The debt is currently on a Mint card. Advise please on the best transfers

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/

Alternatively, you'd get 13 months at 0% from Halifax on balance transfers made in the first 90 days. A 3% BT fee applies.
Minimum monthly payment is just 1% of the balance shifted.

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

Does it have to be the primary card holder that transfers the debt?

Yes.

Seashells

Hi I need to transfer about £3K to a new 0% balance transfer, I am currently with egg and the 0% is coming to an end.

Yesterday I applied online to Halifax and the Nationwide and they both said I was declined, then I tried Alliance & Leicester and was accepted, a little message came up and said I'd been provisionally given a £2,100 limit and the details will be in the post soon.

My question is once I apply for a card do all the cards know about it? as I was thinking of trying the Post Office card to do the rest of the balance that I will have outstanding. Anyone had much joy with these?

Also I have £750 outstanding on another card with Virgin - MBNA and was thinking of trying another MBNA card, does anyone think they will approve this?

Thanks for any replies.

Moggles_2

Seashells wrote: »

Once I apply for a card, do all the cards know about it?

Yes. Unlike most other data, credit searches and an increasing number of online and telephone credit card applications (those which give instant decisions and credit limits), appear on your credit file more or less in realtime. Other lenders will not know the credit limit you were handed by Alliance & Leicester though.

Also I have £750 outstanding on another card with Virgin - MBNA and was thinking of trying another MBNA card. Does anyone think they will approve this?

Caution: please read #1923 above.

laurad1

i'm new...and really really rubbish when it comes to this sort of stuff....!!

Just have a quick question, (which is probably an easy answer that I should know..but I dont!!)

I have a Visa debit current account with Lloyds TSB which I have had for years, rather than having loans/credit cards etc I have just been pushing my overdraft up and up.

I am now looking to balance transfer my overdraft from my current account to a 0% balance transfer credit card so as i'm not paying interest fee's with Lloyds and am also clearing my current account to £0 each month rather than in the minus!!

Can you balance transfer from a current account overdraft onto a credit card or does it have to be from credit card to credit card? if so whats the best one at the moment that will allow you to do this?

thank you in advance!!

Moggles_2

laurad1 wrote: »

I am looking to transfer my overdraft from my current account to a 0% balance transfer credit card so as i'm not paying interest fees with Lloyds and am also clearing my current account to £0 each month rather than in the minus. Can you transfer from a current account overdraft to a credit card? if so, what's the best one at the moment that will allow you to do this?

A few 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), 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/

louise56489

All this is ok as long as your personal circumstances do not change and you cannot afford the repayments. Just be careful.

Moggles_2

louise56489 wrote: »

All this is ok as long as your personal circumstances do not change and you can afford the repayments. Just be careful.

Absolutely. If you will have savings to pay off your credit card balance before the 0% period expires, that's great. The risk is that you can't be sure of another 0% credit card offer with a sufficient credit limit when your current deal ends and the interest rate leaps to anything up to 34% APR variable. For all we know, 0% BT deals may not be around in 16 months time and BT fees could have jumped to 5% or even 6% :eek:

Please bear in mind that the reason Virgin can afford to lend you money at 0% for 16 months is because, more often than not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. This is the main way lenders claw back the cost of these promotions. If this were not the case, these 0% offers would have dried up long ago

glockdanny

Hi there. I'm looking to balance transfer about 7K so I need a provider who is reasonably generous with its credit limits. I earn 60K and have a faultless credit history. I was intending to apply for an Abbey card as I'm currently with Virgin. Any recommendations? Thanks.