Best Balance Transfers Discussion Area

ekilopter

Moggles wrote: »

Credit limit permitting, you can request a transfer for any amount you like.



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)

Which two credit cards - besides your NW Gold card - do you have at the mo?

I have a Yorkshire bank visa and a Mint platinum, the credit limit that NW gold have offered me is more than both cards plus overdraft

Moggles_2

ekilopter wrote: »

I would like to pay off a small overdraft using one or both of the original cards to get the maximum BT benefit .... I have a Yorkshire Bank visa and a Mint platinum. The credit limit that NW Gold have offered me is more than both cards plus overdraft.

A few rather special cards (including Mint fortunately, though not Yorkshire Bank or Nationwide) will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), but you may not be charged balance transfer rates, so check your Ts & Cs.

Also Mint restricts these money transfers to 50% of your credit limit. So, depending on the size of your overdraft, you may have to request a partial transfer of the overdraft and, once you've shifted the balance from Mint to Nationwide, repeat the process

Rubyjones

Moggles wrote: »

Some lenders will not consider applications from former cardholders for various periods following closure.

The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself) makes former customers wait eight months following closure of one of its accounts, so cancelling any of these cards in the past 10 months or so would explain why your Tesco application was unsuccessful, however it appears you've left plenty of time.

Thanks Moggles. I also applied for an Egg card straight after I applied for the Tesco card - on the internet. Is Egg part of the above stable? Do they take age into consideration? I am approaching my 60th birthday but I don't see why that should make a difference seeing as that I am solvent, employed and have never defaulted on any payments on cards, mortgage, or anything else. I do appreciate your help and advice. Many thanks.

I do so want to get this last £600 odd on to a 0% transfer or even a 3% would do but I'm almost afraid to apply for other cards in case I just make matters worse.

Moggles_2

Rubyjones wrote: »

I also applied for an Egg card straight after I applied for the Tesco card on the internet. Is Egg part of the above stable?

No, Egg is an entirely separate operation.

Do they take age into consideration? I am approaching my 60th birthday, but I don't see why that should make a difference seeing as that I am solvent, employed and have never defaulted on any payments on cards, mortgage or anything else.

On the contrary, older customers are seen as being more reliable and less of a risk to lend to.

I would check your credit reports to see what's on there. For help, see page 1 of the *How to obtain credit reports* sticky

ally1d

is it possible for my wife to apply for 0% balance transfer card then transfer my balanc eon to that card? or is this not possible, the card we are thinking of going for is the Virgin credit card with 16 month 0% free

comparetopcards

Hi Moggles,

You are right we have some commercial relationships (currently 2 out of the 15 cards and are identified as sponsored). However, our objective is to provide unbaised results- the results are sorted in the order of savings based on the calculator. Like I had said in my post, this list is not a complete list yet as we just did a beta launch and should not be used as a sole source, but the calculator maybe helpful in analyzing the different cards (I did those calculations manually when I was analyzing all the cards and thought might be useful for others). I just wanted to see if people in the forum, like you, found it helpful/ had suggestions.

Apologize if I misrepresented anything in anyway.

Moggles_2

ally1d wrote: »

Is it possible for my wife to apply for 0% balance transfer card then transfer my balance on to that card or is this not possible? The card we are thinking of going for is the Virgin credit card with 16 month 0% free

Your wife can switch credit card balances from family, friends or Dave down the pub. She should be aware though, that the person whose card their balance is shifted to, becomes solely liable for the debt.

From the lender's perspective, it's not a problem. Customer services may ask for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after her business. They're not really interested in knowing who ran up the debt, as long as she, their customer, pays up on time each month!

Caution: same restrictions apply as when arranging a BT between your own credit card accounts (ie. you cannot transfer balances between cards underwritten by the same bank.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

Rubyjones

Moggles wrote: »

No, Egg is an entirely separate operation.

On the contrary, older customers are seen as being more reliable and less of a risk to lend to.

I would check your credit reports to see what's on there. For help, see page 1 of the *How to obtain credit reports* sticky

On your advice Moggles I have signed up at Experian for a credit report and there is nothing on it that should disqualify me for credit. Everything on it is either settled or being settled and no defaults. I am stumped really. I think I will have to write to Egg and ask why they turned me down because reading the advice on Experian, if I keep apply for cards and get turned down it will be recorded and kept for a year and then go against me.

I just thought it might be something Martin should warn people on in regard to his credit tarting pages.

Whilst Experian do offer the credit file on a 30 days trial, nowhere on their web site does it give out the telephone number if you want to cancel!

Moggles_2

Rubyjones wrote: »

I have signed up at Experian for a credit report and there is nothing on it that should disqualify me for credit.

Congratulations on your faultless payment history.
:beer:

Everything on it is either settled or being settled and no defaults.

I wouldn't rush to close down all of your credit card accounts, if I were you.

It's known that lenders like stability. Being with the same employer, bank and current address for a while, all help when applying for credit, so it's possible that some would view one or two longstanding credit card accounts more favourably as well.

Capital One has defined applicants with an "excellent" credit rating as, amongst other criteria, those who've held a credit card for at least five years. Just a thought.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

nico007

Can i ask a question.....why is it that on the credit card section the Nationwide 0% balance transfer offer is described as having a 3% fee to Balance transfer, yet the RBS and HSBC card which also has a 3% fee is described as HEFTY. Not only that, to have the card at the two mentioned banks you are required to have a current account which are described as UNCOMPETITIVE yet they are simple accounts with no membership fees, surely a good thing as we are told repeatedly not to pay for accounts.

I know the banks are at fault for what is happening at the moment but if consumer confidence is ever going to return to the banks then sites as respected as this should not try and persuade with language like that.

Just a thought...