Best Balance Transfers Discussion Area

kafferlilly

Why carn't I BT from a credit card to a debit card....?

Moggles_2

Originally Posted by gruffalo
I have seen an offer on balance transfers for 36 months at 4.9% with Goldfish. Does anyone know if there is a minimum annual salary required in order to apply, as it does not say?

Not all lenders divulge this info' unfortunately.

Both Goldfish and Marks & Spencer accept transfers from Virgin and Egg.

Remember, there's no balance transfer fee with M & S and in two years time (or sooner if the right offer comes along) you could shift any remaining balance back to say Virgin, provided that - and this is crucially important - the balance on the card that pays off M & S is zero.

With Goldfish, a 3% handling charge applies. You could still shift any remaining balance to another card, but would incur two BT fees to move the same money.

Moggles_2

Originally Posted by kafferlily
Why can't I BT from a credit card to a debit card....?

A balance transfer, by definition, is when one credit card repays debts on another credit card, so you owe the money to a different card, preferably at a lower interest rate. For a full explanation, see Martin's *Best Balance Transfers* article on the main site.

boydE

Hi Guys

Bit of help needed.

I have nearly £1000 on cc at the moment, natwest visa, tesco mastercard.

I want to shift onto a 0% for 12 months+
I am a member of quidco.

Basically want to leave the £1000 on another cc 0% without paying anything off apart from minimum payments. How much are min payments on a £1000 balance?

I have money coming next year and will pay off then.

allstemp

Hi there

I am considering a balance transfer. I currently have £2,010 outstanding on my Lloyds Visa credit card and a total £5,000 credit limit. I am thinking about transferring the £2K to Virgin's 15mth interest free on balance transfer deal.

If i make the balance transfer to Virgin does my Lloysds credit card still stay "open" and allow me to have £5,000 credit? or by balance transferring will it automotically close?

many thanks regards

King_Weasel

allstemp wrote: »

If i make the balance transfer to Virgin does my Lloysds credit card still stay "open" and allow me to have £5,000 credit? or by balance transferring will it automotically close?

Your Lloyds card would stay open. That is the one to use for future purchases, NOT the Virgin card - see Martin's b t article here to see why. And remember, you still have the original debt to pay off eventually.

Moggles_2

Originally Posted by boydE
I have nearly £1000 on cc at the moment, natwest visa, tesco mastercard.
I want to shift onto a 0% for 12 months+
I am a member of quidco.

To maximise the 0% period, 15 months is currently available to new customers from Egg, Halifax and Virgin.

I believe Quidco offers successful applicants £20 cashback for Egg card and £10 for Virgin.

Moggles_2

Originally Posted by boydE
Basically want to leave £1000 [natwest visa, tesco mastercard] on another 0% cc without paying anything off apart from minimum payments.
How much are min payments on a £1000 balance? I have money coming next year and will pay off then.

Cards issued by MBNA (which includes Virgin) have the lowest minimum monthly payments, ranging from £5 to £25 depending on the brand of card. Please be aware that the balance transfer fee is collected with the first payment, so your first repayment would be 3% of the balance, but you would pay from £5-£25 per month from there on (£25 if you go with Virgin.)

Egg and Halifax require 2% of the balance shifted, so your monthly repayments on £1000 would still be less than £20.

1andrea

gruffalo wrote: »

Hi there ,
newbie here . I do appologies if this question has already been asked. I have a problem in that all the cards mentioned for best balance transfers are the ones I already have. which is egg balance of £4000 card has been cancelled as of last week by egg. virgin balance of £6000 interest gone up to 34.9% as of this week and an available balance of £9400 on hsbc whom I have rang a couple of times to find out about existing customer balace transfer rate and am always told this is cumputer generated and that there is no offer for me at the moment. I am a house wife on an annual income of £5000. Am worried about applying for other cards due to my low income and the amout of debt that I already have. Any advise would be much appreciated.
many thanks

You really need to call up virgin and tel them you are considering moving your balance to a lower rate card but you would prefer to give them your business if you can and ask them what interest rate can they offer you on your current balance. I have done this and they have offered me different each time from memory they have given me 5 months at 0% and then reduced my interest rate to 14.9%. They have given me an existing customer offer more than once.

You could save quite a lot for the price of a phone call!

Good Luck

greencode

I have £2000 on my MorganStanley card (MS) and £1500 on my Barclaycard (BC). Both companies have written to me with Balance Transfer offers.

Therefore can I transfer the £2000 from my MS card to my BC card and start paying the 6.9% interest until paid off (that's the offer) and then once done transfer the current £1500 from my BC card to my MS card and take MS up on their 3.9% for 5 months offer?

I'm a little confused