Best Balance Transfers Discussion Area

Moggles_2

GreenMan wrote: »

I need to BT from a partner's HBOS card where the 0% deal has ended onto my Halifax card which has a low life-of-balance deal, but of course I cannot do this directly. Can I transfer it first to my Virgin Card (which I am in the process of clearing because the 0% deal has also expired) and then from that to my Halifax card, of course incurring two BT fees? Will Virgin have a problem with this?

No, you can do this.

FWIW, I doubt whether Virgin can distinguish BACS payments made by other card companies from those of their customers

Caution: please be aware, that the person whose card the balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge them for any remaining balance.

GreenMan

Moggles wrote: »

No, you can do this.

FWIW, I doubt whether Virgin can distinguish BACS payments made by other card companies from those of their customers

Caution: please be aware, that the person whose card the balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge them for any remaining balance.

Thank you Moggles - you're a hero as ever.

GM

Moggles_2

marks77 wrote: »

I've got a balance of £1650 on a Wolves Mastercard on which I'm paying the minimum each month. I have green 0s throughout my credit file and I'm up to date with everything else. I applied for a Virgin card and got refused for balance transfer a couple of months ago.

I take it you mean your application for a Virgin card was unsuccessful. (It would be unusual for Virgin to accept your cc application and then turn down a balance transfer request having issued the card. )

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

buzzby

Hi

I have an Abbey Credit Card and would like to do a balance transfer. I just tried to do this with the Virgin credit card but was turned down.
My balance on the abbey card is £2500.

Many thanks

Chris

Moggles_2

buzzby wrote: »

I have an Abbey credit card and would like to do a balance transfer. I just tried to do this with the Virgin credit card, but was turned down. My balance on the Abbey card is £2500.

Which card is best depends, to some extent, on which cards - besides Abbey - you have at the mo or have held recently.

buzzby

I only have the one abbey card at the moment. Havn't had any others for about 8 years.

pete111_2

Hi
I transferred £6000 on a 12month 0% BT to Lloyds TSB. Also took a loan with LTSB for £18000 over 84months at 10%APR.
I have just been accepted by Virgin for a 0% BT card.
The question is should I transfer some of my loan to Virgin and hope to pay off by the end of the 16mths or should I transfer as much as possible to Virgin, pay the minimum and let it rest at 0%.
I am concerned that 0% BT cards may be more difficult to find in the future and don't want to have to take another loan in 12-16 months time.

vistaa

It's best.Thank you.

Moggles_2

buzzby wrote: »

I have an Abbey Credit Card and would like to do a balance transfer. I just tried to do this with the Virgin credit card, but was turned down. My balance on the Abbey card is £2500. I only have the one Abbey card at the moment. Haven't had any others for about 8 years.

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

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted.

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

Moggles_2

pete111 wrote: »

I transferred £6000 on a 12 month 0% BT to Lloyds TSB. Also took a loan with LTSB for £18000 over 84 months at 10%APR. I have just been accepted by Virgin for a 0% BT card. The question is should I transfer some of my loan to Virgin and hope to pay off by the end of the 16 mths or should I transfer as much as possible to Virgin, pay the minimum and let it rest at 0%? I am concerned that 0% BT cards may be more difficult to find in the future and don't want to have to take another loan in 12-16 months time.

A few rather special cards, such as Virgin, 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. A handling fee applies, but there are no other charges during the introductory, interest-free period. You then have funds in your current account with which to pay off the loan.

Clearly, this move would save you money in the short term. Whether it's a good idea is another question. In the current climate, you're right to be concerned, IMO.

Will you have savings to fall back on, if new BT deals with sufficient credit limits do not materialise? If so, that's great, but bear in mind the reason Virgin can afford to lend up to 95% of your credit limit 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. (If this were not the case, these 0% offers would have dried up long ago.) If 16 months isn't long enough to clear the loan, it may be safer to leave some of your borrowings at the fixed rate that you are currently paying.

Be aware that Virgin has a habit of raising standard rates to anything up to 34.9% APR variable. Also, you'll need to factor in the 4% handling fees and check the loan Ts & C's. Some providers charge an early repayment penalty if the loan is settled in full before the scheduled date.