Best Balance Transfers Discussion Area

Moggles_2

SomeGeezer wrote: »

Moggles, recently you helped me with a BT from my Barclaycard. Anyway I applied for the Halifax option because of the 13 months with zero interest. When I completed the application form, I wrote that I wanted to transfer 6.2k and was accepted. However the card turned up today with only a 3.6k limit. I just called them and that's the most they are prepared to loan.

None of us knows in advance the limit we'll be handed. If the worst happens, Martin's advice is to transfer what you can. It's on your credit files, so you may as well use it (See Martin's *Credit Card Limit: didn't get what you wanted?* article.) You'll still save money

http://www.moneysavingexpert.com/cards/bad-credit-rating

If I now apply for another card, will the new lender think twice because they will see on my credit report that I have just applied and got the Halifax card?Therefore, they will think I am trying to gain too much credit too quickly.

Lenders do not disclose the criteria they use to decide, but your available credit in relation to your income is likely to be a factor.

Obviously, we don't know your annual income, but if you have three credit cards at the mo, this isn't excessive. I believe the national average is five.

IMO, your new Halifax account is unlikely to affect your chances of acceptance, though it could affect your credit limit if you have a lower than average annual income.

Moggles_2

annual_gift_man wrote: »

When should I balance transfer? Supposing I have debt on card x. I get a good balance transfer card. Should I do it straight away or when I have enough big debt to make it worthwhile? I'm thinking if I need to spend again on card x, I won't be able to clear that.

I would apply for a balance transfer card when you have debt(s) to transfer and request the BT(s) during the activation call. That way you take full advantage of the introductory rates.

The longer you delay, the less time the promotion has to run and you'll still be charged the same handling fees.

Note: some lenders restrict their special-rate BTs to X days from account opening, so the decision is made for you.

pineapple123

I would like some advice please.

I would like to transfer my existing tesco card balance to a 0% balance transfer account however I have a couple of questions

. If I transfer all debt to another card does my existing card become void
. To get further credit would I need to take out a lower APR credit card as well as a new 0% balance transfer card.
. I Will be getting refund from ticketmaster for MJ concerts how will this be refunded if I no longer have the card.

I have £1900 on existing card. thanks.

jeannieblue

I've about 1800 on my card - was Amazon (Halifax) but they have dropped Amazon and sent me through a plain Halifax one to use instead - all the details are the same still.

I want to change to another card have zero % balance transfer on this debt so that I can clear it up and owe nothing!

What is the best one around at the moment? I keep seeing Halifax mentioned - but as that is what I have.... think I need another option.

Thanks folks!

Moggles_2

pineapple123 wrote: »

I would like to transfer my existing Tesco card balance to a 0% balance transfer account. If I transfer all debt to another card does my existing card become void?

No. FWIW, I doubt whether Tesco can distinguish BACS payments made by other card companies from those of their customers. As far as Tesco's concerned, you would simply have cleared your current balance.

To get further credit, would I need to take out a lower APR credit card as well as a new 0% balance transfer card?

Not necessarily.

Once you've paid off your Tesco card, courtesy of a new balance transfer card, there may be some residual interest to pay the following month.

From there on, if you only ever use your Tesco card for shopping and always settle the statement balance in full by the payment due date, there are no interest charges. Your shopping remains interest-free

Moggles_2

jeannieblue wrote: »

I've about £1800 on my card - was Amazon (Halifax) but they have dropped Amazon and sent me a plain Halifax one instead. All the details are the same still. I want to change to another card and have zero % on this debt, so that I can clear it up and owe nothing. What is the best one around at the moment? I keep seeing Halifax mentioned, but as that is what I have, I need another option.

Yes, Halifax is often recommended because credit limits are generous and the minimum monthly payment is just 1% of the balance shifted.

13 months at 0% is currently available to new customers from Nationwide on balance transfers made in the first 90 days. There's a 3% BT fee.

http://www.nationwide.co.uk/creditcard/GoldCard/default.htm

Alternatively, you'd get 0% until 1 August 2010 from Egg. A 3% BT fee applies.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Moggles_2

gekkohq wrote: »

I've just paid off my honeymoon using my Thomas Cook credit card. The reason I used the TC credit card was because it had the highest credit limit of my two cards (I only use my credit cards to pay the odd bill when needed). The TC card has a high interest rate, so I want to swap the balance to another card with 0% interest. It's about 4k for the honeymoon, so what's a good card to swap to?

Which other credit card - besides Thomas Cook - do you have at the mo?

jeannieblue

Moggles wrote: »

Yes, Halifax is often recommended because credit limits are generous and the minimum monthly payment is just 1% of the balance shifted.

13 months at 0% is currently available to new customers from Nationwide on balance transfers made in the first 90 days. There's a 3% BT fee.

http://www.nationwide.co.uk/creditcard/GoldCard/default.htm

Alternatively, you'd get 0% until 1 August 2010 from Egg. A 3% BT fee applies.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Thanks Moggles - very much appreciated!

jeannieblue

Blow me down with a feather!!

Have just opened post and have an application form sent to me from RBS!

Offering - it says BT 0% for 15 months. Purchases 0% for 3 months and transfer fee thing at 2.9%

I can't see any hidden catches..............

Not sure why they have sent me this, possibly due to the fact that I bank with RBS? Though think they are separate organisations.

I've not read all the small print yet tho...

Moggles_2

jeannieblue wrote: »

Have just opened post and have an application form sent to me from RBS offering BT 0% for 15 months. Purchases 0% for 3 months and transfer fee thing at 2.9%. Not sure why they have sent me this, possibly due to the fact that I bank with RBS?

Yes, this deal is open to existing RBS customers only. Perfect timing!
:beer:

I can't see any hidden catches ... I've not read all the small print yet though.

The main thing to remember is NOT to spend on the card.
Martin's golden rule: never, EVER spend on a credit card after transferring a balance to it. Definitely not money-saving.

The other minor irritation is that RBS treats BT fees as purchase transactions, so you will incur a small amount of interest if the fees are not paid off before your 0% rate on purchases expires 3 months from account opening.