Best Balance Transfers Discussion Area

Moggles_2

Hawaii wrote: »

I have a debt of £3,500 on a Capital One credit card (up to its limit) I wanted to transfer the balance to a 0% interest card but have had my application for a 0% Virgin card rejected. Does anyone know of anything I can do? ... I can only afford to pay the minimum payment at the moment, but I want to pay it off as quickly as possible and thought that a 0% BT situation would be ideal as I'd actually be paying off the debt rather than mainly interest? Can I appeal the decision by the Virgin or is the decision final?

Bad luck. If you appeal against the decision, it will only result in further delay and meanwhile you'll be charged at your standard rate on your CapOne card. It's probably quicker to apply for another card, TBH.

Are you on the electoral roll at your current address?

For more 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

lesley.1977

In March this year I transferred £4500 from Egg to my existing (debt free) Halifax credit card following their balance transfer offer of 5.95% for the life of the balance. It cost me £140 (approx) in fees to take advantage of this offer.

In April I made a late payment, so I am now being charged their standard rate of 25%!!

It has cost me £140 for an offer that they removed after one month! I am now paying nearly £90 a month interest instead of the expected £20.

I understand that it was a costly oversight in paying my bill late - but it appears to be grossly unfair. I did this to repay my debt quicker, and now I am worse off that if I'd have stayed with Egg.

I forgot to pay my bill - but some people will have made the payment late because they are struggling financially. It is sad to think that the Halifax's way of helping people in such a situation is by making them even worse off. It stinks!

I am currently awaiting a response from the Halifax regarding my request for them to give me my deal back. I was not allowed to speak to a supervisor, and 12 hours later I am still waiting for them to call me back...

Not good enough.

Moggles_2

lesley.1977 wrote: »

In March this year I transferred £4500 from Egg to my existing (debt free) Halifax credit card following their balance transfer offer of 5.95% for the life of the balance. It cost me £140 (approx) in fees to take advantage of this offer. In April I made a late payment, so I am now being charged their standard rate of 25%. It has cost me £140 for an offer that they removed after one month! I am now paying nearly £90 a month interest instead of the expected £20. I understand that it was a costly oversight in paying my bill late, but it appears to be grossly unfair. I did this to repay my debt quicker and now I am worse off than if I'd stayed with Egg. I am currently awaiting a response from the Halifax regarding my request for them to give me my deal back. I was not allowed to speak to a supervisor and 12 hours later I am still waiting for them to call me back.

This same scenario has been mentioned many times. Doesn't only apply to Halifax, btw. In the current climate, all lenders are applying their Ts & Cs strictly.

From feedback here, Halifax will normally reinstate your special rate, provided that it's a "first offence" and you ask nicely.

I would call back tomorrow during business hours. If you ring Card Services on 01315 498050, you'll avoid the perishing 0870/0845 numbers

Might be an idea to set up a direct debit to pay the minimum amount. That way, it's the Hally's responsibility, not yours, to make sure the monthly repayments get there on time.

BenjaminFranklin

Hi All,
I have read the articale about not spending on a credit card you have transfered a balance to. My bank (Lloyds TSB) have offered a credit card with 12 months 0%, but is has a minimum spend of £100 clause on it.......WILL I GET STUFFED ON THE INTEREST ON THAT £100???

Please help
Many Thanks
Benjamin

Hawaii

Moggles wrote: »

Are you on the electoral roll at your current address?

Thank you so much Moggles, and apologies for more questions! I think I'm on the electoral role (is that when you're eligible to vote?) but how do I find out for sure?

Also, would applying immediately for another 0% BT card affect my credit negatively? And finally, can anyone recommend a 0% credit card which may approve someone who doesn't have the greatest credit rating?!

Will check out the links for improving credit rating. Thanks very much for the info.

Hawaii

Moggles_2

BenjaminFranklin wrote: »

I have read the article about not spending on a credit card you have transferred a balance to. My bank (Lloyds TSB) have offered a credit card with 12 months 0%, but is has a minimum spend of £100 clause on it. WILL I GET STUFFED ON THE INTEREST ON THAT £100?

0% for 12 months is available from LloydsTSB. There's a 3% BT fee.

As you say, there's a minimum spend of £100 to qualify, so I'd pay this off before you request your BT, otherwise you'll pay some interest on the £100 purchases after the first three months

http://www.lloydstsb.com/credit_cards/platinum_card.asp

dan23uk

i would really appreciate some advice on a balance transfer.

i have about £1100 on a halifax mastercard that i am looking to shift to virgin's 0% 16 month deal. i have no idea if halifax is part of MBNA though, which will affect the application.
and also, is it possible to transfer overdraft debts to a 0% credit card?

thanks

dan

Moggles_2

Hawaii wrote: »

I think I'm on the electoral roll, but how do I find out for sure?

You can ring the electoral services department of your local council or inspect the electoral roll at your nearest public library.

Can anyone recommend a 0% credit card which may approve someone who doesn't have the greatest credit rating?

Well, it depends what you mean by "not the greatest". There are any number of reasons why someone's credit rating may be less than perfect.

Presumably you have a bank account, a regular income and you're about to check whether you're registered on the electoral roll at your current address.

Have you looked at your credit reports lately to see what's actually on there? For help, see page 1 of the *How to obtain credit reports* sticky.

This approach takes a little longer than simply completing cc applications, but is more likely to get results in the long run, IMO

Moggles_2

dan23uk wrote: »

I have about £1100 on a Halifax mastercard that I am looking to shift to Virgin's 0% 16 month deal. I have no idea if Halifax is part of MBNA though, which will affect the application./QUOTE]
No, Halifax is not part of the MBNA stable.

Is it possible to transfer overdraft debts to a 0% credit card?

Yes. 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 4% handling fee applies, but there are no other charges during the introductory 0% period.

IMO, it's best to request your transfer by phone (as opposed to online), so you can make certain the 0% interest rate will apply. You can do this when you call to activate your new card (There's a dedicated, Freephone number.)

Virgin will allow you to transfer up to 95% of your credit limit. The money arrives in your bank account in about 6 days

CannyJock

Moggles wrote: »

As you say, there's a minimum spend of £100 to qualify, so I'd pay this off before you request your BT, otherwise you'll pay some interest on the £100 purchases after the first three months

The other option we came up with on the stoozing site was making a prepayment to the card for £ 100, then making the £ 100 purchase. The BT has to be done within the first 6 weeks, so you need to be on the ball if you want to avoid the interest altogether.