Best Balance Transfers Discussion Area

miss_cupcake_2

I'm sure this kind of thing gets asked a lot here, so I apologise in advance. I'm a bit clueless when it comes to balance transfers so I'd appreciate your advice.

I currently have £600 on standard Halifax Mastercard and I would like to transfer this to an interest free account if possible. My aim is to pay off the entire balance by the time the interest free period runs out. I will NOT be using the card for spending AT ALL. So far I have applied for an Egg card (3% BT fee and interest free for a year).

It it really that simple? I transfer the £600, pay the BT fee and then can make regular payments throughout the year on 0% interest so that it is entirely paid off in 12 months time. I'm SURE I must be missing something here (hidden charges?) Please help!

Moggles_2

miss_cupcake wrote: »

I currently have £600 on standard Halifax Mastercard and I would like to transfer this to an interest-free account if possible. My aim is to pay off the entire balance by the time the interest-free period runs out. I will NOT be using the card for spending AT ALL. So far I have applied for an Egg card (3% BT fee and interest free for a year). Is it really that simple? I transfer the £600, pay the BT fee and then make regular payments throughout the year on 0% interest, so that it is entirely paid off in 12 months time.

That's right. A 3% BT fee applies, but there are no other charges during the introductory 0% period. Provided that you keep within the Ts & Cs, you'll be fine.

Good luck with your application!

miss_cupcake_2

Brilliant - thanks Moggles. Rather inconveniently, Egg have just called me at work to confirm my details. Whether this is a good thing or not, who knows, but hopefully my application will go through!

Moggles_2

miss_cupcake wrote: »

Rather inconveniently, Egg have just called me at work to confirm my details. Whether this is a good thing or not, who knows, but hopefully my application will go through.

Fingers crossed

Very best
M

hopalong_album

Hi can anyone help?
I'm looking at getting a credit card to transfer my balance from another credit card but I'd like to transfer the balance from my partners credit card on to it too - is it possible to do a BT from my own and his existing credit card to put it all on one? Or would we be better opening one for myself and one for him?
Thanks

Moggles_2

hopalong_album wrote: »

I'm looking at getting a credit card to transfer my balance from another credit card, but I'd like to transfer the balance from my partner's credit card too. Is it possible to do a BT from my own and his existing credit card to put it all on one or would we be better opening one for myself and one for him?

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card his 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 him for any remaining balance.

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

Note: 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

popsi

Hi, there seems to be a lot of knowledge here so I hope you can help me!

I'm looking to potetially transfer the balace of my Hire Purchase finance onto a 0% credit card. I have a virgin card atm, but they haven't let me increase my limit or I would have done it through them. The kicker is that I can't do it as a normal balance transfer, it needs to be like Virgin allow when they put money into my current account and then I use that to pay it off and then pay of as per normal to Virgin.

Do any other cards off that kind of service? I'm hoping to have the balance paid within 8 months, so it needn't be a massively long 0% agreement.

Thanks for any advice!

CannyJock

popsi wrote: »

Hi, there seems to be a lot of knowledge here so I hope you can help me!

I'm looking to potetially transfer the balace of my Hire Purchase finance onto a 0% credit card. I have a virgin card atm, but they haven't let me increase my limit or I would have done it through them. The kicker is that I can't do it as a normal balance transfer, it needs to be like Virgin allow when they put money into my current account and then I use that to pay it off and then pay of as per normal to Virgin.

Do any other cards off that kind of service? I'm hoping to have the balance paid within 8 months, so it needn't be a massively long 0% agreement.

Thanks for any advice!

Yup, there's a full list of cards that allow you transfer directly to your current account on the stoozing site (supported by MSE). Your best bet will be to apply for a card that isn't backed by MBNA - again, list of card issuers on the stoozing site.

kcsc

hi looking for some help my current balance transfer with mbna is coming to a end soon gave them a call to see what was on offer or a roll over for stoozing, nothing offered so i was looking around and opted for abbey call them and went threw my application over the phone was advised it was referred to underwriters never had any problems in the past so sign up for Experian to check things out . could it be that i have to much available credit as i have the following cards Barclays, goldfish 9,500, egg 9500 egg money5,500, post office 6,500 mbna 2 cards 12,500 and a few others that i keep with limits ,off under 1000 that I don’t use, apart from the mbna card which has current 0% offers all others cards used get paid off in full every month no mortgage arrears no loans , or could it be i had a on going dispute with next re faulty goods and returns which i refused to make payments as i was getting no where, finally i paid it off a 6-7 weeks ago as could no longer stand the hassle , but when looking at my report there are quite a few defaults with next with all other cards and all payments perfect. Or are the abbey fussy ,don’t know if ive done the right thing called customer services and requested that my application be with drawn just in case I get a refusal, decline did I do the right thing? Or will it be to late , how long will these defaults be on my credit footprint I now know how stupid I was is there any thing I can do to get them removed

Moggles_2

kcsc wrote: »

Are the Abbey fussy?

Abbey is not known to score particularly harshly, when compared with other market-leading, BT card providers.

Called customer services and requested that my application be withdrawn just in case I get a refusal. Did I do the right thing?

The credit reference agencies do not record credit card refusals only credit checks, which appear on your credit file more or less in real time, so there's nothing to be gained from terminating an application.

Your post raises some credit rating issues and you may get replies more quickly, if you post again on the main credit card board