Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by kknight
I'd like to have it all in one place, so I know what I'm doing.

To move your borrowings to one place, you would need to apply for a new credit card.

Have you considered Egg card or Virgin?
Both offer new customers 0% on balance transfers for 15 months. What's more, they'll allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account (None of your existing cards have this capability). From there you could also settle your Next bill, which must be costing you a fortune.

Moggles_2

Originally Posted by kknight
I don't have great credit for some reason, even though I don't really miss any payments

There are any number of reasons why someone's credit rating may be less than perfect.

Have you checked your credit reports lately? This is the information UK lenders see when you apply for a new credit card (For help, see the *How to obtain credit reports* sticky.)

For tips to improve your chances of acceptance, have a look at the *Credit Rating* articles on the main site, especially Martin's *Manage and Improve your credit score* article.

Moggles_2

Originally Posted by JamieLondon
I'm a student and have £2400 outstanding on my Amazon Mastercard. Will be able to pay it in about 2 months when I get wages and student loan. Only problem
is the interest free period has expired,so now I'm going to have to pay a ridiculous amount of interest unless I can transfer the balance.

I read on here that Ulster and Capital One have 0% on balance transfers for 6 months with no fee, which would be ideal. Problem is Ulster only give their cards to students who hold student accounts with them (Mine is with Natwest).

As you now realise, the Ulster Bank card would have been ideal.

I don't really want to try Capital One as they're for people with immaculate credit history. Mine is not and a rejection would mean an unnecessary mark

Unless you're a mature student, you definitely wouldn't meet C1's lending criteria.

Have you considered Mint? This card offers new customers 0% on balance transfers until
1 April 2009. A 2.9% handling fee applies, but there's a bonus offer on BTs debited to your account in July 2009

magicdogsbrain

I was considering getting HSBC credit card for the 2 year BT. Please be aware that clause 3e of the T&C states “If you have not used your Account or Card for more than 12 months we may make a reasonable charge to your Account…….”

It goes on to state that they would give 30 days notice of this ‘reasonable charge’.

Statements like that completely put me off – so I am walking from that offer. :mad:

Moggles_2

Originally Posted by magicdogsbrain
I was considering getting HSBC credit card for the 2 year BT. Please be aware that clause 3e of the T&C states “If you have not used your account or card for more than 12 months we may make a reasonable charge to your account…….”It goes on to state that they would give 30 days notice of this "reasonable charge".
Statements like that completely put me off – so I am walking from that offer.

I wouldn't let this put you off.

HSBC is offering new customers 2.9% APR on balances shifted for 2 years plus a one-off fee of 2.5% of the balance transferred. If you can repay in two years or under, this would be a low-cost way to borrow money.

Then again, if you're apt to file away the Ts & Cs and forget all about 'em, perhaps it's not for you.

Jo4

Which card should be paid off first, one with a rate of 2.9% apr or one which has a 0% apr with a 2.9% balance transfer fee?

teresa2406

Hi everyone,

Been reading the posts and I was wondering if anyone could help me with my current situation. My current debts are as below:

Halifax Cr Card: £6800 (0%, increasing to 14.9% in April)
Alliance & Leicester Cr Card: £1100 (1.9%, increasing to approx 25% around now).
Alliance & Leicester Loan: £3000 (40 months left at ?APR)


I'm getting confused as I've applied to Barclaycard and CitiBank for a balance transfer card with set APR for life of balance as I thought this would make things a bit more "stable" but I haven't heard anything from them yet. So I started looking at loans and was offered a 12% loan with the Coop and a 9.9% loan with Moneyback Bank. I don't know whether to take the cheaper loan or try applying for a couple of cheaper credit cards. I'm pretty good at transferring before the interest hikes up so I don't mind moving money about but I don't know what to do for the best at the moment.

Also, I've got quite a few credit cards that I haven't used for ages with zero balances, should I ring these companies up to see what they can offer me or just close the accounts?

Hope someone can advise me a bit.

Thanks

Moggles_2

Originally Posted by Jo4
Which card should be paid off first, one with a rate of 2.9% apr or one which has a 0% apr with a 2.9% balance transfer fee?

I would throw as much spare cash as possible at the 2.9% APR card. This is a low interest rate, but it's still costing you money.

With a 0% balance transfer card, there's no merit in parting with more than the minimum monthly repayments. I would set aside as much as you can (preferably in a Cash ISA or high-interest savings account) to pay off the card just before the interest-free period ends.

Jo4

Moggles wrote: »

I would throw as much spare cash as possible at the 2.9% APR card. This is a low interest rate, but it's still costing you money.

With a 0% balance transfer card, there's no merit in parting with more than the minimum monthly repayments. I would set aside as much as you can (preferably in a Cash ISA or high-interest savings account) to pay off the card just before the interest-free period ends.

The 0% balance transfer card has a 2.9% balance transfer fee. Does that mean that there will be interest added to the interest?

Moggles_2

Whilst the majority of lenders now charge balance transfer fees - a trend started by MBNA - just three, AFAIK, currently charge interest on BT fees.

Bank of Ireland, LloydsTSB and Royal Bank of Scotland treat these handling charges as purchase transactions which are paid off last, so the BT fee is left sitting on successive monthly statements attracting interest.

Capital One, Citi, Co-op, HBOS and MBNA have never charged interest on BT fees.

Egg and Barclaycard have now dropped the practice.

In the case of the RBS stable (which includes Mint, NatWest, RBS itself and Tesco), I believe you can pay the handling fee in addition to your first monthly payment and avoid interest.