Best Balance Transfers Discussion Area

Moggles_2

dcemm wrote: »

I'm new to this balance transfer thing. Can I transfer mine and my wife's balance on to a card that I have applied for, as she has stopped working to look after our baby boy?

Yes, you can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, 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!

Caution: 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

dcemm

Moggles wrote: »

Yes, you can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, 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!

Caution: 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:

many thanks transfered to 0% today saving £40 a month!! many thanks

Moggles_2

dcemm wrote: »

Many thanks. 'Transferred to 0% today saving £40 a month!

Congratulatons & thanks for your feedback
:beer:

Xyon81

I want to transfer over a couple of hundred, but I still want to use my card for a very small monthly payment. I would stick it on debit but they only accept visa. whats the cheapest way to do this

keza

Hi All,
Can i get a credit card to transfer my loan onto (well part of my loan as the rest is in dispute!)
if so, which one? thanks! x

sorry just seen the answer to my question near the top!

Moggles_2

Xyon81 wrote: »

I want to transfer over a couple of hundred, but I still want to use my card for a very small monthly payment. I would stick it on my debit [card], but they only accept Visa. What's the cheapest way to do this?

Which card is to be used for the monthly payment, the card you're transferring from or the one your shifting the balance to?

Moggles_2

annual_gift_man wrote: »

They are all declining me every card all the ones on the low charge fee 0% balance transfers. I can't get any card to pay off my current existing debt.

The best balance transfer deals are usually reserved for new customers, but you don't have to apply for a new card to get new credit. You may be able to reduce your costs using credit cards you already hold. For details, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/car...-card-interest

Kamakura

Hello this is my first post, thanks for all info so far. Have £996.01 debt on coop travel card at 14.9 % and further £1939.09 on coop clear card at 12.9% am only making the minimum payments on both: around £60 per month

Overdraft of £1560
Have new Tesco credit card (June 09) (don't understand what 0% for purchases means should I hang on to it for food shopping?} with £230 available for balance transfer.

Called the bank who will agree to transfer travel card debt onto clear card at lower rate, am about to check my credit rating though think I am not on electoral roll as moved 3 months ago but will sort that too.

having read lots about shuffling cards and balance transfers should I transfer what I can onto the tesco card I already have and try for another card at 0% to transfer remaining clear card debt?

Many thanks

K

sabretoothtigger

Save tesco for its 0% purchases, what rate is the transfer set to

You need to apply for a new card yea, is the clear card transfer going to incur a transfer fee. The fee is effectively part of the interest for whatever lower rate term they give you


If you cant get 0% you can at least immediately reduce all the interest without paying a fee by using a rbs classic - life of balance card. Provide your previous address when applying or you will have no credit score

CannyJock

Kamakura wrote: »

coop travel card@ £996.01 @ 14.9% APR
coop clear card: £1,939.09 @ 12.9% APR
Overdraft: £1,560.00 @ ?% APR

Tesco credit card (June 09) 12 months 0% purchases

Called the bank who will agree to transfer travel card debt onto clear card at lower rate, am about to check my credit rating though think I am not on electoral roll as moved 3 months ago but will sort that too.

Only do the transfer from the travel card to the clear card if they will do it without a balance transfer fee.

Use the Tesco credit card for making all of your normal purchases, fuel, shopping, the lot - if you can, only pay the minimum on the card during the 0% promotion period. This should help you to keep some money in your current account to reduce the overdraft immediately. Be careful not to spend more than your credit limit on the Tesco card - that's the risk with maxing out a 0% purchase card.

Definitely check out the electoral role situation and obtain a copy of your credit report to check for anything else that can be done to improve your credit score.

Once you're on the ER and have had this confirmed by your credit report (even if this takes a couple of months to update), you're basically looking for a balance transfer card, like the Virgin Money 16 months 0% card, to transfer your coop card balances to. They'll charge you a 2.98% fee for taking on this balance. The Virgin card will also take on your overdraft and charge you a 4% fee for this, will allow you to put all of it in one place.

Be aware that MBNA who back the the Virgin card are semi-notorious for hiking your interest rate up at the end of the 0% period so you need to make a plan to clear this balance in full or move it elsewhere before the promotion runs out. If you've kept a nil balance on the coop card, you could always ask them for an offer to transfer the balance back to them at the end of the 16 month period.