Best Balance Transfers Discussion Area

mattyc84

Got the Barclaycard lifetime balance transfer deal through the post but when I telephoned to make the transfer from Virgin, was only offered a much lower amount to transfer. Was told if I wanted to transfer the amount stated in the marketing material received in the post I would have to use the promotional cheque - anyone else heard of this? Seems a bit pointless, and obviously takes time!

Moggles_2

mattyc84 wrote: »

Got the Barclaycard lifetime balance transfer deal through the post, but when I telephoned to make the transfer from Virgin, was only offered a much lower amount to transfer. Was told if I wanted to transfer the amount stated in the marketing material received in the post, I would have to use the promotional cheque. Anyone else heard of this? Seems a bit pointless and obviously takes time!

Congratulations on getting accepted by Barclaycard & thanks for your feedback.
:beer:
No experience of this personally. Last time I requested a BT from B'card over the phone, the bank insisted on first posting me an identity code as an extra security measure. I was then asked to make a second call to arrange my BT quoting my unique code, which could only be used for the one phone call. Obviously, this all takes time too, although with identity fraud on the increase, perhaps it's justified.

Might be worth a second call. You may just get a different answer. If you ring Barclaycard Card Services during business hours on 01604 234234, you'll avoid the perishing 0870/0844 numbers and, with luck, the overseas call centre
Note: this is not a static connection. During busy periods, it dynamically routes the call overseas.

Alternatively, try customer services on 0800 9177 277

Very best
M

Kamakura

thanks will look into rbs card as far as am aware there is no charge by coop to transfer debt to other card at slightly lower rate of 12.9%

regards K

Kamakura

Thanks CJ that gives me a clearer picture I wasn't sure how to deal with the overdraft I thought it would be better to take "£230 off the credit card debt totals, less money less interest to pay? No charge for moving debt internally as far as I am aware
regards
K

CannyJock

Kamakura wrote: »

Thanks CJ that gives me a clearer picture I wasn't sure how to deal with the overdraft I thought it would be better to take "£230 off the credit card debt totals, less money less interest to pay? No charge for moving debt internally as far as I am aware
regards
K

It all comes down to the APR on the overdraft. The trick to minimising your interest (aside from moving it all onto 0% offers) is to make the minimum payments on all of your other debts and the maximum payment to your highest APR debt. It's called snowballing.

So technically if the overdraft rate is less than 14.9% APR then you'd be better off using more of your overdraft to pay against the coop travel card to reduce your overall interest.

Kamakura

thanks again will find out what the overdraft apr is

K

Stevie_S_3

Hi all,

Great site and the weekly moneysaving e-mail is fantastic, my first post on here so hopefully its in the correct section etc.

Quick question really - Are you more likely to get accepted for a 0% balance transfer card if the 0% is only for a short period?

Im not sure if this question actually has a yes or no answer but i wish to enquire before i apply for my next card.

I ask because i applied for a Virgin card (0% 16 month) in January for which i was turned down the reason being i was always in my overdraft (which was true) and i got turned down by Abbey (0% 15 month) end of may with no reason given.

ive had a credit card for 4 years (halifax one) which has always had the minimum payment made ive also had car finance, car insurance, contract telephone, sky TV etc etc which have all been paid constantly. I ran into trouble the end of last year £1500 overdraft which was always near the top and £3050 maxed out credit card plus two charges for going over the limit. So with that in mind Virgin probably didnt want to know me and yet Barclaycard were happy to supply me with a 6.5% on BT's for life with a limit of £9000 on its platinum card two days later????

Current status

Clinic Clerk - NHS
Salary - £15000

No loans
No overdraft
Halifax one - £0 (been paying off in full past 3 months) - £3050 limit
Barclaycard - £2400 at 6.5% & £1400 at 6.9% - £9000 limit

I just want to merge the Barclaycard debts into one as i have done two seperate BT's and have to pay the £2400 back first then the £1400, but dont wish to be knocked back again so does the period of a 0% affect the acceptance?

thank you in advance

Steve

Moggles_2

Stevie_S wrote: »

Are you more likely to get accepted for a 0% balance transfer card if the 0% is only for a short period? I'm not sure if this question actually has a yes or no answer, but i wish to enquire before i apply for my next card.

Sorry, only the credit card companies know the answer. Lenders do not disclose the criteria they use to decide.

Judging from posts to this board, I suspect it makes no difference, but that's just my opinion of course. OTOH, if the CRAs hold negative data associated with your current account, that would certainly rule you out.

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.

For 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

Stevie_S_3

Thank you for the reply Moogles

Yes i checkd my credit report with the free experian trail, it told me the obvious of what i owe how much credit i have etc

The car finance, credit card and everythink else i had which come to about 10 different things just had loads of green boxes and satisfactory written underneath them all. I didnt check the actual credit score maybe i should of for peace of mind.

It mentions in the best balance transfers section of this site

"This card is provided by MBNA, which tend to be difficult to get accepted for"

with regards to BT, 0% for 9 months, 1.9% fee.

any ideas on what the best cards that are not difficult to get accepted for are?

Moggles_2

Stevie_S wrote: »

I didn't check the actual credit score. Maybe i should for peace of mind.

You'd be wasting your money, IMO

Credit reports, when ordered directly from Experian and Equifax, are invaluable. After all, this is the information lenders search when you apply for credit. Experian supplies well-written accompanying notes as well, which are a good read.

Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for