Best Balance Transfers Discussion Area

CannyJock

Herewegoagain wrote: »

When you use this facility, does it have to be for debt and if so how do you make money from it, or can you get it sent to your bank account and would they know weather it was debt or not? IYKWIM

HWGA xx

If you send it to your bank account there's a 4% fee.

Moggles_2

Herewegoagain wrote: »

When you use this facility, does it have to be for debt?

Not necessarily. The purpose of a BT is entirely up to the card holder.

How do you make money from it?

Unless you have an offset mortgage or fixed-rate savings accounts taken out before interest rates dived, with difficulty at the mo, due to industry-wide BT fees. If you're intent on making a few quid using credit cards, the 0% on purchases deals are probably the way to go.

Btw, this form of arbitrage is known as "stoozing" and there's a sub-board devoted to the subject at the top of the main cc board

Moggles_2

Herewegoagain wrote: »

Can you get it sent to your bank account?

A few rather special cards 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.

You would need:
a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.

A handling fee applies (typically 3-4%), but there are no other charges during the introductory 0% period.

Would they know whether it was debt or not?

Lenders have limited info about your current account due data protection regulations. You don't actually have to be using your overdraft facilities to request a transfer of funds :cool:

suzyT

I'm looking for a 0% balance transfer and also a 0% purchase credit card can anyone suggest one. I have a barclay card breathe at the mo which i believe the 0% will stop soon.

Moggles_2

suzyT wrote: »

I'm looking for a 0% balance transfer and also a 0% purchase credit card. Can anyone suggest one? I have a Barclaycard Breathe at the mo which I believe the 0% will stop soon.

Halifax All in One offers 0% for the first 9 months on balance transfers made in the first 90 days (3% fee applies) and 0% on purchases for the first 9 months
The minimum monthly payment is just 1% of the balance shifted.

http://www.halifax.co.uk/creditcards/allinone_OMG.asp?source=14BEF41E1F13D80

suzyT

being a bit blonde here what does that mean
on balance transfers made in the first 90 days (3% fee applies)

Moggles_2

suzyT wrote: »

What does that mean on balance transfers made in the first 90 days

0% BTs are restricted to the first 90 days from account opening.

If you exceed this time limit, you're charged at your standard rate, whatever that happens to be

Inspector_Sams

I have a Virgin CC for which I've made one transfer from my credit card. If I'm still within the time frame, can I make another from the same card?

If not, the original account I have actually relates to two different cards, one for me and one for the wife. But both fall on my account. would it be possible to make another transfer using the wife's credit card number?

Moggles_2

Inspector_Sams wrote: »

I have a Virgin CC for which I've made one transfer from my credit card. If I'm still within the time frame, can I make another from the same card?

Absolutely. Virgin will allow you to transfer up to 95% of your credit limit.
Limit permitting, you can request as many BTs as you like

chellie2009

just wanna say thank you for the debt forum. Just recently i applied for barclays credit card simplicity online and immediately approved. A few days after they sent me my card and my my credit limit was £3320. the card was 6.8%APR on all standard purchases and no handling fee and thats for a lifetime until i finished up all my balances. What was good is that the staff was helping me to sort my credit card balances on my other 2 credit cards with 22.9% and 20.9% respectively. What he advised me was to transferred £2000 on my highest interest and £ on £900 on the card, which for me is a good deal. I am quite satisfied with the product and advised everyone to take advantage of this current offer with Barclays card. I am so grateful and it least now im nearly going to close my other credit card, which making me worry all the time with this finances.