Best Balance Transfers Discussion Area

Moggles_2

chellie2009 wrote: »

Just recently I applied for Barclaycard Simplicity online and was immediately approved. A few days after they sent me my card, my credit limit was £3320. The card was 6.8% APR on all standard purchases and no handling fee and that's for a lifetime until I finished up all my balances.

Congratulations on getting accepted by Barclaycard
:beer:
Please note: with Barclaycard Simplicity, your standard APR (currently 6.8%, typical) is subject to credit status and variable. This means B'card reserves the right to charge the rate it deems appropriate and may raise your standard interest rate - whatever that happens to be - at any time.

chellie2009

even if I dont used the card?one question can i use the card for purchases also..because on my reading it says not to use cards that have been used as a balance transfer?why is this so?

Moggles_2

chellie2009 wrote: »

Even if I don't use the card?

I would transfer whatever debts you can now, then put the card away.
If you don't use it again until you've paid off the balance, you'll be okay.

Can I use the card for purchases also, because on my reading it says not to use cards that have been used as a balance transfer. Why is this so?

Barclaycard reserves the right to raise the rate(s) charged at any time.

Martin's golden rule: never, ever, ever, ever spend on these cards
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#never

cashbackproblems

HI

I currently have a Halifax interest free credit card where thr 0% interest free period is ending next month and i have 1.2k outstanding which i dont think i will be able to pay for another few months.

I just got back from abroad and realised that Virgin released a fully 0% interest free card for BT's but this had now stopped. Looking at the halifax card above its 0% but they charge 3% to transfer which would be under £40 for 1.2k and if possible id like to avoid that charge?

are there any other cards out there?

many thansl

CannyJock

cashbackproblems wrote: »

HI

I currently have a Halifax interest free credit card where thr 0% interest free period is ending next month and i have 1.2k outstanding which i dont think i will be able to pay for another few months.

I just got back from abroad and realised that Virgin released a fully 0% interest free card for BT's but this had now stopped. Looking at the halifax card above its 0% but they charge 3% to transfer which would be under £40 for 1.2k and if possible id like to avoid that charge?

are there any other cards out there?

many thansl

Lots of cards, but none available now with 0% fee (some invitation only A&L customers).

Your best bet is the Virgin 0% for 16 months. 2.98% fee = 2.235% APR over 16 months.

Full list of them here: http://www.stoozing.com/0fees.php

EDIT: If you're only needing it for a few more months, there's the Play.com card, 6 months 0% for a 1.5% fee?

cashbackproblems

CannyJock wrote: »

Lots of cards, but none available now with 0% fee (some invitation only A&L customers).

Your best bet is the Virgin 0% for 16 months. 2.98% fee = 2.235% APR over 16 months.

Full list of them here: http://www.stoozing.com/0fees.php

EDIT: If you're only needing it for a few more months, there's the Play.com card, 6 months 0% for a 1.5% fee?

cheers i guess i will just have to pay the fee, do you know if deals such as virgins are quite frequent and if theres any chance of anything similar being being released any time soon?

Moggles_2

cashbackproblems wrote: »

I guess I will just have to pay the fee. Do you know if deals such as Virgin's are quite frequent and if there's any chance of anything similar being released any time soon?

They've been few and far between during the so-called credit crunch.

bizzyboy_2

Hi

Because of the great info in this thread I decided to make some balance transfers from 3 credit cards to 3 other cards. However, before I apply for the cards will my credit rating be affected by applying for 3 new cards all at once or am I worrying unnecessarily?


All the best

Paul

Moggles_2

bizzyboy wrote: »

Because of the great info in this thread, I decided to make some balance transfers from 3 credit cards to 3 other cards. However, before I apply for the cards will my credit rating be affected by applying for 3 new cards all at once or am I worrying unnecessarily?

Well, it depends.

Think about the number of applications for credit you've made in the past 3 months. Include new bank accounts, catalogues, store cards, mobile phones etc., not just credit cards and loans. Anything with credit facilities will leave footprints on your file. Then consider your plans over the next 3 months.

Credit checks appear on your credit file more or less in real time. In itself the effect of three credit card applications in 3 months may be insignificant but, in the context of your credit history as a whole, could certainly have an impact on your credit rating.

Remember credit checks appear on your credit file more or less in real time. Any firm that searches your files subsequently will see each credit check until it drops off your file 12 months later. An increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) are now real time applications too.

Moggles_2

While Martin recommends spacing out credit card applications, there is an argument in favour of applying for two or three cards at once.

If, for instance, you make 3 applications the same day, each lender sees only their competitors' credit checks. If you submit those same applications at intervals, providers not only see the credit checks, but also your available credit increasing with each successful application. So your credit rating could look temporarily worse after the third application, than if you had applied for them together.

The drawback with this strategy is that, assuming you're successful, your 0% promotions are likely to expire together, so I would keep this in mind when reaching a decision