Best Balance Transfers Discussion Area

knoxy

I have done several balance transfers successfully and had been using the "deferred payment" money to get a business started up - also successfully. Then I moved house and quit my full time job - only to find that I then couldn't find anyone who would do a balance transfer! Just be careful that you don't get caught in a similar way - I was lucky i that I was able to pay it off!

bizzyboy_2

Many thanks Moggles

Luckily I haven't applied for any cards, mobile phones or have any credit related activity in the last 12 months. I like the idea of applying for all the cards on the same day, and I think I'll try that approach. And I'll plan for all the 0% expiring at the same time, so thanks for the 'heads up' on that one.

And thanks Knoxy for your words of advice too.

Moggles_2

knoxy wrote: »

I have done several balance transfers successfully and had been using the "deferred payment" money to get a business started up - also successfully. Then I moved house and quit my full-time job - only to find that I then couldn't find anyone who would do a balance transfer! Just be careful that you don't get caught in a similar way - I was lucky that I was able to pay it off.

Yes, the changes in your circumstances would have temporarily disrupted your credit rating, unfortunately.

Many honest individuals are obliged to move frequently, through no fault of their own. Unfortunately, fraudsters move around a lot too (or so we're told) It's one of the ways they attempt to avoid detection.

Basically, lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while, all help when applying for credit

jonnny1975

Hi,

Great Site. Great Thread.

I have a question....

I recently acquired a Virgin Credit Card (BT 0% - 16mnths, 2.5% Transfer Fee) to achieve a Balance Trans from my HBOS Credit Card (£3k), thus saving me approx £55 per month in Interest. I WILL BE DELIGHTED IF THIS IS SUCCESSFUL.

My question is, could i somehow shift my £5k HBOS Overdraft (paying £75 p/mnth interest) onto my £3k HBOS Credit Card - thus moving £8k in total to my BalanceTrans @ Virgin ??? IT WOULD BE AMAZING IF I COULD, BUT SOMEHOW I FEAR THIS PROBABLY WONT BE POSSIBLE???? WOULD A PERSONAL LOAN BE MY BEST BET HERE ????

Can anyone offer any thoughts / guidance ????

Many thanks in advance.

Regards

John : )

Moggles_2

jonnny1975 wrote: »

I recently acquired a Virgin Credit Card (BT 0% - 16mnths, 2.5% Transfer Fee) to achieve a Balance Trans from my HBOS Credit Card (£3k), thus saving me approx £55 per month in Interest. I WILL BE DELIGHTED IF THIS IS SUCCESSFUL. Could I shift my £5k HBOS Overdraft (paying £75 p/mnth interest) onto my £3k HBOS Credit Card, thus moving £8k in total to my BalanceTrans @ Virgin?

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. Your Halifax cc does not have this capability: You need:

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

Credit limit permitting, I'd use your existing Virgin cc. There's a 4% handling fee, but no other charges during the introductory 0% period.

IMO, it's best to request your transfer by phone (as opposed to online), so you can make certain the 0% interest rate will apply. You could do this when you call to activate your card. There's a dedicated, Freefone number.

Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days

jonnny1975

Hi Moggles, thank you so much for your prompt reply....

What an amazing solution you have provided !!!!

Can i ask a question about the statement...

Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days

... Is the credit limit (which i'm not sure what it is currently being offered to me from Virgin, but prob approx £3k), aside from the Balance Transfer level? i.e.) Do you think i'll be able to BalanceTransfer to Virgin - £3K (my HBOS Credit Card) and at the same time use 95% of my e.g.) £3K Virgin Credit Card limit to pay towards my £5k HBOS Overdraft (minus the 4% handling fee) ????

Thank you so much Moggles (Your a total star !!!)

Regards

John

---

Moggles_2

jonnny1975 wrote: »

Is the credit limit (which i'm not sure what it is currently being offered to me from Virgin, but prob approx £3k), aside from the Balance Transfer level? i.e.) Do you think i'll be able to BalanceTransfer to Virgin - £3K (my HBOS Credit Card) and at the same time use 95% of my e.g.) £3K Virgin Credit Card limit to pay towards my £5k HBOS Overdraft (minus the 4% handling fee)?

A balance transfer request forms part of the total credit extended. The 95% ceiling does not include handling fees though.

If you arrange a BT, a money transfer or a combination of the two, remember not to spend on the card

moneysavingmarrow

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?

Thats ok saying that the fee spread over 16 months is only 2.235% APR, but how about factoring in, that as a basic rate tax payer, that fee could earn 3.733% in an egg savings account for 16 months?
But then the egg deal is only for 12 months at the moment anyways. Yes?
Or does that not matter as the fee is added onto the balance of dosh that you didn't have in the first place?
Just thought that if costs are being worked out to 3 decimal places, perhaps the whole picture should be looked at in more depth.
Or am I being pedantic?

chattychappy

Not used MBNA for year or so now and the balance is zero.

They offered me 8.9% LOB + 3% fee, which I ignored.

On expiry, they made another offer 6.9% LOB + 3% fee.

I will need some finance, but not right now. Should I bag 6.9%? Are MBNA likely to come back with a better offer?

Of course I'll ring them up first to see if they can do better....

New/other cards are not an option because of the decent limit I have with MBNA.

edgar52_2

I have heavy borrowing on my credit cards which I am anxious to reduce. Although I have never missed a payment I am unable to get any transfer deals and my interest rates have soared. In the first instance I followed Martin's advice and contacted the companies concerned asking them to reduce my rates. All said no and Abbey's response was to increase my rate to 29.9%! I have debts of £35,000 spread over five cards. At the moment I have about £6,000 to reduce this debt but I am unsure how to use it to the best advantage. The obvious solution is to pay off the highest interest card first, however, one of my cards is a Barclaycard and I am considering paying this off completely and trying to get the 6.9% deal that Martin says is available to existing clients. I called BC about this and they said there was no guarantee that I would get this rate. As it happens my current BC rate is the lowest of all five cards so my quandry is whether to risk paying this off but not getting a good balance transfer deal or alternatively to immediately put this money towards the balance on the highest rate card. If anyone has any advice it would be much appreciated.