Best Balance Transfers Discussion Area

YorkshireBoy

magicdogsbrain wrote: »

clause 3e of the T&C states “If you have not used your Account or Card for more than 12 months we may make a reasonable charge to your Account…….”

I think this answers both of your questions. So 12 months 1 day after you BT - you get "reasonable charge" placed on your account.

I think you're reading too much into it.

It will depend on their definition of the word "used", of course. I'd argue if you were carrying a balance, and making monthly payments, then you were "using" your account.

I suspect that clause exists simply so they can introduce annual fees for dormant accounts (like LTSB did last year, with their £35 fee) without having to re-write the T&C's (they'd just have to let you know, personally, and in advance of course, what the charge was going to be).

teresa2406

Moggles wrote: »

The time taken to process a credit card application varies between card companies. The best deals are often heavily advertised and lenders are sometimes flooded with applications.

When did you apply and by what means? (e.g. online, post, telephone)

Hi Moggles,

I applied for the Citibank card just over two weeks ago and the Barclaycard about a week ago and they were both online.

I'll try to be patient then, just panicking because I like to have everything in place before my zero rate period expires.

Thanks for pointing out that the heavily advertised cards will take longer to process because of the influx of applications, I hadn't thought of it like that :rolleyes:

teresa2406

Moggles wrote: »

This could be your best move at the mo. Attracting new business is expensive and most lenders prefer to retain existing customers. With a zero balance, you're in a good position to negotiate a low-rate balance transfer

Thanks so much for taking the time to reply to my query, you've made it a lot clearer for me now. I'll give the credit applications a rest for a while, I was in panic mode :eek: :eek: :eek:

And I'll give the card companies that I've already got accounts with a call and see if I can get anywhere with them, fingers crossed I can get something organised soon.

Thanks again :A

Moggles_2

Originally Posted by teresa2406
I'll give the card companies that I've already got accounts with a call and see if I can get anywhere with them. Fingers crossed I can get something organised soon.

Those with a zero balance are definitely worth a try. If possible, I would phone during normal business hours.

If you don't get a decent balance transfer offer, you have two options. Either wait a few weeks and call again or, if they've offered nothing whatsoever, it may be time to close the account.

Unless a card has a particular benefit, then I would cancel. Firstly, having loadsa credit, even if not used, can put off potential lenders and secondly, by cancelling a card you can re-apply to that provider as a 'new' customer and take advantage of any introductory deals on offer.

Another good reason for phoning customer services to cancel an unused card is that occasionally you're offered an incentive to stay

bladesprincess

Hi
I applied for the citi c/c 0% balance transfer for life of balance and 5.8% p.a. My statement arrived this morning with my £1800 having been transferred over. Min payment this month is £40.70 but they have already added on £8.87 interest.
Im really bad at math/interest etc and not sure if this is part of the 5.8% p.a. or part of the 3% transfer fee or what?
Can someone explain and also my plan is to pay around £100 per month, will this be enough?
would really appreciate your help, I feel really thick asking these questions, but my aim is to be more knowledgable about these things so my children dont get into the same sort of debt Im in.:o

Moggles_2

Originally Posted by bladesprincess
I applied for the Citi c/c 0% balance transfer for life of balance and 5.8% p.a.

Not sure where the 0% comes in. This card charges 5.8% APR for the life of the balance(s) transferred.

My statement arrived this morning with my £1800 having been transferred over. Min payment this month is £40.70 but they have already added on £8.87 interest.
I'm really bad at maths and not sure if this is part of the 5.8% p.a. or part of the 3% transfer fee or what?

There's no balance transfer fee payable.

£40.70 equates to a minimum monthly payment of 2.25% of your £1800 balance. This sounds about right, but check the Summary Box on the back of your statement to make certain.

£8.87 is the interest charged from the date the balance transfer was debited to your account to the date your statement was printed.

My plan is to pay around £100 per month. Will this be enough?

Why not plug these numbers into Martin's Minimum Repayments Calculator on the main site? You can then estimate the time it would take to clear the debt at this rate and see the effect of adding say an extra £10 per month.

bladesprincess

That makes so much more sense, now you have explained it. I obviously got confused. I hadnt seen the calculator and at £100 per month the interest is £85 taking me 1 yr 7 months to repay, so I now have something to aim for and if I can afford more I will certainly pay more. :A
Can I also thank you for your prompt reply, I was worrying I had messed up, but I now have a much clearer picture.
Thanks again :beer:

unidentified

Just to add my issues to this this all, though just a general question...

Does anyone know what the best card for 0% interest on balance transfers (for the longest period of time possible) would be to allow me to transfer around £3000 which is coming from 2 separate cards?

One is underwritten by MBNA, the other underwritten by Bank of Scotland, so I'm not sure if I can go for either of those again... preferably I'd like both existing balances (which combined total £3000) to be transferred onto one card though if possible

Wondering if the Egg Card is the most suitable at the moment?

Just noticed in the Egg application process however it states "monthly payments are made by Direct Debit". I would personally prefer to handle making payments myself online, so maybe Egg is not the card for me?

Thanks

Moggles_2

Originally Posted by unidentified
Does anyone know the best card for 0% interest on balance transfers (for the longest period of time possible) to transfer around £3000 from 2 separate cards?

Egg, Halifax and Virgin currently offer new customers 0% on balance transfers for 15 months. A 3% BT fee applies.

One is underwritten by MBNA, the other underwritten by Bank of Scotland, so I'm not sure if I can go for either of those again. Preferably I'd like both existing balances (which combined total £3000) to be transferred onto one card.

This rules out Halifax and Virgin, unfortunately.

Wondering if the Egg Card is the most suitable at the moment?

Yes. To maximise the 0% period, Egg card would be best.

Just noticed in the Egg application process however it states "monthly payments are made by Direct Debit". I would personally prefer to handle making payments myself online, so maybe Egg is not the card for me?

Have you considered Mint? This card offers new customers 0% on balance transfers until 1 May 2009. A 2.9% handling fee applies but there's a bonus offer on BTs debited to your account in July 2009.

You can make payments online from your own bank or via the Mint website.

CannyJock

unidentified wrote: »

Does anyone know what the best card for 0% interest on balance transfers (for the longest period of time possible) would be to allow me to transfer around £3000 which is coming from 2 separate cards?

Virgin Money, 15 month 0% for 2.98% fee. You can pay this directly into your current account then pay both cards off from your current account without doing a "balance transfer" between cards.

unidentified wrote: »

One is underwritten by MBNA, the other underwritten by Bank of Scotland, so I'm not sure if I can go for either of those again... preferably I'd like both existing balances (which combined total £3000) to be transferred onto one card though if possible

Is possible to have more than one card with MBNA - read more on the forums and you'll find references to moving credit limits between MBNA cards. You can't transfer a balance from one MBNA card to another, but you can clear one using another via your current account as mentioned.

unidentified wrote: »

Just noticed in the Egg application process however it states "monthly payments are made by Direct Debit". I would personally prefer to handle making payments myself online, so maybe Egg is not the card for me?

Always set up a direct debit to repay the minimum on any card you take out. That way you never miss a payment and you don't lose the introductory offer or get a missed payment flag on your credit file (assuming you have funds to make the minimum payment!). You can always make additional payments online any time you like.