Best Balance Transfers Discussion Area

forgottendreams

hi, quick question, hoping someone can help.
We are working on paying off a credit card in my fiances name but the interest is just too much. He is working away at the moment so I was wondering if I opened a credit card in my name with a good deal on balance transfers could I transfer the balance tomy card? thanks, any helps appreciated

Moggles_2

forgottendreams wrote: »

We are working on paying off a credit card in my fiance's name, but the interest is just too much. He is working away at the moment, so I was wondering if I opened a credit card in my name with a good deal on balance transfers, could I transfer the balance to my card?

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card his balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge him for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Caution: same restrictions apply as when arranging a BT between your own credit card accounts ie. you cannot transfer balances between cards underwritten by the same bank. (This would be like trying to pay 'em off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

forgottendreams

thanks very much for your information
I think it would be really worth our while - am I right in saying if we had a £2k balance and chose a deal at 0% with 3% fee id pay £2060 approx, and as long as I pay it within the time scale?

Moggles_2

forgottendreams wrote: »

I think it would be really worth our while. Am I right in saying, if we had a £2k balance and chose a deal at 0% with 3% fee, I'd pay £2060 approx, as long as I pay it within the time scale?

Absolutely.

You would pay a £60 transfer fee, but there would be no other charges during the introductory 0% period.

To help you further, we would need to know which credit cards you have at the mo or have held recently.

thelurch

Hi I have a Halifax credit card which will come to the end of its 12 month interest free period next month.

I have had an email offering me to apply for the virgin card with 16 months interest free. I am looking to transfer the balance to this card ( if they let me have it)

Do they allow you to add the transfer fee to the balance that you transfer? ie no interest or do you have to pay it as a one off fee.

Also I assume the two cards are different companies thus allowing me the transfer in the first place?

Many thanks

Chris

Moggles_2

thelurch wrote: »

I have a Halifax credit card which will come to the end of its 12 month interest-free period next month. I have had an email about the Virgin card with 16 months interest-free. I am looking to transfer the balance to this card. Do they allow you to add the transfer fee to the balance that you transfer or do you have to pay it as a one-off fee?

Currently, the BT fee is added to the balance.

I assume the two cards are different companies thus allowing me the transfer in the first place?

Yes, Virgin is underwritten by MBNA, while Halifax belongs to HBOS

phil12345_2

Hi all,

I've just been offered a credit card with 13 month 0% on balance transfers, when balances are transferred within 3 months of the account opening.

Purchases interest free period is 3 months. So, if I buy a laptop for university with the card, I pay interest after 3 months.

If I buy the laptop on another credit card, then transfer the balance when the bill comes in, does this a) qualify as a balance transfer and b) stay within the rules of most credit agreements? Then I don't pay interest for over a year

Thanks,
Phil

YorkshireBoy

phil12345 wrote: »

If I buy the laptop on another credit card, then transfer the balance when the bill comes in, does this a) qualify as a balance transfer and b) stay within the rules of most credit agreements? Then I don't pay interest for over a year

Yes, and yes.

But...

Don't forget the 3% fee for the balance transfer.
And don't use the new BT card for any purchases at all.

royzer76

Moggles wrote: »

If you need an incentive to clear more than the minimum required, the MBNA card is worth another look. Remember any extra payments you make, particularly in the first few months, will reduce the cost still further. OTOH, if you know you'll make the minimum payments regardless, I'd plump for Virgin. It's your choice really.

Hi, went for Halifax in the end. I used to have a halifax credit card about a year ago with halifax. I logged into their online banking site, using my old details. There was my old credit card account - closed and next to it an offer of a garanteed credit card 0% on bal transfers for 9 months and 0% on purchases for 9 months too with 15.9% apr. Just got letter of approval yesterday!

I know its only 9 months, but as it was 'garanteed' I was kinda swayed!!

I did rethink the Virgin card, and was almost at the submit stage, when it said that if I was unsuccessful they would pass my details onto other lenders who after conducting their own searches might get in touch with a card offer! That kinda scared me so didnt bother pressing submit! I think I had a good chance to be accepted by Virgin, but the 'what if' was too big!!

Are they allowed to do that? Surely that could harm my credit rating? I could opt out of virgin companies offers, but seemed that I couldnt opt out of this.

Anyway sorted for 9 months, will search again then.

One question, is it best to close the cards I switch. Im switching two and had planned to keep at least one ... just in case!!

Moggles_2

royzer76 wrote: »

I did rethink the Virgin card and was almost at the submit stage, when it said that if I was unsuccessful they would pass my details onto other lenders who after conducting their own searches might get in touch with a card offer! That kinda scared me so didn't bother pressing submit. I think I had a good chance to be accepted by Virgin, but the 'what if' was too big!Are they allowed to do that? Surely that could harm my credit rating? I could opt out of virgin companies offers, but seemed that I couldnt opt out of this.

A lender can only search credit files with your express permission. This is sought during the application process