Best Balance Transfers Discussion Area

Moggles_2

bgarnish wrote: »

Which ever comes first i will use. But if it is the Barclaycard, then i will use the balance transfer deal making my interest a lot lower than it is at the moment and then when the Virgin Card appears, i will use this to get the 0% interest. Is this something that anyone can recommend or am i going to shoot myself in the foot?

If you're contemplating tranferring a balance first to Barclaycard (if that arrives first) and then to Virgin, this would entail paying two 3% BT fees to shift the same money. That would cost you more than the interest charged on your old card over 21 days (if the application process were to take that long).

Moggles_2

bgarnish wrote: »

Whichever comes first, i will use.

This would be leaving things to chance, which is not a good idea, tbh.

The two types of deal exist because individual circumstances and attitudes vary. There's no perfect solution that suits everyone.

Have you estimated how long it would take to clear the debt in full?
Why not plug some numbers into this credit card calculator?
http://www.whatsthecost.com/creditcard.aspx
You can then estimate the time it would take to clear the balance using Virgin compared with Barclaycard. You can also see the effect of increasing your payments by a few pounds.

Martin's *Best Balance Transfers* article explains the pros and cons of 0% and life-of-balance deals and how to decide

http://www.moneysavingexpert.com/car...cards#choosing

bgarnish

@Moggles

I was planning on shifting the debt around after the 0%, ie being a credit card tart.

That way i should be able to pay off the balance over a longer period keeping at the 0% interest.

But if this didn't work, for example, not being able to get another 0% then i would shift to a long term low interest, like the Barclay Card.

bgarnish

Maybe its best to explain fully my situation:

I have one old account ( we'll call this A), which was my student account until they decided to switch it back to a current account without telling me. And therefore paying interest on £1,500.
I also have another account (we'll call this where im constantly in and out of the overdraft as i get paid on a weekly basis.

For account A, i want to shift the debit to a 0% credit card using a baclance transfer, this being the Virgin Card. Then close the account and start paying the balance off on the credit card.

For account B, i have already applied and been accepted for the Tesco Club Credit Card, which i will be using for purchases as this is at 0%. And setup a minmum re-payment each month. This will allow me to get account B, where the wages go, to build up and take me into the green. Also use this for any direct debits, and if i have to get cash out then i still can.

My plan is to shuffle around the debts once the cards reach there final 0% stage by looking at the next best deals and start over again, each time minimising the amount i transfer each time as i will be paying off the debts as i go.

This is the first time i have done something like this and its taken about 6mths of waying up whether i think i can do it or not.

Is this a solution to my debt problem?

Thanks for listening

B

Moggles_2

bgarnish wrote: »

I was planning on shifting the debt around after the 0%, ie being a credit card tart. That way, i should be able to pay off the balance over a longer period keeping at the 0% interest.

Sounds like a plan

But if this didn't work, for example, not being able to get another 0% then i would shift to a long-term low interest, like the BarclayCard.

Barclaycard's life-of-balance deals are usually restricted to BTs made within 60 days of account opening, so check Ts & Cs carefully before you apply. It may be better to delay your application for a bit.

Very best
M

bgarnish

@Moggles.

Thanks for taking the time to read over my debts :-(

Even tho i have applied to the Barclay Card, i think i will most likely reject them. Would this still have a knock on effect to my credit score?

B

Moggles_2

bgarnish wrote: »

For account A, i want to shift the debit to a 0% credit card using a balance transfer, this being the Virgin Card. Then close the account and start paying the balance off on the credit card.

The Virgin deal is perfectly suited for this.

For account B, i have already applied and been accepted for the Tesco Club Credit Card, which i will be using for purchases as this is at 0%.

Congratulations
:beer:

My plan is to shuffle around the debts once the cards reach there final 0% stage by looking at the next best deals and start over again, each time minimising the amount i transfer each time as i will be paying off the debts as i go.

Yet more reasons to stagger your B'card application, IMO. This would make sense from the point of view of your credit history too.

Very best
M

Moggles_2

bgarnish wrote: »

Even though i have applied to Barclaycard, i think i will most likely reject them. Would this still have a knock-on effect to my credit score?

Rejecting the offer would not mitigate the effect of credit checks made by Barclaycard.

Credit checks are viewed as negative if you attract too many in a short space of time. That said, each footprint drops off credit files after 12 months, so the effect is fairly short-lived

Having got this far, I'd wait until you have received both credit cards - Virgin and Barclaycard - and know your credit limits, before making a final decision.

steliz

My wife has run up £2k on her CC and now can only afford min payments. She has applied twice for new cards with 0% on balance transfers but has been refused.
Is it possible to balance transfer her debt onto a CC in my name, new or existing?

Moggles_2

steliz wrote: »

My wife has run up £2k on her CC and now can only afford min payments. She has applied twice for new cards with 0% on balance transfers, but has been refused. Is it possible to balance transfer her debt onto a CC in my name, new or existing?

Absolutely. You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt.

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: you cannot transfer balances between cards underwritten by the same bank (that would be paying '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