Best Balance Transfers Discussion Area

Moggles_2

mrsdarbs wrote: »

I have Natwest, HSBC, Halifax. Hubby has Halifax and EGG

Have you considered the Bank of Ireland's Post Office card?
12 months at 0% is currently available to new customers on balance transfers made in the first 3 months. There's a 2.98% BT fee.
Also, 5 months at 0% on new BTs requested in the month of your 1st and 2nd anniversary

http://www.postoffice.co.uk/portal/po/jump2?catId=19400177&mediaId=34100665

Moggles_2

mrsdarbs wrote: »

Wondering whether a consolidation loan would be better?

Caution: you would be converting unsecured borrowing to secured borrowing and your property would be at risk if you failed to make payments.

Although a consolidation loan seems easier with just one monthly payment, they are normally more costly in the long run and unless you address the problem that got you into debt in the first place, you'll just end up in deeper.

I would stop spending on the cards, if you haven't already, and concentrate on paying as much as possible each month off the card with the highest APR. Clearing these debts ASAP will reduce the interest you pay and you'll be building a better credit history in the process. You'll then be in a better position to apply for market-leading BT cards

Your post raises some other issues and you may want to post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have faced similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

carolhugs

Hi, you all really seem to know what you are talking about so im going to ask a stupid question that hopefully once you have stopped laughing you will be able to answer for me!
I have a Halifax credit card with about £2000 on it and i make above the minimum repayments evry month but dont seem to be getting any closer to clearing the dept because of interest. I dont and will not be making any purchases at all on the card. so i was wondering would it be worthwhile transfering the balance to a 0% interest balance transfer card? Would that be like getting a £2000 0% loan?? i plan to pay it off before 6 months and could do that no problem if there was no interest to pay but i dont quite believe that 0% interest actually means 0% interest on repayments????
Any advice much appreciated so i could do something about this sooner rather than later!

Buzzz

Yes I did see the warnings about Santander on here after i'd posted about them!

I've had small amounts of interest on the last 3 months statements, I assume this is due to spending on the card?

To help you further, we would need to know which cards - besides MBNA and Virgin - you have at the mo or have held recently, also whether you've applied for any unsuccessfully.

I've got Virgin until March 10 (this was at 16 months 0% (I think)), previously to that I had MBNA and then before that Halifax (over 2 years ago I think).

I only have Virgin now and have never been turned down for a card or anything.

Thanks for your help.

Moggles_2

funkiechops wrote: »

We would like to transfer a credit card debt with M&S money of £2500 in my partner's name into my name to reduce the debt. In the past year partner has gone self-employed, so I am now the major earner with salary of £23,000. Can I apply for a 0% balance transfer card in my name ... ? Just for information, debt was spent by both, not concerned about taking on this debt in my name, it's to ease our very much joint situation!

Yes, you can switch credit card balances from family, friends or Dave down the pub.

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 (you would be 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

To help you further, we would need to know which ccs - besides M&S - you have at the mo or have held recently.

Moggles_2

carolhugs wrote: »

I have a Halifax credit card with about £2000 on it and i make above the minimum repayments every month but don't seem to be getting any closer to clearing the dept because of interest. I will not be making any purchases at all on the card, so would it be worthwhile transferring the balance to a 0% interest balance transfer card? Would that be like getting a £2000 0% loan? I plan to pay it off before 6 months and could do that no problem if there were no interest to pay, but i don't quite believe that 0% interest actually means 0% interest on repayments.

Well, it's not interest-free in as much as there's a handling fee (typically 2.5%-3% of the sum shifted) to pay.

That said, if you're currently paying a standard interest rate of say 15.9% APR, you're charged a monthly rate of around 1.2%, so even paying a 3% BT fee means you're in pocket within 3 months

mrsdarbs

Moggles wrote: »

Caution: you would be converting unsecured borrowing to secured borrowing and your property would be at risk if you failed to make payments.

Although a consolidation loan seems easier with just one monthly payment, they are normally more costly in the long run and unless you address the problem that got you into debt in the first place, you'll just end up in deeper.

I would stop spending on the cards, if you haven't already, and concentrate on paying as much as possible each month off the card with the highest APR. Clearing these debts ASAP will reduce the interest you pay and you'll be building a better credit history in the process. You'll then be in a better position to apply for market-leading BT cards

Your post raises some other issues and you may want to post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have faced similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Many thanks for your help. We have stopped spending on the cards - unfortunately that was how we paid to get married last year - hence the ridiculous number of cards we have!

I am on the debt free wannabe section and have posted on there previously.

We overpay on all the credit cards every month, but was just feeling that if we could get a 0% interest card then at least they would go down that bit quicker!?

Moggles_2

Buzzz wrote: »

I've had small amounts of interest on the last 3 months statements, I assume this is due to spending on the card?

Yes, that would probably account for it.

You can find out for certain by comparing your monthly statements. For the first 3 months all your repayments would come off purchases first, according to Virgin's current T&C's. Therefore, as long as you cleared your entire retail balance before the 3rd statement date, you wouldn't pay interest on your shopping. In this respect, this card is unusual.

After that though, retail transactions are locked in behind the BT(s). This payment hierarchy, (whereby transactions charged at special promo rates are paid off first), is pretty standard across the cc industry, which is why it's normally best to keep balances charged at different rates over different periods (in this case BT(s) and purchases) on separate credit cards

You stand to lose more than 3 months at 0% if you shift the balance now. Whether this is worth doing depends on the extent you've spent on the card. It's your choice really.

Moggles_2

Buzzz wrote: »

I've got Virgin until March 10 (this was at 16 months 0%, I think), previously to that I had MBNA and then before that Halifax, over 2 years ago I think. I only have Virgin now and have never been turned down for a card or anything.

To maximise the 0% period, 13 months is currently available to new customers from Halifax on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is now 1% of the balance shifted.
http://www.halifax.co.uk/creditcards/pluscard136.aspifaxith

Alternatively, you'd get 0% until 1 December 2010 from Egg. A 3% BT fee applies.
http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Remember not to spend on these cards

AaronBed

hello im on the verge of getting the post office credit card classic... however theres a note in the T&C that im unsure about, im using the card for a balance transfer as i have already used most of the other better deals.

The Total Charge for Credit under “Other Financial Information” is based on the assumption
of a credit limit for purchases of £1,500, debited to the Account in full for a period of one year
at the standard rate of interest for Purchases, with the credit being repayable in 12 equal
monthly installments beginning one month after the date of this Agreement. The amount

shown is only illustrative.

the above is the statement which i am unsure about as i shall be moving 1850 onto the card, does they above mean they will expect 12 even repayments to cover the transfered amount or can i do as usual and just pay the min pluss any extra onto rather than the fixed fee i think it is?

also the card advertises a 3% fee for balance transfers and on 1850 there quoting £153.01?

any help would be great thanks