Best Balance Transfers Discussion Area

Annando

Hello,

I have a query. I've had a barclaycard for more than 8 years now, and have done balance transfers to it over the years and always cleared my balance etc... In September I decided to take up their offer for a balance transfer. Before I requested the balance transfer I cleared my balance and paid off any outstanding amounts etc... I waited about a week after that and went online and checked that the balance on my account, before I made the balance transfer, was zero. I called Barclaycard to request the balance transfer and asked them if my balance had been cleared and if it was zero, they said yes, I was owing nothing.
Today I got my bill from Barclaycard and it shows interest amount (£3.16). I called them and they said that it was because I didn't wait to get a paper statement through the post, although the account balance was zero it wasn't officially zero because they hadn't issued a statement yet?
I have done balance transfers in the past, with Barclaycard, MBNA, Halifax and this has never been a problem before, they usually seemed to take into account the date at which payments were made and the account was cleared.

Is this a new thing? Is it legal? Is it only Barclaycard?

Moggles_2

mrsdarbs wrote: »

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.

Well, there's no harm in submitting a cc application to the Post Office. If the worst happens, at least you'll have tried. If possible, I would pay down your two overdrafts first though and wait for this to show on credit files.

As you know, overdrafts are repayable on demand. Credit card debt, on the other hand, is'nt. Lenders will pay more attention to overdraft balances, because it's known that a similar level of debt on credit cards only requires a 2% to 3% minimum monthly payment and cannot be called in

In addition to the number of cc accounts in use, lenders look at the extent their credit limits have been utilised. Maxed out cards make you look stretched so, if you're going to apply for market-leading BT cards like Virgin, it's wise to leave some headroom. Usual advice is to pay off the card with the highest APR first, since this reduces the interest you pay.

Very best
M

Moggles_2

AaronBed wrote: »

I'm on the verge of getting the Post Office Classic credit card, however there's a note in the T&C that i'm unsure about. I'm 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 the above mean they will expect 12 even repayments to cover the transferred amount or can i do as usual and just pay the min plus any extra onto the card ... ?

Yes, you can pay the minimum required as usual.

Also the card advertises a 3% fee for balance transfers and on £1850 they're quoting £153.01?

These are hypothetical figures intended to illustrate the likely interest charges, if you were to borrow £1500 for a year at your standard rate. They bear no relation to your introductory 0% deal.

Well done though for reading all the small print! It's surprising how many forum users don't!
:beer:

scott_lithgows

New AA credit card has 0% on BT,s until Dec 2010 plus 12 months interest free on garage purchases eg petrol.
It,s run by MBNA.

Moggles_2

Annando wrote: »

I've had a Barclaycard for more than 8 years now. In September, I decided to take up their offer for a balance transfer. I cleared my balance and paid off any outstanding amounts. I waited about a week after that and went online and checked that the balance on my account, before I made the balance transfer, was zero. I called Barclaycard to request the balance transfer and asked them if my balance had been cleared and if it was zero, they said yes, I was owing nothing. Today I got my bill from Barclaycard and it shows interest (£3.16). I called them and they said that it was because I didn't wait to get a paper statement through the post, although the account balance was zero it wasn't officially zero because they hadn't issued a statement yet. I have done balance transfers in the past, with Barclaycard, MBNA, Halifax and this has never been a problem before, they usually seemed to take into account the date at which payments were made and the account was cleared. Is this a new thing? Is it legal? Is it only Barclaycard?

Some two years ago (circa November 2007, if memory serves), Barclaycard amended its Ts & Cs.

As a result, B'Card credits payments to your account on your statement date, regardless of when the payment is received. This means that, unlike most credit cards, there's no advantage in settling up any earlier. If you make a payment before the payment due date, this lender will not reduce the interest-bearing balance until your next statement is produced.

tommyboy_80

Hello everybody,

I'm living in de VS for 4 years now, and i have already three different creditcards, and into my ... into it.

I'm sorry for my bad english.

The problems are the interests. They are too high.
I'm paying 400 a month just the interests.
When i get my payments, over half is payed to pay off the creditcard debts.

How can i solve this problem?
I want to get rid of all my creditcards.

I've red on bestschoolloanconsolidation com

that when i take a HELOC (Home Equity Line of Credit) i can get very low interests. Does anyone have any experience with it?

Are there othe ways to consolidate my debts so ii've just 1 loan with a low interest.

Any help is welcome

Thank you in advance

dameedna_2

Hello_

Do any credit card companies arrange for a balance transfer into your bank account? - I've enquired about this but MBNA only do a money transfer, which is essentially the same thing, but charged at a higher rate of interest.
The idea is to clear my overdraft.

Thanks.

Moggles_2

tommyboy_80 wrote: »

I'm living in de VS for 4 years now and i have already three different credit cards. I'm sorry for my bad English. The problem is the interest's too high. How can i solve this problem? I want to get rid of all my credit cards... Any help is welcome.

This is a UK site, so credit cards and financial advice applies to UK residents only.
You need to find an equivalent money-saving site in the USA

Very best
M

Moggles_2

dameedna wrote: »

Do any credit card companies arrange for a balance transfer into your bank account? I've enquired about this, but MBNA only do a money transfer, which is essentially the same thing, but charged at a higher rate of interest. The idea is to clear my overdraft.

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.

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

I've enquired about this, but MBNA only do a money transfer, which is essentially the same thing, but charged at a higher rate of interest.

A handling fee applies (typically up to 4% of the sum shifted), but there are no other charges during the introductory promotion (usually 12-13 months)

To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 4% handling charge.
http://uk.virginmoney.com/virgin/credit-cards-v3/

PJB

Hello

I have no of cards, so my wife who has none is applying for couple so we can shift balances and close some of mine and maybe reapply when i am entitled to 0% BT's.

Anyway she was accepted for Virgin, but with low available credit so we are looking to apply to others but went to MBNAand the site is exactly the same as Virgin

Which other cards could/should she apply for?

Thanks in advance