Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by Junglebear
The Experian check I did was a free Experian ...

That's the best kind to have

Seriously, I'm glad you haven't paid for your credit score. Credit reports are valuable. Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical use to most people. Lenders score us differently. None of us - including the CRAs - knows how individual credit card companies view our applications.

Whilst it's a good idea to check your credit reports now and again, it's your total exposure to debt in relation to your income that you should be really concerned about, IMO.

Moggles_2

Originally Posted by Junglebear
I've just put an application in for the Virgin credit card offer mentioned in this email. If this balance transfer is successful then I will continue to pay £40.00 a month to reduce the balance, but it all depends on the application. Do you think I am making the right move?

Yes. You've absolutely nothing to lose in applying to Virgin. For new customers, this is a market-leading balance transfer deal.

unidentified

Think about the number of applications for credit you've made in the past 3 months. Include catalogues, store cards, mobile phones etc. not just credit cards, as all can leave footprints on your file. Then consider your plans over the next 3 months.

The only credit applications I've made in the last year or more have been the cards I've applied for in these last couple of days. This includes for catalogues, stores cards, mobile phones etc. I don't bother with those. My plans for the next few months? Get the balance transferred and work on getting it paid off

Mint would have been fine, but you plumped for Egg, which is an excellent deal too. You also have a second string with Abbey, should you change your mind about Egg.

I was convinced and still am Mint wouldn't have worked since one of my balances is underwritten by RBoS - wish it would've though. Am really banking on Abbey coming through, for as soon as I'd seen Egg was by Direct Debit I was put off, even though I did apply for it anyway. Egg instantly accepted me and says the card is on the way, though I'm still hoping Abbey will come through - especially since I'm a long term banking customer with them too!

Moggles_2

Originally Posted by Ams
I'm on incapacity benefit but also havea casual job but it's only when I can go in and also what ties in the with what the law says I can work. Anyway I have around £1200 on my Capital One Platinum card after purchasing a laptop and I want to transfer the balance to a 0% deal. I've applied for Virgin but was not successful because I wasn't in long term employment. Is Egg definitely now the way for me to go? Is it even worth me applying to them?

Your lack of permanent employment means a 0% balance transfer card may not be an option at the mo, as I think you realise.

That said, there are low-interest rate deals which could save you money.
Have you considered the Marks & Spencer &More card, for instance? I believe the application asks about household income rather than salary.

The current deal offers fee-free balance transfers at 7.9% p.a. for two years. You can request your BT(s) at any time up to 6 months from account opening but, once done, remember not to spend on the card

s.jenkins

could anyone recommend the best card for balance transfers? i just went to an online credit card comparison, financeglobe, to check.

it would be great to hear feedback from you guys.

thanks!

Ams

Moggles wrote: »

Your lack of permanent employment means a 0% balance transfer card may not be an option at the mo, as I think you realise.

That said, there are low-interest rate deals which could save you money.
Have you considered the Marks & Spencer &More card, for instance? I believe the application asks about household income rather than salary.

The current deal offers fee-free balance transfers at 7.9% p.a. for two years. You can request your BT(s) at any time up to 6 months from account opening but, once done, remember not to spend on the card

Thanks for this, I will definitely look into the M&S Card!

Moggles_2

Originally Posted by s.jenkins
Could anyone recommend the best card for balance transfers? I just went to an online credit card comparison, financeglobe, to check.

This is a North American site of no use to MSEs in the UK. Also, I believe it's important to point out that, unlike MoneySavingExpert, it’s a profit-driven service that lists some, but not all American best buys, due to its commercial relationships.

You can get unbiased BT suggestions here on MSE if you click on Martin's *Best Balance Transfers* article.

For a comprehensive list of 0% balance transfer and life-of-balance cards, updated regularly, see also: http://www.stoozing.com/0fees.htm which is sponsored by
Money Saving Expert

Moggles_2

Originally Posted by unidentified
I was convinced and still am Mint wouldn't have worked since one of my balances is underwritten by RBoS

Aha. In your first post (#249), you referred to "Bank of Scotland" Naturally the replies you've received reflect this.

Bank of Scotland and Royal Bank of Scotland are two separate operations.
Fortunately, at least one of our suggestions (Egg) is still valid.

Moggles_2

Originally Posted by unidentified
As soon as I'd seen Egg was by direct debit I was put off, even though I did apply for it anyway. Egg instantly accepted me and says the card is on the way.

Well, congratulations on getting accepted anyway, presumably with the credit limit you wanted.
:beer:

Please think carefully before you cancel this card. For new customers, this is a market-leading balance transfer deal.

If you change your mind afterwards, you won't be able to reapply for a further 12 months and there's no guarantee you'd be offered the same favourable terms.

FWIW, I believe you'd find the set-up straightforward. Egg will e-mail you when your monthly statement is ready. It's simply a matter of visiting the website and following the easy on screen instructions.

Best of luck with whatever you decide
M

magicdogsbrain

Have used credit cards for 20 years and NEVER exceeded the limit. A couple of weeks ago I thought I would try this stoozing lark. I decided to go for one of the better BT cards – so I received a new HSBC card last week.

I phoned up the customer services – “can I have a balance transfer please”. “How much would you like to transfer”. “How much can I transfer” I asked. A few moments pass and a reasonable reply is given. “Yes, please transfer that amount” I reply.

A few days later I receive a letter informing me that I have exceeded my limit (by 0.44% of my limit), I will be charged £12 (more than the original breach) and this breach will be applied to my credit file!

I then spent 3 hours (not exaggerating) pleading/begging with every HSBC department to understand my issue: -

1) My credit rating is VERY important to me.
2) It was a very small amount.
3) The CS person advised me wrongly.

They just said that they cannot remove the limit breach from my credit file and they will not put a note on the file unless I get a copy and post it to them (which means I have to get a copy).

I am absolutely barking mad at the moment. I realise I should have worked out the maximum balance transfer myself but come on – If you cannot trust CS for that then what can you trust them with.

Needless to say – I am paying off the HSBC card and I am NEVER going to touch stoozong again. I think this site exaggerates the benefits and downplays the pitfalls of stoozing – it is very very risky – anything can go wrong – and WHEN it does – your stuffed.

See you in 6 years L