Best Balance Transfers Discussion Area

Moggles_2

tlcweightlose wrote: »

reduce weight and get opportunity

What has this to do with credit card balance transfers?

happyformonths

Just some info in case it's of use, re Barclaycard and Leeds Building Society card (Martin's top 2 long-term balance transfer cards at the moment). I applied and was successful for both at the same time, as, although they're both Barclaycard, one is a Visa and one is a Mastercard.

I applied for both, online - Barclaycard on 6 Nov (I think) and Leeds BS on 12 Nov. To both, I got the "we need a bit more information" screen at the end. (I didn't hear from Barclays at all for several days, hence applying for Leeds - I thought it wasn't going anywhere.) After about another week, I got a letter on Barclaycard headed paper saying I'd been provisionally accepted but they needed various documents (payslips etc) which I sent. Again, didn't hear anything for about 10 days. Then a Leeds BS card arrived in the post with a limit of £3300. Yay! I did a balance transfer but was still not sure whether this was my "Barclaycard" or whether I was still being considered under the separate application. When I spoke to the (v helpful) customer services at Leeds to do my balance transfer she couldn't help me with which company had been asking for the documents, but she did say it was possible to get one of each, because of the Visa/Mastercard thing. So I hoped...

Another few days later (about the 26th Nov) I received the original documents I'd sent, back in the post. No covering letter, so I assumed that must just be the end of it and it had been Leeds who'd wanted the docs.

However, yesterday morning I got a Barclaycard Simplicity in the post. Hurrah. Same credit limit as the Leeds card. So that puts a big chunk of my debts onto lovely low LOB cards.

AND as well as all this, I only closed my original Barclaycard earlier this year - I'd guess late spring (poor record keeping, not like me!), so possibly not much more than 6 months ago.

I do seem to have a good credit rating (I have lots of debt so am a good money-making prospect, but have always managed it very well - the ideal customer :rolleyes:) but in case anyone's wondering whether it's possible to get both, it IS, and if anyone's wondering how long Barclaycard take from application to hearing anything finally meaningful, it was nearly a month in my case.

Good luck.

Moggles_2

happyformonths wrote: »

Just some info in case it's of use, re Barclaycard and Leeds Building Society card (Martin's top 2 long-term balance transfer cards at the moment). I applied and was successful for both at the same time, as, although they're both Barclaycard, one is a Visa and one is a Mastercard. I applied for both, online - Barclaycard on 6 Nov (I think) and Leeds BS on 12 Nov. To both, I got the "we need a bit more information" screen at the end. (I didn't hear from Barclays at all for several days, hence applying for Leeds - I thought it wasn't going anywhere.) After about another week, I got a letter on Barclaycard headed paper saying I'd been provisionally accepted but they needed various documents (payslips etc) which I sent. Again, didn't hear anything for about 10 days. Then a Leeds BS card arrived in the post with a limit of £3300. Yay! I did a balance transfer ... Another few days later (about the 26th Nov) I received the original documents I'd sent, back in the post. No covering letter, so I assumed that must just be the end of it and it had been Leeds who'd wanted the docs. However, yesterday morning I got a Barclaycard Simplicity in the post. Hurrah. Same credit limit as the Leeds card. So that puts a big chunk of my debts onto lovely low LOB cards. As well as all this, I only closed my original Barclaycard earlier this year - I'd guess late spring, so possibly not much more than 6 months ago.

Congratulations on getting accepted for both cards & thanks for your feedback
:beer:

Buzzz

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...136.aspifaxith

Alternatively, you'd get 0% until 1 December 2010 from Egg. A 3% BT fee applies.
http://new.egg.com/visitor/0,,3_8410...w_1763,00.html

Thanks Moggles!

Haven't been able to get online the last couple of weeks. I will keep my 0% until March and look around in the new year / February for a BT, are there likely to be better deals after Xmas or doesn't it really matter?

Moggles_2

Buzzz wrote: »

I will keep my 0% until March and look around in the new year/February for a BT.

Sounds like a plan

Are there likely to be better deals after Xmas ... ?

Sorry, only the credit card companies know the answer to that one.

For all we know, 0% BT deals could dry up altogether, but I would be rather surprised if this were to happen. After all, lenders have to lend in order to make money

jfl981

Hi all.

I've got a question with regard to the Virgin Money CC with 0% for 16 months on balance transfers, cheque transactions and money transfers (i.e. super balance transfers in martin-speak).

I note a handling fee for each of these actions of 2.98%, 2.98% and 4% respectively.

I'm looking to put some money from my newly-opened card straight into my bank account, so I can pay off a loan with it. The direct route is clearly the money transfer, but can I save 1.02% on the handling fee by using a cheque transaction (presumably meaning a credit card cheque) to do this instead?

In other words, is it possible to write a credit-card cheque to myself and cash it to my account to qualify for the 0% for 16 months? Are there any extra/hidden fees with this, or would there be a significant delay in the money arriving in my account? Anyone know?

If I'm correct in thinking that it's safe, why would anyone do a money transfer at 4% handling fee when they could just do a cheque transaction at 2.98% for this purpose? Or have I missed something crucial?

Cheers
J.F.

Moggles_2

jfl981 wrote: »

I've got a question with regard to the Virgin Money CC with 0% for 16 months on balance transfers, cheque transactions and money transfers. I note a handling fee for each of these of 2.98%, 2.98% and 4% respectively. Is it possible to write a credit card cheque to myself and cash it to my account to qualify for the 0% for 16 months? Are there any extra/hidden fees with this or would there be a significant delay in the money arriving in my account? If I'm correct in thinking that it's safe, why would anyone do a money transfer at 4% handling fee when they could just do a cheque transaction at 2.98% for this purpose?

Virgin periodically issues credit card cheques, which can be paid directly into your current account. Obviously, cheques take a little longer to clear than if you were to request a money transfer over the phone (when the funds arrive in your bank account in about 6 days.)

Unfortunately, the cheques cannot be ordered and you never know when the next ones will turn up in the post. If you've been sent some, check Ts & Cs carefully, as these tend to vary with each promotion

jolouise_2

I recently transferred my debt to a virgin cc on 0% - have just received my statement to find my payment last month was 1 day late so have been charged £12 for late payment and of course I now have to pay interest monthly. Is there anything I can do about this or should I look to transferring again?

Moggles_2

jolouise wrote: »

I recently transferred my debt to a Virgin cc on 0% - have just received my statement to find my payment last month was 1 day late so have been charged £12 for late payment and of course I now have to pay interest monthly. Is there anything I can do about this or should I look to transferring again?

From feedback here, Virgin will refund late payment fees as a goodwill gesture and reinstate your promo rate, provided that it's a "first offence" and you ask nicely. Leave it a few weeks though and this lender may not refund interest already charged.

Virgin has excellent online services. If you register your details on the website, you can monitor your account and pay bills in seconds. What's more, there's an idiot-proof explanation (the best I've encountered) of time required for payments to clear for every single day of the month, so you need never be in the dark again.

Also, it might be an idea to set up a direct debit to pay the minimum amount required..That way, it's Virgin's responsibility, not yours, to make sure the minimum monthly repayments get there on time

jolouise_2

Thanks for that - phoned today and while they wouldn't refund late payment fee or interest charged, they were happy to reinstate 0% interest rate and set up a direct debit while I was there.:beer: