Best Balance Transfers Discussion Area

Moggles_2

Token_Skinhead wrote: »

Thanks Moggles, that's an idea ... Just thought, the 0% on Egg relates to the interest, but I would still be charged 3% for the balance transfer. I would still be charged 2 transfer fees (overdraft and MBNA credit card to Egg card) wouldn't I? Sorry if I'm being thick.

Yes, you would be charged two fees, but this is cost-effective because you would be shifting different funds. See Benrashton's reply.

Your original plan involves shelling out two transfer fees (2.98% for MBNA's cheque, 3% for Santander's BT) to shift the same money. That's the difference

sanctuary

Moggles wrote: »

Is this Barclaycard Simplicity? If so, please see #2878 on the previous page.
Have you looked at credit files to see what's actually on there? For help, see page 1 of the *How to obtain credit reports* sticky
May I ask who you bank with?

Moggles, thank you so much for your reply. I looked 2878 regarding the Barclaycard Simplicity and now I don't feel quite so bad that I've not yet heard back from them!

I will do as you suggest, grit my teeth and check out my credit report.

I bank with NatWest.

Advice most gratefully received. Thanks so much.

Moggles_2

sanctuary wrote: »

Moggles, thank you so much for your reply. I looked up #2878 regarding the Barclaycard Simplicity and now I don't feel quite so bad that I've not yet heard back from them.

Thought so. Still, you haven't been turned down ... yet.

Most credit decisions are computerised and lenders give instant decisions and credit limits without the need for documentation, provided that you have a good credit history and your ID etc can be verified electronically via the CRAs, which in turn collate data from public records. That said, these messages are not uncommon and, as often as not, recipients get accepted a few days later.

I will do as you suggest, grit my teeth and check out my credit report.

That's the spirit. Once you know what lenders will see, you are in a better position to improve their opinion.

I bank with NatWest.

A 0% for 15 months balance transfer card is available to existing NatWest current account customers at the mo.
NatWest will accept BTs from your Capital One, HSBC and/or Virgin accounts.
Remember not to spend on this card

http://www.natwest.com/personal/credit-cards/g1/platinum.ashx

sanctuary

Moggles, I tried to PM you a 'thank you' but it wouldn't go through.

I have paid the £2.00 for my statutory credit report and will be contacting NatWest as per your advice (I might even go in and see my bank manager, as I also give NatWest my business banking).

Thank you again for your help and support. You are clearly such an asset to the MSE community and it is very benevolent of you to help individuals as you do.

Moggles_2

sanctuary wrote: »

Moggles, I tried to PM you a 'thank you' but it wouldn't go through. I have paid the £2.00 for my statutory credit report and will be contacting NatWest as per your advice (I might even go in and see my bank manager, as I also give NatWest my business banking).

Caution: if you're still awaiting Barclaycard's decision, take care not to duplicate any BT request(s) made on your B'card application or you risk paying the same card off twice.

IMO, it's safer to wait anyway until receipt of the new NatWest card and confirmation of your limit. Then request your BT(s) when you call to activate. That way you keep your options open, avoid unwanted partial transfers, paying the same card twice etc and retain some control over what happens when. BTs are not easy to reverse and, in attempting this, you could incur two transfer fees.

Thank you again for your help and support. You are clearly such an asset to the MSE community and it is very benevolent of you to help individuals as you do.

I've learned a lot too. This is a great site.
Very best
M

dp_polo666

From monday- when Abbey changes to Santander - Santader banking and mortgage customers can get the santander zero card with all the usual features but the balance transfer fee is 0% also and the 0% interest free period is 12 months

jfl981

Moggles wrote: »

Congratulations & well spotted.
:beer:
As a brand new customer with 0% on BTs for 16 months, you'd be pushing your luck, tbh.

If, at the end of the introductory 0% period, you were to pay off any remaining balance (either yourself or courtesy of another BT card), you would be in a strong position to negotiate with Virgin. Attracting new business is expensive and most lenders prefer to retain existing customers. Once your balance was zero and the promo had expired, Virgin may offer you a 0% balance transfer or 0% on purchases for X months

Thanks for the help Moggles! You clearly know your stuff!

jenbags1

Hi,

I'm after some help/advise! I have a silly catalogue debt which I would like to pay off, so I was just looking at Natwest to see if I could transfer it to a credit card and then get 0% so I have a chance to pay it off... I thought I would see if it would accept the catalogue in the transfers part and it didn't but I was accepted for the card which is 15 months 0% on balance transfers... they wont transfer the balance.

So.... I was going to pay off the catalogue with another credit card which has 0% on purchases and then transfer the balance to the NatWest one. WIll this work? Is there a limit to how long you have to have a balance on a credit card before you can transfer it?

Any help is appreicated because I seem to be stuck at the moment with a credit card that I can't use to help me they way I wanted it to!!

Thanks!

Moggles_2

jenbags1 wrote: »

I was going to pay off a catalogue with another credit card which has 0% on purchases and then transfer the balance to the NatWest one. WIll this work?

Sounds like a plan. Provided that the catalogue firm accepts credit card payments (and most do), this will work.

Is there a limit to how long you have to have a balance on a credit card before you can transfer it?

No, you can shift the balance to a new card whenever you like.

FWIW, I doubt whether cc providers can distinguish BACS payments made by other banks (in this case NatWest) from those of their customers

CannyJock

jenbags1 wrote: »

I was going to pay off the catalogue with another credit card which has 0% on purchases and then transfer the balance to the NatWest one. WIll this work? Is there a limit to how long you have to have a balance on a credit card before you can transfer it?

If the catalogue will accept a payment from the 0% purchase card then why not just pay for it with the 0% purchase card and pay it back at 0% interest before the 0% purchase period runs out? This will save you incurring a BT fee.

There's no "minimum" time that a card needs to have a balance before you transfer it, so you can do both the same day in theory. Although you'll be incurring a 3% BT fee in the process.

There is a "maximum time" that you have to transfer a balance from account opening however, with Natwest I think it's 3 months, but with Natwest the 15 months 0% period starts ticking from the date the account is opened so no benefit in delaying the BT request if you're definitely going to need the extra time to clear the debt.

EDIT: Happy new year Moggles Just noticed first cross-post of the year