Best Balance Transfers Discussion Area

follyfoot

Is it possible to transfer balance and not incurr a transfer fee on any card now?

NickX

follyfoot wrote: »

Is it possible to transfer balance and not incurr a transfer fee on any card now?

Unfortunately not if you want a 0% transfer.

moneysavingnoobie

I have a 0% deal with barclaycard on a BT which is due to expire in March. Got a letter from them today with a 0% offer on BT's until July. Just wondering if i was to take it out. How would this work with my current deal expiring in March?

Also they supplied two cheques. Would i be able to use these to put money in my current account or would they class this as a cash advance.

Thanks.

CannyJock

moneysavingnoobie wrote: »

I have a 0% deal with barclaycard on a BT which is due to expire in March. Got a letter from them today with a 0% offer on BT's until July. Just wondering if i was to take it out. How would this work with my current deal expiring in March?

I'd say from their current allocation of payment rules, they would allocate any payments against the "new" balance and leave the "old" balance incurring interest from April onwards - means they'll charge you with interest until the old balance is cleared in full.

This is called the allocation of payment trap and lots of credit card companies try and lure you into it.

moneysavingnoobie wrote: »

Also they supplied two cheques. Would i be able to use these to put money in my current account or would they class this as a cash advance.

I'd guess it'll either count as a cash advance or it's just another mechanism to lure you into the allocation of payment trap. If it's not clear on the cheques or blurb they sent you, best to call their CS people to confirm.

moneysavingnoobie

CannyJock wrote: »

I'd say from their current allocation of payment rules, they would allocate any payments against the "new" balance and leave the "old" balance incurring interest from April onwards - means they'll charge you with interest until the old balance is cleared in full.

This is called the allocation of payment trap and lots of credit card companies try and lure you into it.



I'd guess it'll either count as a cash advance or it's just another mechanism to lure you into the allocation of payment trap. If it's not clear on the cheques or blurb they sent you, best to call their CS people to confirm.

Sounds good to me. Won't be taking their offer. Time to think about applying elsewhere me thinks. Thanks.

sanctuary

Moggles wrote: »

Is this Barclaycard Simplicity? If so, please see #2878 on the previous page.

So, yesterday I received a Barclarycard Simplicity in the post ... it seems I was approved, even though the instant online decision said it needed more information from me (I'm self-employed). After Moggles advice and reading post 2878, I wish I'd never applied for this!

The offer does appear to be 6.8%pa - for now at least - but the credit limit they've set me is very low ... £1500 to start with. That's almost useless for my purposes of BT (I wanted to transfer about £8000 from Virgin who are now charging me astronomical interest rates after being late - not missing! - a few payments).

My question. Would I be best to cancel this agreement before it begins? Or should I use it to transfer the full balance of two other CCs (HSBC and AmEx), set up a DD above minimum repayment and never risk being late again and hopefully not incur the wrath of their variable interest rate. I could then pursue a NatWest CC application with 15-month 0% interest (I have a current account with them) and if approved transfer whatever balance I could from Virgin.

Forgive me for asking but I'm afraid to make another move without asking for advice here ... I'm finding out that the CC world is a minefield that I can't hope to understand!

Moggles_2

sanctuary wrote: »

Yesterday I received a Barclaycard Simplicity in the post ... It seems I was approved, even though the instant online decision said it needed more information from me (I'm self-employed). After Moggles advice and reading post #2878, I wish I'd never applied for this! The offer does appear to be 6.8% pa for now at least, but the credit limit they've set me is very low ... £1500 to start with. That's almost useless for my purposes of BT (I wanted to transfer about £8000 from Virgin who are now charging me astronomical interest rates after being late - not missing - a few payments). Would I be best to cancel this agreement before it begins?

Thanks for your feedback & congratulations on getting the typical rate at least.
:beer:
Anecdotal evidence points to generally low credit limits on these cards, but there's nothing to be gained from abandoning your application at this stage. Any credit checks performed by Barclaycard are on credit files now, so you may as well accept the offer. You'll still save money

Or should I use it to transfer the full balance of two other CCs (HSBC and AmEx), set up a DD above minimum repayment and never risk being late again and hopefully not incur the wrath of their variable interest rate?

Yes, if you're currently charged extortionate rates, then it makes absolute sense to transfer as much of these debts as possible to B'card.

Fingers crossed you get the credit limit you're hoping for from NatWest, but if the worst happens, Martin's advice is, once again, to transfer as much as you can. You'll still save money (See Martin's *Credit Card Limit: didn't get what you wanted?* article.)
http://www.moneysavingexpert.com/cards/bad-credit-rating

Shaz32

I'm new to credit cards in general, and am looking to re-finance a long term loan. I have had a quote for a shorter loan from tesco's, monthly payment would be £285 a month over 7 years 10.1%apr, loan amount is £17400. But if my calculations are right? (big if) for the same amount borrowed on the Mbna credit card "rate for life" of 5.9%, keeping the payments the same £285 i would pay off the debt in just over 6 years?
If there's anyone who could confirm or redo my calculations i would be much appriecated, or if someone knows of a better way to re-finance, any help.

sabretoothtigger

The card most likely has a transfer fee so dont forget that. Lower interest would shorten the loan life yes but credit cards have more catches then proper loans, many will double or treble the rate if you are late one month for example



Can someone say whether I will be blocked or referred when applying for a relabeled MBNA card if I already have MBNA cards unused but still open.

BernardM

On logon in my Alliance Leicester Current I had an offer (Your offers).
It's a Santander Credit Card that's available for Existing Customers. It's 12 months at 0 % on Balance Transfers (NO FEE Either) and 3 months 0% on PURCHASES.
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237853005503&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2