Best Balance Transfers Discussion Area

Moggles_2

gavinburgham wrote: »

Does anyone know anything about the Post Office credit card? Who underwrites it etc? I've got a feeling it may be MBNA which would be no good for me as I need to transfer a balance from another MBNA card

The Post Office credit card is underwritten by the Bank of Ireland and accepts BTs from MBNA cards

1alouette

Hi all

A quick question - when apply for a new credit card/balance transfer, when they ask how many credit cards you have are you supposed to include ones you get from work ie company cards? Also, do these affect your credit rating? For example, when they look at how many credit cards you have applied for recently, will an application for a company credit cardbe counted? My company credit card is the type that I get through work and my credit limit is set through work, however payments come from my personal account and I submit expenses to be reimbursed for this money.

Thanks!

CannyJock

1alouette wrote: »

Hi all

A quick question - when apply for a new credit card/balance transfer, when they ask how many credit cards you have are you supposed to include ones you get from work ie company cards? Also, do these affect your credit rating? For example, when they look at how many credit cards you have applied for recently, will an application for a company credit cardbe counted? My company credit card is the type that I get through work and my credit limit is set through work, however payments come from my personal account and I submit expenses to be reimbursed for this money.

Thanks!

You're not normally responsible for the debt on company credit cards and they don't appear on your credit report.

Check your creport report and see if it appears. If it doesn't then it's not "yours" so you don't need to include it in applications.

topyam

If I go for the virgin (0% for 16 months), can i transfer my cards from tesco, ulster bank and first trust?
How much is generally best to request to transfer?

Moggles_2

topyam wrote: »

If I go for the Virgin (0% for 16 months), can i transfer my balances from Tesco, Ulster Bank and First Trust?

No experience of First Trust, so I would check with Virgin. The other two would be fine.

How much is generally best to request to transfer?

Virgin would allow you to transfer any amount up to 95% of your credit limit, so I wouldn't let the tail wag the dog. In other words, decide what percentage of your existing debts you would like to pay off by transferring balances to Virgin and, credit limit permitting, go with that.

Note: rather than request multiple BTs during the application process, it's safer to wait until you have your new card and know your credit limit, then arrange your BTs when you call to activate. (There's a dedicated, Freefone number.) That way you retain control over what happens when

PontyEnd

Hi, I recently applied for a 0% Virgin 16 month card, I was approved instantly and given a £3,100 limit. Whilst applying I requested BT for three cards, £200, £450 and £200. This left about £50 on the cards which I will pay off next week and just leave one card active for any emergencies (as I understand I can't spend on the Virgin card).

These aren't my real worry as I was paying these off ok just annoyed at the interest each month. My question is my current account at Natwest has a £2000 overdraft from my student days which I am now paying an annual rate 19.2%. I'm finding it quite hard to get out of this overdraft, mainly because the money is always available to me . This results in me paying around £30 a month in interest.

Is it possible to shift some of this onto the Virgin card and is it classed as a BT and would not incur interest? If not, anyone got any advice on the best way help clear it. Appologies if this has been covered.

CannyJock

Virgin will transfer funds to you current account for a 4% fee. It's treated as part of your 0% balance - not treated as a "cash advance" and charged at crazy interest rates.

You can transfer up to 95% of your credit limit.

To qualify for the 0% has to be done within 60 days from the account opening date http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp

You need to call their CS people to arrange it so you can confirm it'll be at 0% interest and what the fee will be.

Moggles_2

PontyEnd wrote: »

My current account at Natwest has a £2000 overdraft from my student days which I am now paying an annual rate 19.2%. I'm finding it quite hard to get out of this overdraft, mainly because the money is always available to me. This results in me paying around £30 a month in interest. Is it possible to shift some of this onto the Virgin card and is it classed as a BT and would not incur interest? .

A few rather exceptional cards, like Virgin, 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. A 4% handling fee applies, but there are no other charges for the first 16 months.

Once the card arrives and you have confirmation of your credit limit, you can request your money transfer by phone. I'd do this when you call to activate. There's a dedicated, Freefone number. Btw, FYI (and anybody else reading) it's safer to request BTs by this route as well.) Virgin allows you to borrow up to 95% of your credit limit and the money arrives in your bank account in about 6 days

EDIT: you type faster than me, Canny

PontyEnd

Thank you both for the info. When my card arrives I'll look to do this then reduce my overdraft to £200 if it's possible! Hopefully this should be an easier, and cheaper way to pay it off faster without me chipping into it! :beer:

Moggles_2

PontyEnd wrote: »

Thank you both for the info. When my card arrives, I'll look to do this then reduce my overdraft to £200 if it's possible. Hopefully this should be an easier and cheaper way to pay it off faster without me chipping into it!

If you will have savings to pay off your credit card balance before the 0% period expires, that's great.

Just be aware that Virgin has a habit of raising the standard rate to anything up to 34.9% APR variable, when the promotion ends. If you cannot pay off the balance, you'll need to line up another 0% BT card

Very best
M