Best Balance Transfers Discussion Area

skaps

welshy213 wrote: »

Looking for a new crd to BT.
Only looking to move around 3k, but this has to be with a non Mastercard or non egg account.
I have almost 30k in available balances, but no offers on these so I want to get these closed down, moving this 3k will allow me to close 20k of available credit.
Any ideas?
I will continue to search the forum.

Thnks

John

Natwest have a CC with 15 months 0% bt and 3 months 0% purchases. Santander is doing one with a similar offer.

AnnaBanana

Hello money-minded people, I am hoping you can help.

Ive got a balance of about £2K on a card and pay off about £250 a month, Santander who I am with have just hiked my interest payments up to something silly like 18% so I am going to transfer the balance across to another card. Now herein lies my problem, I also want to have a credit card which I can spend on should I need to without being charged a small fortune. My solution would be to get two cards - one to transfer the balance to which I never spend on and one which I can spend on and pay a lower interest rate. Ive been reading the site but cant see anyone suggesting this anywhere so Im posting this in case Ive missed something silly and am about to make a big mistake.
Many thanks

Moggles_2

InaPickle wrote: »

I don't think my payment history is absolutely flawless, as there was one month when I first got the [HSBC] CC, when I didn't have the DD set up in time for the minimum payment, but that was literally years ago ...

Rather than speculate, your best move would be to order a credit report. (For help, see page 1 of the *How to obtain credit reports* sticky.) Once you know what potential lenders will actually see, you are in a better position to improve their opinion

With regard to the overdraft, therein lies my problem: it is 0% until July, so I have naturally been throwing all my resources at paying off the hefty 21.9% APR CC and it is still in my financial interest to do so. If I apply and they say no, how bad will it look on my credit file?

The credit reference agencies do not record credit refusals, only credit checks. Another good reason to spend £2 and order that credit report. This is all explained in the accompanying guidance notes. (Of the three CRAs, Experian's notes are particularly well-written.) I wouldn't pay extra for a credit score though. Scores are pretty meaningless and not worth the money.

Moggles_2

InaPickle wrote: »

I've been working at my current job for 6 months, but it pays peanuts. I was hoping to get a better CC deal when I move to a better-paying job, but do you think that I might have a less good chance of getting one if I get a new job, as I would have been there for less time?

Without knowing your previous employment history, it's hard to say for certain, but your chances of getting a market-leading 0% BT card are not good if you've only been in your current job for 6 months, the probation period in many occupations.

Moggles_2

welshy213 wrote: »

Looking for a new card to BT. Only looking to move around 3k, but this has to be with a non Mastercard or non egg account.

Why must it be a non-Mastercard?
Normally, where balance transfers are concerned, it's the bank that underwrites the card that matters.

I have almost 30k in available balances, but no offers on these so I want to get these closed down. Moving this 30k will allow me to close 20k of available credit. Any ideas?

To help you further, we would need to know which cards (apart from Egg, obviously) you have at the mo or have held recently, also who you bank with.

InaPickle

Moggles wrote: »

Rather than speculate, your best move would be to order a credit report. (For help, see page 1 of the *How to obtain credit reports* sticky.) Once you know what potential lenders will actually see, you are in a better position to improve their opinion
The credit reference agencies do not record credit refusals, only credit checks. Another good reason to spend £2 and order that credit report. This is all explained in the accompanying guidance notes. (Of the three CRAs, Experian's notes are particularly well-written.) I wouldn't pay extra for a credit score though. Scores are pretty meaningless and not worth the money.

I has an Experian one two months ago and it showed nothing to do with my bank accounts (which surprised me, I must admit), only showed my mobile contracts (previous and current, which were all fine), and one credit check for the RBS which was to do with an insurance enquiry last year. Everything is tickety-boo.

Moggles_2

skaps wrote: »

Natwest have a CC with 15 months 0% bt and 3 months 0% purchases.

Note: this deal is restricted to existing NatWest current account customers at the mo.

Moggles_2

InaPickle wrote: »

I had an Experian one two months ago ...

Well done. Credit reports, when ordered directly from Experian (or Equifax) are invaluable, but it's best to look at them in conjunction with the accompanying booklet *Your credit report explained* The effect of a credit check, for instance, is explained on P.19 (The same info' is available to online customers on the website, btw)

... and it showed nothing to do with my bank accounts (which surprised me, I must admit), only showed my mobile contracts (previous and current, which were all fine), and one credit check for the RBS which was to do with an insurance enquiry last year.

How about your HSBC credit card?

Moggles_2

AnnaBanana wrote: »

I've got a balance of about £2K on a Santander card and pay off about £250 a month. Interest payments have just been hiked to something silly like 18%, so I am going to transfer the balance across to another card. I also want to have a credit card which I can spend on should I need to without being charged a small fortune. My solution would be to get two cards, one to transfer the balance to which I never spend on and one which I can spend on and pay a lower interest rate. I've been reading the site but can't see anyone suggesting this anywhere so I'm posting this in case I am about to make a big mistake.

There's nothing wrong with your plan in the short-term.

Unfortunately, a low-rate credit card that you spend on is unlikely to stay that way for long. Unless you're prepared to ditch & switch the instant the interest rate's hiked, then as sure as night follows day, you'll be back to square one. Also, unless you cleared the balance each month, there's a risk you'd build up a debt on the new card as well.

There's no shortage of 0% balance transfer cards at the mo though and transferring your £2000 from Santander would certainly save you loads.

13 months at 0% 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 just 1% of the balance shifted.
http://www.halifax.co.uk/creditcards/pluscard.asp

Alternatively, you'd get 0% until 1 March 2011 from Egg. A 3% BT fee applies.
The minimum monthly payment is 2% of the balance.
http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Whichever card you choose, I'd set aside £250 per month as before to ensure you clear the balance by the end of the 0% promotion.

Remember not to spend on these BT cards

Moggles_2

AnnaBanana wrote: »

I also want to have a credit card which I can spend on should I need to without being charged a small fortune. My solution would be to get two cards, one to transfer the balance to which I never spend on and one which I can spend on and pay a lower interest rate.

Once your Santander card is paid off, courtesy of a 0% BT card, if you meet the statement balance on time for two consecutive months, the interest charges will stop

From that point on, if you only ever spend what you can afford to pay back on time each month, you'll never pay interest again and you'll be building a better credit history. This, in turn, reduces the risk of further interest rate hikes

In an emergency, you could reduce your repayment to say Halifax to the minimum 1%, for one month only. 'Not saying you should (paying off in full is a good habit to get into), but it would give you some leeway should an unforeseen bill crop up.