Best Balance Transfers Discussion Area

Moggles_2

Grolsch30 wrote: »

Can you just confirm that I could phone up my credit card company who uses MBNA and ask them to transfer monies to my current account. This will then not be considered as a cash advance?

Yes, a few rather special CCs, like Virgin/MBNA and MBNA itself, 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.
Note: there may be no interest charges either for the first X months, if you're a new customer.

If you have the card and confirmation of your credit limit, you can request your money transfer by phone. If it's a new card, I'd do this when you call to activate. There's a dedicated, Freefone number. Btw, you don't have to be using an overdraft facility to request a money transfer.

MBNA allows you to borrow up to 95% of your credit limit and the money arrives in your bank account in about 6 days.

Is there a list somewhere which tells you which companies are affiliated with MBNA etc?

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

jamesd

Grolsch30 wrote: »

That I could phone up my Credit card company who uses MBNA and ask them to transfer monies to my current account. This will then not be considered as a cash advance?

This is the list of so-called super balance transfer cards that let you do this as a balance transfer, not cash advance.

budgeting_nube

Beware, I just got the Barclaycard Platinum (took two minutes to apply online and arrived with a mind-boggling limit, I might add- very scary), and it wasn't until after I had transferred the first £5k that they told me the 0% only applies to the first £5 and there is a 6.9% rate on amounts above this until the expiry of the 0% offer. (After that the full amount reverts to the normal APR). The first £5k at 0% is the amount that gets paid off first, of course, so you are paying the 6.9% on the remainder until the whole amount is paid off. Also came as a shock to be told by a customer service person on the phone that Barclays only ever have 12-month 0% balance transfer offers for new customers, not 15 months as advertised (notwithstanding what is stated on their website). Has anyone else had a similar experience? :mad:

paulczar

CannyJock wrote: »

Max you can transfer is 95% of limit, so that'll be £4,180. Then they'll add on the 2.98% fee bringing it up to £4,305. You should then pay only the minimum on the Virgin 0% card while putting every penny into clearing the highest APR Egg card.

wee reminder for people. Got an egg CC with 5k on it. Want to transfer as much as possible over to a new virgin cc with a £4,400 limit.

95% of 4400 is 4,180.

But reading this info on the virginmoney site:

*When submitting your transfer, be sure to keep your balance within 95% of your available credit, taking into account recent transactions, fees and interest which may be added before your next statement date.

so does that mean its ok for me to transfer 4,180 and then have the 2.98% BT fee added?

Or do i need to subract the bt fee off the 4,180?

Meaning the max i could transfer is £4,055 (fee rounded up to £125)?

CannyJock

paulczar wrote: »

so does that mean its ok for me to transfer 4,180 and then have the 2.98% BT fee added?

Or do i need to subract the bt fee off the 4,180?

Meaning the max i could transfer is £4,055 (fee rounded up to £125)?

You can transfer 95% of limit, so £4180, then the fee's added onto this - there have been some reports of newbie CS people not understanding this, but that's definitely how it works so if you get a newbie ask to speak to their supervisor.

DaveB55_2

Hi all ,
Can anyone tell me if you balance transfer the debt from one card to another, is there anything to stop you transfering back to the original card once the deal runs out as i have noticed that invariably once you have cleared a debt & not spent on the card for sometime they offer frequent balance transfer deals . I hope this makes sense

jamesd

Nothing at all to stop it. It happens routinely whenever the deals make it sensible to do it.

Moggles_2

DaveB55 wrote: »

Can anyone tell me if you balance transfer the debt from one card to another, is there anything to stop you transferring back to the original card once the deal runs out, as I have noticed that invariably once you have cleared a debt & not spent on the card for sometime they offer frequent balance transfer deals?

I've noticed this too, particularly with Barclaycard, MBNA and RBS-backed cards.

FWIW, I doubt whether providers can distinguish BACS payments made by other card companies from those of their customers

cwwdsgn

Hi
I am new to this
I would like to know what happens when you have used all the major credit cards for balance transfers. Over the period of the last ten years i have been getting my debts down by shifting credit cards debts to new credit cards with 0% interest on Balance Transfers, but its now got to the stage that i can not transfer on a 0% because most of the credit cards are backed by the same people so they wont let me transfer and even if you havent been with them for quite some time and had no problems paying they wont let you do another 0% balance transfer. I Dont really want to transfer to a low interest rate, but is the only other way i can go.

Roy

CannyJock

cwwdsgn wrote: »

I would like to know what happens when you have used all the major credit cards for balance transfers.

Try for repeat deals from existing cards, close a card and reapply, apply for a 2nd card with the same provider and move your credit limit across. There are a few options.