Best Balance Transfers Discussion Area

Moggles_2

joeytinker wrote: »

We've got £1700 on a Tesco Credit Card at 0% on purchases until the end of May. We have the money to pay it off, but it's sitting in an ISA earning some interest, so we figured we may as well earn interest on it until we have to pay the credit card off. However, I can't quite work out whether it's better to do a 0% balance transfer, pay a fee, (thinking that I might be getting more interest in the ISA than the fee charge?), or is it better just to pay it off. It's a Barclays Golden Cash ISA that it's in.

You don't mention the interest rate your Barclays Cash ISA pays, but most easy access accounts earn pretty poor interest rates at the mo. I doubt whether it's worth paying a transfer fee.

Have you considered the Abbey Zero Fee-Free card which offers existing Santander current account holders 0% for 12 months on BTs with no transfer fee?
Caution: customer service is exceedingly slow and there's little you can do to chase things up, so allow lots of time.

charlie_665

Hi Matron,

I too have just been turned down for a 0% egg card on credit scoring grounds. I shelled out £6.99 my Experian file as advised by egg and obtained a score of 999 (the maximum). I called Egg to query and got nowhere. I was being asked to write to a different department etc.

On the same page where I am advised of Egg's decision, I am invited to apply for a Vanquish card at 33% interest! Is this just a scam by Egg to get people to take out Vanquish cards and the o% offer is just a myth (If I can't get one with a maximum credit score then who can?) This should be highlighted in the press.

Charlie

matron001 wrote: »

Am new to this site, but I have just been turned down for an egg card to transfer a balance. I have an existing loan with them but have just transferred a balance to a different card.Am trying to sort out my finances at long last. I'm not sure what to do now. Is it worth me applying for another one? I checked my credit score and its good and I never miss any payments. Any advice would be appreciated.

blurred

Anyone know how long you need to wait until you get a decision on a Santander card? (Non-existing customer, applied online). Applied well over a week ago and have heard nothing either way.

stephane_2

Give them a call to find out, but santander have a reputation to have very poor customer service & they do take their time

blurred

stephane wrote: »

Give them a call to find out, but santander have a reputation to have very poor customer service & they do take their time

Figured that was the case - not in any amazing rush, so I'll wait and see for another week or so, then get on the blower. Ta.

Moggles_2

charlie_665 wrote: »

I have just been turned down for a 0% Egg card on credit scoring grounds. I shelled out £6.99 my Experian file as advised by Egg and obtained a score of 999 (the maximum). I called Egg to query and got nowhere. I was being asked to write to a different department etc ... If I can't get one with a maximum credit score, then who can?

Credit scores are at best a very rough guide and not worth paying extra for, tbh. It's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down. (Equally, some forum users are put off applying at all, because of low scores.)

That said, credit reports, when ordered directly from Experian (cost £2) are invaluable. The guidance notes that accompanied your Experian report are also a good read. Have you looked at them?

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article, to make certain there's nothing obvious working against you.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

On the same page where I am advised of Egg's decision, I am invited to apply for a Vanquish card at 33% interest! Is this just a scam by Egg to get people to take out Vanquish cards?

As with credit scores, Experian's CC suggestions aren't reliable - they don't know your income for one thing. Also, when it comes to CC recommendations, don't forget the agency and very probably the CC provider are on lead commissions

CannyJock

flapjack83 wrote: »

i hate credit card companies!

Thanks for sharing

Learn how they work and you can get them to make you £100 per month better off

Moggles_2

CannyJock wrote: »

Thanks for sharing Learn how they work and you can get them to make you £100 per month better off

Also, credit cards are the safest way to purchase goods/services. (If you carry cash, it could be nicked. If you use cheques, they could get altered (assuming you can find a retailer that still accepts them).

With today's online facilities, it's never been easier to check the transactions posted to your account and, used sensibly, CCs have many advantages, IMO. CCs make sense from a credit history point of view too.

The introductory 0% deals are still an inexpensive way to borrow funds in the short term and, in the current climate, probably quite a good hedge against inflation

i_wanna_be_debt_free

Moggles wrote: »

Personally, I wouldn't risk putting a credit card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance. Most lenders are relaxed about modest sums that arise temporarily (due to a refund, for instance, or making a one-off manual payment too close to your direct debit payment date). That said, those same providers may take a dim view if you breach your Ts & Cs and set out to put the account in credit deliberately.

Moggles, thank you for your reply and advice. I understand what you are saying but what do you think would be the consequences of having a CC account in £1,500 credit if only for a few days, before closing the account completely? I have tried to sift though the T's and C's for the MBNA platinum and can find no mention of anything regarding this. Do you know of any specific rules or regulations against having your CC account in credit by a substantial amount?

Also, I have a very weak credit rating and have been rejected by Egg in the past, when my credit rating was actually in better shape. So, thats not an option.

Many thanks.

CannyJock

i_wanna_be_debt_free wrote: »

I have tried to sift though the T's and C's for the MBNA platinum and can find no mention of anything regarding this. Do you know of any specific rules or regulations against having your CC account in credit by a substantial amount?

Not really a regulatory issue, they simply return the funds to the originator or they may freeze the funds while they complete anti-money laundering checks.

If in doubt, why not phone them and ask what they say? Take a note of the person you speak to, their team number, date and time of the call and if they say you can do it then you'll have some come-back if they later refuse it.