Best Balance Transfers Discussion Area

CannyJock

molley wrote: »

I'm going round in circles trying to find this .I know that somewhere on this site there is a list showing who owns what credit card so you avoid trying to BT to a card from the same stable .Can anyone please point me to where it is before I go crazy...thx

It's on the stoozing site but we link to it frequently:

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

molley

CannyJock wrote: »

It's on the stoozing site but we link to it frequently:

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

aaah right ...no wonder I cdn't find it ..Thanks very much for that .

I'm curious about the Tesco Card .It says it's run by Tesco Finance ...are they a bank of their own now? I'm sure it was run by RBS before ?

CannyJock

molley wrote: »

aaah right ...no wonder I cdn't find it ..Thanks very much for that .

I'm curious about the Tesco Card .It says it's run by Tesco Finance ...are they a bank of their own now? I'm sure it was run by RBS before ?

Yup it was. And they still use the RBS systems from what I can see on statements and stationery.

Was initially a joint venture with RBS, then in 2008, Tesco bought out the 50% share owned by RBS.

i_wanna_be_debt_free

i_wanna_be_debt_free wrote: »

Just to let you know that I spoke to MBNA and made out (without actually giving them any of my details) that I had transferred £1500 into the wrong CC account by mistake and that now my MBNA CC was in credit by £1500. I asked them what my options were and then said that I can have the incredit amount deposited into an account of my choice, incurring no fees or penalties. I told them that I would call them back once I have all the details they required to complete the transaction.

I will update once I know this has definately worked (or not).

Ok so after a bit of info recon, MBNA offered me 6.9% APR on the life of the balance with a 5% fee. Needless to say, I took the oppurtunity to get that money into my current account as they are one of the only CC's to allow you to BT into a current account. From there I have paid off my Car loan (10.8% APR) and cleared my overdraft (18.8% APR)... also I have BT'd £6,000 into my Halifax card maxing out the 4.94% for the life of the balance with a 3% fee offer, Halifax gave me.

After subtracting the fees, I have calculated that I am going to save around £1,000 this year just in interest payments by doing this crazy smash and grab type of stoozing. What an Adrenalin rush... WOOOOHOOOOO...!!!!

PS. I got the 4.94% for the life of the balance offer via the Halifax customer retention dept. direct line: 0800 077 8677, if you have a Halifax CC give it a go. Remember inflation is 3.4% at the moment so 4.94% for the life of the balance is an awesome deal.... DON'T MISS OUT.

Thanx MSE you rock...!!!

skaps

OldGreyFox wrote: »

Cherries network is a MLM business,thats doing the rounds at the mo. I was approached to join today.Needless to say i didnt join.

What does MLM mean?

castringblue

Hi folks. I have had a quick look through this thread but have been unable to find the info I require.
I have 2 credit cards, an MBNA and a Barclaycard and have approx £2000 of debt on each.
Both are offering 0% deals on balance transfers for 12 and 16 months respectively.
Can I transfer the MBNA debt to Barclaycard and visa versa without any problems other than incurring the appropriate fees?

CannyJock

castringblue wrote: »

Hi folks. I have had a quick look through this thread but have been unable to find the info I require.
I have 2 credit cards, an MBNA and a Barclaycard and have approx £2000 of debt on each.
Both are offering 0% deals on balance transfers for 12 and 16 months respectively.
Can I transfer the MBNA debt to Barclaycard and visa versa without any problems other than incurring the appropriate fees?

So long as the limits allow, then sure.

Article on credit card shuffling here: http://www.moneysavingexpert.com/cards/cut-credit-card-interest

You're recommended to get a nil balance on the card before you transfer the balance back onto it.

I assume you're doing £2000 MBNA->Barclaycard then £4000 Barclaycard->MBNA

Remember to transfer enough to cover residual interest to ensure you get a nil or slightly positive balance.

Moggles_2

CannyJock wrote: »

You're recommended to get a nil balance on the card before you transfer the balance back onto it.

That's particularly important if you decide to transfer £4000 to Barclaycard and take advantage of 0% for 16 months.

B'Card credits payments to your account on your statement date, regardless of when the payment is received. This means that, unlike most credit cards, there's no advantage in requesting the BT early. If you make a payment before the payment due date, this lender will not reduce the interest-bearing balance until your next statement is produced

TobiasFunke

Hi All,

Appreciate the website, looking to get personal debt cleared by the end of the year - hoping to get some advice from experience here.

I have a Capitol One CC with a balance of £440 and and Overdraft with RBS that is currently at about £1000, but will unfortunately continue to go up until I get paid at the end of the month, and then repeat ad infinutum.

Im curious about the idea raised in the article and here on the forum of using a combined 0% Balance and Money Transfer, if possible,to take both my CC and Overdraft balance onto a new CC with as decent a 0% Interest term as possible, then moving that balance around as per advice in other parts of the site.

My question is regarding getting an MNBA product(s) as they seem to have a reasonable fee, and the longest 0% term, but my impression is that these cards are fairly hard to qualify for, and have quickly found atypical 'horror' stories involving account disputes, particuarly with their card offered through Virgin.
Is it worth the risk of these problems and a possible application rejection hitting my credit file? I'm hoping to get in better shape for a Mortgage application...

If it's not worth the risk I'm tempted to go for the Tesco Card, transfer my Cap One balance, pay it off over a few months and then, after the balance was cleared, use it for the bi-weekly shopping to soak up extra points. That would leave the Overdraft to be cleared the old-fashioned way.

I appreciate and give thanks in advance for any responses recieved,

CannyJock

TobiasFunke wrote: »

Hi All,

Appreciate the website, looking to get personal debt cleared by the end of the year - hoping to get some advice from experience here.

I have a Capitol One CC with a balance of £440 and and Overdraft with RBS that is currently at about £1000, but will unfortunately continue to go up until I get paid at the end of the month, and then repeat ad infinutum.

Im curious about the idea raised in the article and here on the forum of using a combined 0% Balance and Money Transfer, if possible,to take both my CC and Overdraft balance onto a new CC with as decent a 0% Interest term as possible, then moving that balance around as per advice in other parts of the site.

My question is regarding getting an MNBA product(s) as they seem to have a reasonable fee, and the longest 0% term, but my impression is that these cards are fairly hard to qualify for, and have quickly found atypical 'horror' stories involving account disputes, particuarly with their card offered through Virgin.
Is it worth the risk of these problems and a possible application rejection hitting my credit file? I'm hoping to get in better shape for a Mortgage application...

If it's not worth the risk I'm tempted to go for the Tesco Card, transfer my Cap One balance, pay it off over a few months and then, after the balance was cleared, use it for the bi-weekly shopping to soak up extra points. That would leave the Overdraft to be cleared the old-fashioned way.

I appreciate and give thanks in advance for any responses recieved,

Welcome to the site.

MBNA have their fair share of outraged posters on the forum. The main complaints are:
1. They hike the rates up at the end of their 0% promotions - not relevant if you're planning to clear the debt in full by the end of the 16 months.
2. A direct debit for the minimum doesn't always take the first month's payment so you need to make a manual payments - not a problem so long as you look at the statement when you get it - and there's another trick for making sure your first payment is taken by DD where when you phone to activate the card and setup the DD you ask them to set your statement date to "yesterday". This means you don't get a statement for a full month and gives them plenty of time to setup the DD

For what you want to do, they're probably one of the best cards on the market.

The Tesco card is a good 0% purchase card where you only need to make the minimum payments each month and you won't be charged any interest for 12 months. A very useful card when you're trying to get back to living within your means, in addition to the Clubcard points.

There's no such thing as a "rejection" on your credit report. When you apply for something there's a search made. It doesn't record the outcome of that search.

I'd go for the Virgin Money card as a starting point - it'll let you clear your card balance, your overdraft and a little bit extra to make sure you don't need to go back into your overdraft (for a 4% fee) . Then if not successful for that, appeal the decision. If the appeal doesn't produce a result then apply for another card 3 months later.