Best Balance Transfers Discussion Area

CannyJock

Depends on the APR on the card to see what the monthly interest on £700 would be. It would have to be higher than 42.58% APR to be charged more than 3% per month - so suspect a BT for one month isn't the best move.

Would it be an option to get a 0% purchase card and use that for this month's normal spending to allow you to pay more towards the MBNA card? If you could use the card to pay for other things for friends and family they could give you the cash instead to put towards clearing the balance before the 0% expires. You'll then be left to clear the 0% purchase card but will avoid any interest or overdraft charges.

Claw_back_money

Thanks Canny Jock, I've done some sums thinking about paying for things with CC as opposed to cash, and we'd be lucky to get to £250 for food and petrol - there is no spending planned for anything else apart from bills.

I see what you mean about BT not being the most cost-effective. Am I right in thinking that the recommendation is to clear the outstanding balance a week before the end of the 0% rate?

According to the statement the standard monthly rate of interest is 1.3852%... is there a way to convert that to an APR so I can see what it means compared to other rates of interest I've got? Edit to say I just found the calculator on Stoozing.com... interest rate will be the same with play.com as it would be owing the money on my overdraft, except for more days as the money comes directly into my bank account and seems to take a day to clear going from ac to the cc.

Thanks
Cbm

j.a.c1

Hi new to this site and after reading some of the guides i still need to clear up a few questions.

I have a barclaycard with £2000 on it, which i'm paying 19.9% annual rate on

and a Halifax card with £5000 on it, which i'm paying 27.95% on (cos i stupidly got cash out from it)

Now i was considering transfering to one of the cards with a low rate for life of balance (there's too much to pay off to make it worth going to a 0% interest card!)
will i be able to transfer both balances on to the new card?

and will there be a credit limit on the card? if so is it likely to be high enough?

and a final question i also have a current account with an overdraft of £1600 with natwest would i be able to use a super balance transfer on to one of these cards too so i can get rid of that?

thanks in advance

ismacleod

Hi there,

I need some advice on doing a balance transfer as I'm having trouble rolling my existing debt.

I have;
Virgin cc with £18k on it (0% offer runs out in May)
Tesco cc with £1.5k on it (0% offer runs out in Aug)
MBNA cc with £1.9k on it (I pay this off in full each month)
I have no loans or overdrafts.

I bank with A+L so applied for a zero card in order to balance transfer the virgin card. I was declined for a zero card. I have a good credit rating so was surprised by this. The person on the phone said I had too much credit at present!

Will this be the same with all providers? I just want to roll my existing balance into another 0% deal (for a fee) not increase my existing credit limit!

Given that I have been declined by A+L will this cause problems applying to other providers?

Can anyone offer any advice on what I should do?

Thanks

CannyJock

j.a.c1 wrote: »

I have a barclaycard with £2000 on it, which i'm paying 19.9% annual rate on

and a Halifax card with £5000 on it, which i'm paying 27.95% on (cos i stupidly got cash out from it)

Now i was considering transfering to one of the cards with a low rate for life of balance (there's too much to pay off to make it worth going to a 0% interest card!)
will i be able to transfer both balances on to the new card?
No reason why not.


and will there be a credit limit on the card? Of course there will if so is it likely to be high enough? You won't know until you apply

and a final question i also have a current account with an overdraft of £1600 with natwest would i be able to use a super balance transfer on to one of these cards too so i can get rid of that? Only if you get a SBT card in the first place

thanks in advance

Answers above in red

CannyJock

ismacleod wrote: »

Hi there,

I need some advice on doing a balance transfer as I'm having trouble rolling my existing debt.

I have;
Virgin cc with £18k on it (0% offer runs out in May)
Tesco cc with £1.5k on it (0% offer runs out in Aug)
MBNA cc with £1.9k on it (I pay this off in full each month)
I have no loans or overdrafts.

I bank with A+L so applied for a zero card in order to balance transfer the virgin card. I was declined for a zero card. I have a good credit rating so was surprised by this. The person on the phone said I had too much credit at present!

Will this be the same with all providers? I just want to roll my existing balance into another 0% deal (for a fee) not increase my existing credit limit!

Given that I have been declined by A+L will this cause problems applying to other providers?

Can anyone offer any advice on what I should do?

Thanks

18k or 1.8k?

Everyone's different, but no guarantee they'll except you - all you can do is try somewhere else.

How many searches you've had in the past 6 months?

ismacleod

18k.

I think there have been 2 searches on me in the last 6 months.

Thanks.

CannyJock

ismacleod wrote: »

Virgin cc with £18k on it (0% offer runs out in May)
Tesco cc with £1.5k on it (0% offer runs out in Aug)
MBNA cc with £1.9k on it (I pay this off in full each month)

Virgin and MBNA are the same people, so you've got nearly 20K with MBNA. No chance of more from them IMO.

Tesco are independent of RBS now, so your best bet would be a HBOS or RBS backed card.

List of card providers and their brands here http://www.stoozing.com/cards.php

List of current 0% offers here http://www.stoozing.com/0fees.php

Hopefully your salary is at least £42k so your total credit (sum of your limits) is around 50% of your income - very rough rule of thumb, you can get a lot higher with a genuine good credit history.

If you haven't already appealed the Santander decision in writing then you should do, explaining that you've been a loyal customer for x number of years and that you want the card to transfer a balance to a reputable company (supress laugh and shooting pain in the brain). Confirm you're happy to provide confirmation that the Virgin card has been closed if they're happy to accept the balance (then what you do in real life is transfer the credit limit from the Virgin card to the MBNA card before you close it and just provide the confirmation that the Virgin card has been closed). I'd also offer to pay a 3% fee and point out that as you also bank with Santander they have the right of offset if you were ever to miss a payment - which you have never done. You basically just need to speak their language - no guarantee it'll actually work, but it has to be worth a shot

Be prepared to appeal any new application - with those numbers it's not surprising if people are initially wary or you don't fit their standard profile for automatic acceptance.

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ismacleod

Many thanks CannyJock. I'll give your suggestions a try and let you know how I got on.