Best Balance Transfers Discussion Area

jo-bo

santander don't own mbna, so you would still be able to transfer your loan debt to mbna by way of a money transfer

JJLM

Hi.
Am new to the site . I have £850.00 left on a Barclaycard where I pay £100 a month. They have told me that the interest rate will increase as from next month. I want to pay it off within the year but whats my best option? Thanks

CannyJock

JJLM wrote: »

Hi.
Am new to the site . I have £850.00 left on a Barclaycard where I pay £100 a month. They have told me that the interest rate will increase as from next month. I want to pay it off within the year but whats my best option? Thanks

You can reject the rate increase, and continue paying back at your current rate. You won't be able to use the card again, and the account will be fully closed when you've cleared the balance and interest in full.

Bomberb

Within the last couple of weeks I've just opened an Alliance & Leicester (A&L) Current a/c online - confirmation of acceptance took less than 10 minutes - (one for my wife & one for myself) with only one aim in mind - each of us to receive the free £100 after paying in the minimun £500 per month.
My wife doesn't have a monthly salary paid into her bank but I do so
yesterday I paid into each a/c for the month of April £500, today I've moved each £500 back into our "live" non A&L current a/c's where we have my Salary & all of our direct debits historically set up.
In both May & June I'll pay £500 into each A&L account again but withdraw it the next day.
Hopefully each of us should then receive the freebie £100 credit from A&L sometime in July.
Now for my last point - Credit Cards - whilst looking @ the A&L Site I see that (if you are an existing Customer, i.e. you have one of their Current a/c's or Mortgages) you can apply for their Credit Card.
No % charge whatsoever for making a balance transfer onto it & additionally you have a full 12 months interest free period in which to pay it back.
Above tips are from the frugal Yorkshire laddie.

Bomberb

Best Balance Transfers - Alliance & Leicester Current a/c & Credit Card

I would say go online & open up an Alliance & Leicester current a/c (no need to pay your salary in every month nor even transfer your existing banking over to them as I haven't).
Once activated, then apply for their 12 months interest free on Balance Transfers Credit Card - Transfer your existing Credit Card balance (for which there is not even a transfer fee charge).
Don't use the card for any thing else whatsoever.
Divide the amount you transferred by 12 then set up a monthly direct debit for this amount.
By the end of month 12 you've not paid any extras & whatsmore your balance is @ zero.

sindersoot

Just had a look at A&L website and there is a condition attached to obtaining the £100 free. It states that you must switch all direct debits using their switching service and meet the minimum £500 deposit each month. Is this a new condition that A&L have added?

CannyJock

sindersoot wrote: »

Just had a look at A&L website and there is a condition attached to obtaining the £100 free. It states that you must switch all direct debits using their switching service and meet the minimum £500 deposit each month. Is this a new condition that A&L have added?

Nope, been there since Santander took over.

billchecker1

Hi,

Firsty let me just say that you guys on here are brillant for giving out such good advice.

can anyone help me with the following:

I have:
£3000 on Tesco (0% until Feb 2011)
£1500 on Lloyds (0% until March 2011)
£12000 on a loan (7.9% fixed through to run out 4 years, I can overpay into this)

With my surplus money I am overpaying into my credit cards but should I pay off hte loan instead as that is charging me?

My only problem with doing this is that the credit cards wont go down much, although I do want to pay the loan off as in two years I would like to change my car.

So confused!
Thanks in advance.

gttltzy

Most MSEs find online applications convenient, but it's your choice really.

batcat187

Hi, i wonder if someone can advise me of which credit card i should transfer my current balance from? I have £7000 on an Egg card (16.9%) which i pay the minimum each month which is approximately £150 and approximately £40 of this is interest. I could do with delaying the payment of this £7000 until 12 months time when i will have more disposable income due to having payed off other debts. Is there a 0% balance transfer available where i could put this debt for the next 12 months and therefore avoid paying the £40 interest im currently paying but doesnt require monthly payments for say the first 6-12mths? Sounds a bit too good to be true maybe!

My other option i was thinking was to go with the MBNA Platinum Rate for Life card at 5.9% as the minimum payment each month according to the terms is 1% of the balance so this would be approximately £70 rather than the £150 im currently paying now giving me a little extra cash each month. This also seems to be better in terms of interest charged. I basically need a card where i can just put my debt somewhere for the next 12 months paying the minimum and minimum of interest until next year when ill be in a better position to get paying it off.

If anyone could advise me it would be most appreciated

Many Thanks