Best Balance Transfers Discussion Area

jamesd

clairemun, different companies have different credit scoring methods and different types of customer that they want, so it's normal for there to be variation between companies in who gets accepted and at what interest rates. The second one you applied for would normally be more reluctant than the first one because they would see the first application but not know if it was accepted or declined, so they would assume accepted as the safer choice for them. But this still means that you could be accepted for the second one after being declined by the first.

Mark-W_2

Thanks jamesd both options sound like a good idea.
One other question is it possible to do a balance transfer to a credit card of another person?

i.e from my to her credit card?

thanks again.

jamesd

No problem to do a debt balance transfer from your card to hers (her paying you money) or from hers to yours (you paying her money) provided there is a debt on the card the balance is being transferred from. Some cards don't much like positive balances and may try to return an in credit balance.

skyrider007

I applied for the Barclaycard Platinum APR15.9% with 0% BT (2.9% fee) until July 2011 and got approved with a £6,600 limit. I didn't expect a credit limit this high as I've only told them I need to transfer around £1,500. It's a good deal I guess.

http://www.barclaycard.co.uk/personal-home/cards/platinum-hero/platinum-0-interest/index.html

Pokeher1

If I money transfer £1000 into my current account from my credit card which has 0% for 13 mths ( MBNA card ) then use it each month to spend £500 on every day stuff. I know they say never use your card if it has a transfer on it but I had the impression that as long as I pay the £500 off each month I won't pay any interest on anything. Is that correct? I've just got the credit card.

Thanks!

sabretoothtigger

Typically they will charge you interest if they can. So your money will pay off the 0% balance first and pay interest on your spending

Clarie_2

Hi,
My husband has 3 credit cards - 9500 on halifax, 3000 on barclaycard, 1800 on natwest. These are all at 19-22% apr.
I've just taken over the money side, and looked at the site this morning. He tried applying for an MBNA rate for life card to transfer his balances to, but was refused.
According to Matrin's quick checker my husband has a 'good' rating, whilst mine is excellant. I have no credit cards/ loans etc.
Can I apply for an MBNA rate for life card and transfer my husband's balances on to it?
Clarie

CannyJock

Clarie wrote: »

Hi,
My husband has 3 credit cards - 9500 on halifax, 3000 on barclaycard, 1800 on natwest. These are all at 19-22% apr.
I've just taken over the money side, and looked at the site this morning. He tried applying for an MBNA rate for life card to transfer his balances to, but was refused.
According to Matrin's quick checker my husband has a 'good' rating, whilst mine is excellant. I have no credit cards/ loans etc.
Can I apply for an MBNA rate for life card and transfer my husband's balances on to it?
Clarie

Yes, this gets ask frequently. It makes you solely responsible for the debt and you need to put something in place to prevent the cards you clear racking up more debt. If you've not checked both your credit report then I'd recommend it.

CannyJock

Pokeher1 wrote: »

If I money transfer £1000 into my current account from my credit card which has 0% for 13 mths ( MBNA card ) then use it each month to spend £500 on every day stuff. I know they say never use your card if it has a transfer on it but I had the impression that as long as I pay the £500 off each month I won't pay any interest on anything. Is that correct? I've just got the credit card.

Thanks!

What's the 0% promotion period for balance transfers?
What's the 0% promotion period for purchases?
Have you read and understood the allocation of payments part of your card summary box?

Pokeher1

Balance transfers are 13 months as well.
Purchases are 3 months.
Had it less than a month, so haven't had my 1st bill.
But on there is the money transfer and spending of the last month.
I want to pay off the money I spent this month but leave the full money transfer on there.
If I pay the full cost of the purchases this month it should come off that and not the money transfer am i right?