Best Balance Transfers Discussion Area

CannyJock

Pokeher1 wrote: »

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?

From the current Virgin summary box (check if yours are the same):



If you do not pay your balance in full we will use your payments:

• to reduce lower rate balances before higher rate balances.

If introductory rate balances are the same we will repay them as follows:

• the one which expires first; then
• if expiry dates are the same - the one which started first; then
• if the expiry dates, and start dates are the same - the one with the lowest standard rate.

So, the payments will go against the 0% part which ends first - i.e. the purchases for the first 3 months.

Then after this it will go against the 0% money transfer and purchases will be charged at your standard rate.

phoenix4

I have a play.com (MBNA) card with nothing owed and a tesco clubcard mastercard which 0% expires on 9th september. Who owns tesco credit cards? themselves?, When should i apply for new balance transfer so it goes through in time. I have 3 pays left and gonna pay as much as i can before expiry. I don't wan't to apply for another MBNA in case of knock back and I don't want to do same with a related Tesco company but I don't know what companies are related. Any feedback please. Many thanks

jamesd

Tesco is operated by Tesco, though it might use RBS infrastructure, not sure. No point in paying off as much as you can before expiry unless you're having trouble getting credit. Better to put the money into a savings account and earn some interest instead. One month in advance should usually be sufficient time to get a new account and balance transfer done. You might want to pay off as much as you can of the Tesco balance in time for it to show on the last Tesco statement before applying for the new card. This way the lower balance should show up before the new application

marklintonarnold

Hi, all im new to this forum and wondered if i can get some advise.
I currently have 3 credit cards...Capital One £5300 limit £0 balance
MBNA £3000 limit £0 Balance
Barclaycard £7000 limit £1355 Balance

I have no offers of balace transfers from Capital one or MBNA. However i have one for my Barclaycard at 0% till Sept 2011 offer valid till 30th june.

Question is can i transfer balance to other cards then back again to Barclaycard to get 0% offer? Has anyone done this before?

CannyJock

marklintonarnold wrote: »

Hi, all im new to this forum and wondered if i can get some advise.
I currently have 3 credit cards...Capital One £5300 limit £0 balance
MBNA £3000 limit £0 Balance
Barclaycard £7000 limit £1355 Balance

I have no offers of balace transfers from Capital one or MBNA. However i have one for my Barclaycard at 0% till Sept 2011 offer valid till 30th june.

Question is can i transfer balance to other cards then back again to Barclaycard to get 0% offer? Has anyone done this before?

Yes, lots of people.

You'll pay 2 sets of balance transfer fees for doing it. You need to add residual interest onto the amount you transfer (interest on last statement is a good guide assuming you've not used the card since). And because it's a Barclaycard you need to wait until you get your next statement before you transfer the balance back to them.

jamesd

Another possible way of accomplishing that is to put £1355 of normal spending on the MBNA card and use the money you would have been spending to clear the Barclaycard. Then as soon as the Barclaycard balance is clear you do the balance transfer from Capital One or MBNA. Temporary use of savings can be helpful for this.

marklintonarnold

Thanks guys, all seems bloody complicated lol!! when i phoned Barclaycard they said to do the transfer to another card then call them on the 22nd to change it back as it then will be on next billing cycle (22nd each month) does this make sense. Cheers

CannyJock

marklintonarnold wrote: »

Thanks guys, all seems bloody complicated lol!! when i phoned Barclaycard they said to do the transfer to another card then call them on the 22nd to change it back as it then will be on next billing cycle (22nd each month) does this make sense. Cheers

Yes. Surprisingly helpful from them to make sure you avoid their unique payment allocation pitfall.

poguels

Can anyone explain stoozing Please. I have nothing oweing on either of my cards, Marks &Spencer money and Amazon, Amazon keep emailing me to use balance transfer facility and have increased the interest free period until late 2011. How can I transfer my unused overdraft facility from Barclays, I have read the stoozing page but still dont get it, and dont know what to do.

CannyJock

poguels wrote: »

Can anyone explain stoozing Please. I have nothing oweing on either of my cards, Marks &Spencer money and Amazon, Amazon keep emailing me to use balance transfer facility and have increased the interest free period until late 2011. How can I transfer my unused overdraft facility from Barclays, I have read the stoozing page but still dont get it, and dont know what to do.

Try the guides on the stoozing site.

http://www.stoozing.com/g_stooz.htm
http://www.stoozing.com/g_sslow.htm
http://www.stoozing.com/g_quickstooz.html

If it doesn't make sense, then it may not be for you. Don't do anything until you understand the process.