Best Balance Transfers Discussion Area

moneypenny2k

I've posted this in the thread for Clydesdale bank as if you are thinking of applying for the 16 month 0% deal you could find yourself with a long trek on your hands to complete your application. Just don't want to see anyone not be able to finish the application but end up with a search on their credit record because of the application.

https://forums.moneysavingexpert.com/discussion/2445007

timesup

Not sure if I've done the right thing, but maybe some-one can help. I have 2 CC £3600 o/s on Teso card just out of 0% deal so now paying interest this month. Also have £1500 o/s (0% BT) on PO card due to end in July. Thought that a long term LOB might be a better idea as I prob wont clear them in 3 years ( gotta be realistic here!). So I remembered that I have a credit limit of £9600 (with nil owing on it) on Capital One. They are charging a 1.7% handling fee with an annual fee of 7.9%. Have I done the right thing using this?
I did wonder if in, say 6 months time I could apply to MBNA for a LOB to repay Capital One + therefore reduce the interest rate. Would this be ok? My credit rating is good.

CannyJock

timesup wrote: »

Not sure if I've done the right thing, but maybe some-one can help. I have 2 CC £3600 o/s on Teso card just out of 0% deal so now paying interest this month. Also have £1500 o/s (0% BT) on PO card due to end in July. Thought that a long term LOB might be a better idea as I prob wont clear them in 3 years ( gotta be realistic here!). So I remembered that I have a credit limit of £9600 (with nil owing on it) on Capital One. They are charging a 1.7% handling fee with an annual fee of 7.9%. Have I done the right thing using this?
I did wonder if in, say 6 months time I could apply to MBNA for a LOB to repay Capital One + therefore reduce the interest rate. Would this be ok? My credit rating is good.

If the 7.9% is a life of balance APR then sounds find. It'll save you money in the long run.

7.9% is better than typical 16.9% APR.

Shuffling the debt from 7.9% to 5.9% while paying a 3% fee wouldn't be a good idea.

What you can look to do is to transfer some of the debt onto a 0% basis if you can clear that amount within the 0% period, or if you're able to transfer the debt back to the 7.9% card at the end of the 0% period.

susie_wong

Am new to this website/forum but just wanted a bit of advice please? Am after a credit card at 0% for balance transfers to transfer approx. £5200 from my barclaycard goldfish card. Looked at santander as they have a 0% for 12 months with 0% handling fee but when I went in to the branch today was told I have to have my current account or mortgage with them to qualify. I have a Halifax reward account which pays me £5 a month, am reluctant to give this up as have been with Halifax for years & have a good history with them (does this count for anything these days?!) and not sure the hassle of changing will be worth it - any advice or suggestions gratefully received!!

CannyJock

susie_wong wrote: »

Am new to this website/forum but just wanted a bit of advice please? Am after a credit card at 0% for balance transfers to transfer approx. £5200 from my barclaycard goldfish card. Looked at santander as they have a 0% for 12 months with 0% handling fee but when I went in to the branch today was told I have to have my current account or mortgage with them to qualify. I have a Halifax reward account which pays me £5 a month, am reluctant to give this up as have been with Halifax for years & have a good history with them (does this count for anything these days?!) and not sure the hassle of changing will be worth it - any advice or suggestions gratefully received!!

Open an account with Santander and then apply?

jamesd

Just open a current account and apply. Nothing prevents you from having more than one current account.

susie_wong

Sorry if I sound a bit thick - thought a current account only counted if it was your main one - ie the one yous salary is paid into?

CannyJock

susie_wong wrote: »

Sorry if I sound a bit thick - thought a current account only counted if it was your main one - ie the one yous salary is paid into?

Nope, all you need to do is to meet their minimum funding requirement - which basically just means money transferred into your account. You can bounce the money between different current accounts and as far as each account is concerned you've had money paid into them.

jamesd

People do things like setting up standing orders to transfer say £250 between accounts four times a month to meet a £1,000 minimum monthly funding target. Easy enough in general, unless the requirement is actual salary rather than the more common funding requirement.

mafitman

Having done a quick snowballing exercise on my 4 credit cards I was thinking about the MBNA Rate for Life card to try and consolidate some of the debt to help improve the snowballing exercise.

Does anyone have any comment to make on this card, or suggest anything any better? I'm unlikely to pay off in less than 5 years so shorter term 0% are not particularly on the shopping list (so to speak)

Thanks