Best Balance Transfers Discussion Area

jamesd

It's not unreasonable but a series of 0% deals could be cheaper.

You should also probably seek a 0% for purchases deal and put all possible spending on that card. The money you spend should be used to make extra payments on the most expensive card. This way you gradually transfer some of the debt to the 0% for spending card and save interest for a while.

mafitman

Thanks for your reply James, I'm treating them very much as off limits now, so trying not to use the cards at all! No mean feat...

Pip123

Pip123 wrote: »

Thanks Jamesd and Auntie M for your helpful replies. I think i got muddled with the whole "you can't BT a Visa to another Visa" etc thing!

Worked it out and if i pay what i am currently paying to HSBC (in interest charges-CHUCKING MY MONEY AWAY in other words!lol) to a 0% card then i would be paying £1680 OFF my HSBC debt by switching (+ the balance transfer fee) which means i'm effectively not paying for having debt! Sounds like a great plan!

Think i'll become a credit card tart and keep switching to 0% deals when the 0% is nearly up. Roll on friday (payday) for when i can pay the fee for a BT. Thanks so much!

Ok..so that failed,lol. :doh:Got rejected from Virgin. I have no idea what to do now. I really don't understand-i wasn't GAINING credit from them-planned to BT like for like, not spend and GET RID of HSBC card.

I'm currently paying £150 a month and never missed a payment on my HSBC card (the majority of this is STUPID INTEREST) My monthly min payment from Virgin was going to be £77 (I planned to keep paying £150 but at 0%) yet still turned down.

Any ideas on what to do now people?! Feel like crying! just want to pay the stupid thing off and i can't!!:(:(:(

CannyJock

Pip123 wrote: »

Ok..so that failed,lol. :doh:Got rejected from Virgin. I have no idea what to do now. I really don't understand-i wasn't GAINING credit from them-planned to BT like for like, not spend and GET RID of HSBC card.

I'm currently paying £150 a month and never missed a payment on my HSBC card (the majority of this is STUPID INTEREST) My monthly min payment from Virgin was going to be £77 (I planned to keep paying £150 but at 0%) yet still turned down.

Worth appealing their decision and explaining all of this to them, that you're currently paying £150 to HSBC but paying high interest.

You are looking to transfer the balance to them and continue with your payments of £150 - ask them which of their cards they recommend you take for this, your choice was the 0% card. If they don't feel this is appropriate for you, what would they be willing to offer as an alternative?

Point out to them your impeccable payment history (if you have one).

Pip123

Thanks CannyJock for the reply. Shall see what happens..FINGERS CROSSED!

frugalqueen_2

We've just got lucky. After six months of not applying and getting rid of one credit card we seem to have improved our credit ratings. I've just got a Virgin 0% and other half got a 0% with another company. We will have to pay 3% for the balance transfers but our cards were going no where as all we could afford was the minimum. We can make a difference now and will be debt free sooner this way. Other half got 0% with Halifax.

jamesd

Congratulations frugalqueen, good to read that you'll be making much more progress from now on!

If you still have other balances you can't transfer you might try for another balance transfer card in six months and aim for deals that expire three to six months after the first lot. That way you won't be faced with lots of deals all ending at the same time, which could make it harder to get enough in limits all at he same time to handle the needed balance transfer values.

lita

Hi, I wonder if someone can help me please?

I have a credit card with LloydsTSB with a credit limit of £3600 and a balance of about £3500 at the moment.
It says on my statement that the interest is 1.094% a month. What is the APR?
Would it benefit me to try and get a 0% interest card?
I haven't got a clue about things like this so any help is appreciated.

Thanks

jamesd

About 13.9% and yes a balance transfer card would help.

You could instead try a 0% for purchases card and do all possible spending on that card, putting the spent money towards extra payments on the Lloyds TSB card. If you normally spend £1,000 or so a month that could go on a card this could be a bit cheaper than starting with a balance transfer card immediately. The advantage of the purchase card is that you don't have the balance transfer fee to pay. The disadvantage is that you can only transfer money as fast as you can put your normal spending on the card.

The spending card works like this: £50 for petrol, buy with card instead of cash, pay £50 off the Lloyds card that evening. Same for regular shopping and anything else you can think of that doesn't involve you spending more money, just switching it to a card. It's not strictly necessary to make the extra payments each day but that's protection against you accidentally overspending, because when you spend the money comes out of your bank account on the same day as you pay off the card, just as it normally would if you were spending cash.

lita

jamesd wrote: »

About 13.9% and yes a balance transfer card would help.

You could instead try a 0% for purchases card and do all possible spending on that card, putting the spent money towards extra payments on the Lloyds TSB card. If you normally spend £1,000 or so a month that could go on a card this could be a bit cheaper than starting with a balance transfer card immediately. The advantage of the purchase card is that you don't have the balance transfer fee to pay. The disadvantage is that you can only transfer money as fast as you can put your normal spending on the card.

The spending card works like this: £50 for petrol, buy with card instead of cash, pay £50 off the Lloyds card that evening. Same for regular shopping and anything else you can think of that doesn't involve you spending more money, just switching it to a card. It's not strictly necessary to make the extra payments each day but that's protection against you accidentally overspending, because when you spend the money comes out of your bank account on the same day as you pay off the card, just as it normally would if you were spending cash.

So I would just pay minimum payments on the spending card until I have paid off my Lloyds card, is that right? If it is - good idea!!!

Would you be able to point me in the direction of these 0% purchase cards please?