Best Balance Transfers Discussion Area

Fruit_and_Nut_Case

SherrieHo wrote: »

Please can someone help? I am new to this site & haven't a clue what I am doing so apologies if I have posted in the wrong place!

I am thinking of getting a First Direct Credit Card, to do a Balance Transfer for 15 months. However the terms says Gold Credit Card - Minimum Credit limit £3000 or Normal Credit Card limit £500? What does this mean? I have read elsewhere you get charged if you have a Balance of less than these figures? If this is the case how does it work & do you know what you get charged?

Sorry if this sound a really daft question people but I wanna be sure!

You sound quite confused. This charging that you refer to seems bizarre.

What card do you have at the moment that you want to transfer from? How much do you want to transfer?

LoveLost815

Currently on a Mint Card. Will want to transfer £3-£3,500. First Direct words were a Minimum Credit Limit of £3000 on their Gold Card & a Minimum Credit Limit of £500 on their normal Credit card. It's the use of the word Minimum that has thrown me...!

Fruit_and_Nut_Case

SherrieHo wrote: »

Currently on a Mint Card. Will want to transfer £3-£3,500. First Direct words were a Minimum Credit Limit of £3000 on their Gold Card & a Minimum Credit Limit of £500 on their normal Credit card. It's the use of the word Minimum that has thrown me...!

I think it means that if they grant you a Gold card your credit limit will be at least £3000 and that if they grant you an ordinary card your credit limit will be at least £500.

jamesd

There's no charge for having a balance below those levels. All minimum credit limit means is that if you are accepted you will have a credit limit at least that high, just as Fruit and Nut Case wrote.

leemuddywaters

hi, what are the best 0% balance transfers at the minute?

CannyJock

leemuddywaters wrote: »

hi, what are the best 0% balance transfers at the minute?

http://www.stoozing.com/0fees.php

donknee

Two cards at the moment, obtained while 0% for whatever but as is usual went over that time and still floating about. 4000 on one and 2000 on the other, no minimum payments, both over 100 @ mth. Never missed payments, top rating on both cards and Bank, top rating at credit rating agencies. Literally just wanted rid of two then pay one without spending on it.
Saw the life balance deals and thought 'Thats for me'
Leeds through Barclaycard was applied for and obtained. Recieved card and details, cut up card and binned it. Then noticed the limit I had applied for, ie: 6000 to cover transfer, was just 1000.
Phoned them up. Its because the limits on my other cards was so high, 6000 and 4000 repectively and giving me another 6000 limit would mean I could put myself into debt by 16000 ... I explained the reason I was transfering balances was to cancel the others therefore reducing proposed full limit by 10000, on theyre reckoning.
Wait three months I was told, it will be put up by then. I now possesed three cards, paying 100 @ mth.
Three months goes by, recieves a letter to say my limit with them is being reduced ...... ! To save me going into debt ... !
Phoned, apparently a high number from credit agency is bad. :shocked:
And they cannot do anything for another three months now.
Iam now in the process of writing a letter as call staff are of no use.

Points to take from this - Is it possible to obtain a limit or ballpark figure before you apply.
- Reduce the 'limit' you have on the cards you have as that is all they look at.
- Try and speak to your own cards before moving.
- Apparently ... to reduce debt, or at least consolidate it, the card companies will want you too have more .... :mad:

Sorry, rant over, but other thoughts gratefully recieved.

scott_lithgows

Do Sygma bank do repeat deals on their cards ?

jamesd

donknee, different cards have different policies, Barclaycard seems quite cautious in their limits and practices. If you don't have a card with them you might try Virgin.

donknee

James, Ive done a letter but I have the card now so applying for another is out of my question. Seems bizarre though that to try and cancel cards and consolidate onto one, you know, the actual reason for balance transfers, Iam now left with three cards and the debts they incur.
And although I have a 999 rating from Experian the rep on the phone said a high number is bad .... ! Ah well.