Best Balance Transfers Discussion Area

Mojo1974

Hi, this is my first post on here but was wondering if anyone else has applied and received the Yorkshire Bank 16 month Interest Free credit card?? I did and at the time transferred over one of my bigger cards balance but then I phoned them and transferred another cards balance and it was ONLY THEN that I caught the woman going through the usual spiel but then said that the 3% charge for the balance transfer was free for the 1st 3 months and then would be charged at the current rate of 16.9% after! When I questioned why this was the case she said that its not part of the Balance Transfer and so accrues interest!! Is this normally the case as I have never noticed it before and just assumed that it was part of the Balance Transfer? Basically I will be paying more and more interest for the next 16 months as they always take it off the cheaper balance first!

Thanks.

jamesd

Check what the order of payments is. Usually repayments come off fees before 0% balances, so your repayments would clear the fee quickly or you could pay enough to clear the fee immediately. This is generic guidance, not specific to that card, so you should check its terms and/or phone them to ask.

kav_senses

kav-senses, there's no block on transferring to someone else's card. They will ask only for the account, not the name. The MBNA-based cards let you transfer a balance from a current account to the card, for a higher fee. Once she's had one or two cards cleared and closed, allow three months for credit records to be updated, then she may be able to get balance transfer deals in her own name to get the rest to 0%. The 0% for spending option is also available for you and later, her. Though just because one card provider has refused her, that doesn't mean all will. The typical limit for all unsecured credit limits combined today is around half of gross salary and if she's well below that she'll still have a fair chance of getting more cards to use for balance transfers.

Thanks very much for your help. Will let you know how I get on. Cheers :T

loubelou_2

I have recently applied for a RBS credit card for a 0% balance transfer as recommended by this website. Is it usual for the RBS or any bank to ask for your last P60 and original copies of your last 3 bank statements. I have recently been a victim of identity fraud and feel a bit paranoid. Please help.

euronorris wrote: »

Thank you James.

I called and they have nothing to offer me at the moment, but told me to call back once the balance was cleared as they would most likely have something for me then.

Also, I thought Halifax card was MBNA, but it's not! lol.

Still thinking it might be best to clear the OD first. There isn't much difference between the interest on the OD and the CC and clearing the OD would make me feel sooo much better. Unfortunately, I only have the one UK bank account so can't switch around (also can't apply for another one as am not a UK resident).

Roll on payday so I can clear that balance!!

cliverowland

I have been offered a Santander credit with an incredible offer.

It is a 0% offer for 13 months but there is no transfer charge at all.

I have gone through the small print and checked there is no compulsory Payment Protection but it all looks good- they are offering whatever you transfer for 13 months interest free.

I will be transferring and then setting up a standing order for one thirteenth of the amount and then cutting up the card!

evilpete

Hi,

just wondered if someone would be able to confirm my understanding of "super balance transfers" before I jump in feet first.

Current / planned debts: £2500 on a Clydesdale Bank CC and am planning to buy a motorbike for up to about £2000.

My intention is to pay the total off in about 14-18 months. If I were to take out a Virgin or MBNA credit card with a 0% for 14 months on transfers deal, I could transfer my existing CC balance straight away and then do a money transfer to a current account of the purchase amount of whatever motorbike I chose at a 4% fee. This would also qualify for 0% interest for the first 14 months of the card. I plan that at about £300 a month I'd have cleared most of that off by the time the 0% period ended.

Have I missed anything in the above?

Also would it be possible to do this money transfer direct to someone else's account instead of my own - e.g. to the seller of the motorbike?

Thanks! Looking forward to funding getting back onto two wheels before summer is over!
Pete.

dave.smith_2

Hello,

Now everybody is transferring their amount online where E commerce plays and important role.

Thanks
Dave Smith

Bevk_2

I have a Virgin Money credit card which I opened last year to take advantage of their 0% BT deal. On checking my statement today I have been charged a late payment fee plus interest. As I make regular monthly payments to this account I called to query the charges. I was informed that my payment on 13th May (which I intended for my June statement) was received the day that the statement was generated and is therefore credited to my May statement. I have therefore made 2 payments in May and the payment I made on 18 June is classed as a late payment as it also falls outside of the June payment cycle.

In addition, as I have technically missed a payment, I also lose my 0% balance deal which they have "very generously" offered to reinstate for me "this time".

I feel that they are taking advantage of their customers and would like to switch to another credit card on principle, but this would only end up costing me more in the end.

Has anyone else fallen foul of this with Virgin or any other credit card? I have never had a problem with any of my other credit cards i.e. Lloyds TSB, MBNA or Barclaycard. In fact I missed a payment with Barclaycard when I was on holiday a couple of years ago and they just charged me interest, but didn't revoke the 0% deal (even though this is stated in their T's & C's).

jamesd

Bevk, you broke the conditions of the deal and they were perfectly entitled to withdraw it and also to report to credit reference agencies that you missed a payment. They have chosen to be kind and reinstate the deal instead. You might want to check a credit report that shows the Virgin Money account after your next statement date to see whether they did report it as a missed payment or not.

Always set up a direct debit for the minimum payment. You can make extra payments if you like but the direct debit is there to ensure that nothing will happen to mess up your payment record. What I do is direct debit for minimum payment and standing order for £1 more part way through the billing cycle so that the account doesn't show as only having minimum payments made.

minsky

Apologies if anyone has already covered this topic.

I took out a 0% balance transfer with MBNA.
The promotional rate ended on my June statement.
I managed to pay off the full balance by the June payment due date to avoid paying interest.
WRONG!!!!!!
It turns out the 0% rate ends on the Statement Date i.e. the date they send out the statement, not the payment due date.
So I got stung for £150 interest.

So make sure you clear your balance by the payment date of the bill the month BEFORE they say the promotion ends.