Best Balance Transfers Discussion Area

jamesd

minsky, yes, that's a trap for the unwary.

hollypmi

Morning all, wonder if someone could offer any advice here.

Just recently applied for and was accepted, for a Gold Clydesdale Bank Mastercard with the aim of transferring £2000 from Barclaycard and £1000 from RBS mastercard, at 0% for 16mths. Unfortunately they have only given me a credit limit of £800 !! Shall I move £800 from one of the cards, or try for another card and hope to get a higher limit.

All advice welcome ...

Thanks x

Himz12

Hi Everyone,

I am new to the site and have so far found it very useful. Could someone please let me know whether you can transfer your balance on the same credit card twice? (with a 0% balance transfer rate)

jamesd

hollypmi, give them a call and ask them if they are willing to increase the limit. It's not uncommon for immediate limit increase requests to be accepted.

Regardless of whether they increase the limit, you've pad the price for the limit in an application search so it's best to use the limit you have. You can close the card later, once the deal ends.

Himz12, usually yes but there may be some time limit, like within a month or within three months of the opening of the account.

TheDan

evilpete wrote: »

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.

Depending on who you take out your credit card with you're likely to be issued with "credit card cheques" which you could pay into your account or the bike vendor's - although you may have to wait for it to clear which creates an area of uncertainty for you. Someone else can probably clarify on this but I don't think that you're covered by the Section 75 consumer credit act if you use a CC cheque - so if you hand it over and the seller disappears while waiting for funds to clear you may not be able to claim the funds back from the card issuer.

If you're within the promo period you should only be charged the standard balance transfer fee (ca. 3%).

Best of luck, keep it shiny-side up.

Edwarder

Himz12 wrote: »

Hi Everyone,

I am new to the site and have so far found it very useful. Could someone please let me know whether you can transfer your balance on the same credit card twice? (with a 0% balance transfer rate)

That is really a good question indeed.

If this helps, I found similar questions (and valuable ) answers on this webpage. When you have time, have a look at it:

credit-cards.page.co.uk

Have a frighteningly good day :eek::rotfl:

mlynarf

Hi, I received a letter from Santander saying I was guaranteed a 0% balance transfer through the Santander cc. I bank with A&L and online when I logged on to my account they also said I could apply for a zero card (0% charge/fee on BT AND purchases for 6 months). Now I appreciate the guarantee was for the Santander card but my application for the zero got refused. I was asking to transfer £5,500 from two ccs. Now the guy on the phone said they'd send me a letter in a few days to explain why I was refused.

It has just occured to me that when he asked for my monthly payments that although he halved my cc payments because they're joint with my husband he probably didn't do the same with my mortage payment - and this is the only reason I can think of for being denied the card (I have "good credit" as far as I and Experien are aware). I was trying to set up a 2nd card for my husband but it wouldn't let him so my application was requested based on just me.

I wouldn't hesitate to apply again with the correct halved details but he said I wouldn't be able to apply for another 6 months - a bit of a snag in my current cashflow situation! Actually, he said they couldn't stop me from applying again but my application might get refused just because I was applying twice within the same period.

Any advice?

jamesd

You have a right to appeal the decision by providing more information in a reply to their letter. That mortgage detail would be more information.

TheDan

mlynarf wrote: »

Hi, I received a letter from Santander saying I was guaranteed a 0% balance transfer through the Santander cc. I bank with A&L and online when I logged on to my account they also said I could apply for a zero card (0% charge/fee on BT AND purchases for 6 months). Now I appreciate the guarantee was for the Santander card but my application for the zero got refused. I was asking to transfer £5,500 from two ccs. Now the guy on the phone said they'd send me a letter in a few days to explain why I was refused.

It has just occured to me that when he asked for my monthly payments that although he halved my cc payments because they're joint with my husband he probably didn't do the same with my mortage payment - and this is the only reason I can think of for being denied the card (I have "good credit" as far as I and Experien are aware). I was trying to set up a 2nd card for my husband but it wouldn't let him so my application was requested based on just me.

I wouldn't hesitate to apply again with the correct halved details but he said I wouldn't be able to apply for another 6 months - a bit of a snag in my current cashflow situation! Actually, he said they couldn't stop me from applying again but my application might get refused just because I was applying twice within the same period.

Any advice?

I used to work for a credit card co and we dealt with these sorts of queries a lot - generally the decline letters sent out aren't very helpful, they just serve to get you off the phone when someone promises you a letter's in the post. Worth checking Experian etc just in case but do remember, just because you think you have 'good credit' doesn't mean you'll automatically qualify when you apply. For the CC companies it's all about affordability. Think about if from a lender's point of view - if someone asked to borrow 5k from you and you knew they already owed 5k to someone else, would you be keen to give them more? I know you're proposing to transfer the balance but Santander have no guarantee that you'll close those accounts once you've transferred the balances. A lot of people transfer the balance then rack the borrowing back up again on the original cards until they really get themselves into trouble.

desco

Hi, I'm new to this site and only just registered so pls pardon me if my post is in the wrong section of the forum.

I have a Barclaycard and wants to pay off the £1000 credit I have on it, my current APR is 28.9% so I'm paying like £20 interest monthly without touching the credit itself.
I'm prepared to pay £100 monthly for 10months to clear my total balance. What will be my best 0% transfer deal at the moment or the best way to approach this situation because I just want to be debt free.

Thanks