Best Balance Transfers Discussion Area

jess1973

New to site and looking for some advice. I am self employed and have approx £2800 to pay on a tax bill in sept but have had to drastically (temporarily) reduce work as i am having a baby. I have good credit ratings and expect to make good money end sept-dec. Would i be better getting a credit card, loan or paying tax penalties to pay this any help greatly appreciated.

jamesd

Amelia S, it's unlikely that you will qualify when you have that much borrowed compared to your income. Half gross income is the usual limit. Your husband might be able to do it if he has been trading long enough to have accounts for several years but it's likely to be difficult.

Dazla, yes. Try a super balance transfer card. You may pay a 4% fee instead of the 3% to another card but you can transfer from these to a current account, then pay the loan from there.

jess1973, a 0% for purchases card may do the job for you. Put as much as possible of your normal spending on the card and save the money you spend to pay the tax bill.

Mary_Ann_Smith

A card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered

Hayley_Star

Hello, i'm new to the site, I am hoping to get some advice on the best balance transfer credit cards possibly would be best for me.

I have a store card with £1,400, I wish to transfer this to a credit card to clear the debt. I also have a Natwest card with £1,500

I spoke to an online credit adviser at RBS as I looked into their offer and he said that they cannot offer the card on a store card transfer or my other credit card as I have a natwest credit card and it's part of the same family.

Does anyone have experience or advice or where I could try, I'm trying to look for one with 0% interest for a year or more - I am hoping to clear it without touching interest.

Hayley

Kratos

Need Advice Please

Hi All

After years of messing around with my credit cards Ive finally decided to sort them out. I have three cards (Capital one with a balance of £7000, Egg with a balance of £1000 and Barclaycard with a balance of £4000).

I tried to transfer these over to HSBC's 0% offer for 15 months ( and I am a HSBC current account holder) but I was rejected yesterday. I have checked my credit score on equifax and its rated as Good.

Can anyone advise me as to which lenders are normally lenient so that I can transfer my debts? I dont want to keep applying to cards and getting rejected

thanks!

redordeadtom

Dazla wrote: »

This may be an obvious question, but, can you transfer a Loan balance to a credit card. I have just under 10K on a loan outstanding and was wondering, if I can get the credit on a card, if I could transfer it?

Some cards will transfer a balance from a loan (effectively you are asking the cc to send a payment to the loan company which will clear the outstanding and that is how you 'transfer a balance')

Alternatively look at cc which do Money Transfer where they will send money to your current account and you then pay your loan off. The 0% offers and fees will be the same for the balance transfers.

redordeadtom

Hayley_Star wrote: »

Hello, i'm new to the site, I am hoping to get some advice on the best balance transfer credit cards possibly would be best for me.

I have a store card with £1,400, I wish to transfer this to a credit card to clear the debt. I also have a Natwest card with £1,500

I spoke to an online credit adviser at RBS as I looked into their offer and he said that they cannot offer the card on a store card transfer or my other credit card as I have a natwest credit card and it's part of the same family.

Does anyone have experience or advice or where I could try, I'm trying to look for one with 0% interest for a year or more - I am hoping to clear it without touching interest.

Hayley

Look at cards that offer Money transfers as well as Balance Transfers (0% offers and fees will be the same) then transfer the money into your current account and pay of your store cards. This is a good way round any cards that are in 'the same family'

shepstone

I have a M & S credit card with 2900 pounds of debt. It's interest free for 12 months but this runs out in 3 and a half months. I've spotted an offer on at Santander of transfering your balance to their credit card with interest free period of 13 months. And since I have an isa with them there would be no balance transfer charge. Should I apply now for the santander card and transfer my M & S balance in case they withdraw the offer or should I use my interest free 12 months period up on my M & S card and then hope the offers still there?

twisties66

I want to do some work on my house but need cash to pay the builder. I don't want to take out a loan as I want to have flexibility to pay off smaller amounts to start with then pay off much larger amounts in future ( I expect this to take a few years). I was going to apply for the MBNA platinum (5.9% for the life of the balance transfer). What I want to know is when I get to the page where it asks if I want to do a balance transfer how much should I ask for? Ideally I'd like £20k. Should I ask for £20k, a lower amount or just leave it blank and cross my fingers that they give me a decent limit? I'm not sure if asking for £20k will ring alarm bells at MBNA.

I currently have a Halifax cc with a limit of £14,850 with £1000 o/s balance. I'd like to get rid of this one as the interest rate is going up to 19%. I have just been accepted for a Bank of America card with a limit of GBP 9,600, it's interest free on b/t for 12 mths and 9 mths for purchases. I have a mortgage and my salary is £60k. I would think I've got a good credit rating (as a customer) as I've never defaulted, been late with my payments and don't always pay the balance off every month on my cc.

If I get accepted by MBNA but don't get the credit limit I want should I use my BofA card to do a balance transfer to my current acct? I would still need a card for purchases but not sure I would be able to apply for another card and would prefer to close the Halifax cc down?

Any advice on the best way forward would be appreciated.

Thanks in advance

jamesd

Kratos, try Virgin.

shepstone, I wouldn't. They are unlikely to withdraw it and even if they did there are alternatives, though with a fee.

twistie66, total credit facilities of up to half of your salary is likely to be available, going above that can be more difficult. Ask for £20k but don't be surprised if it's declined or a lower amount is offered. Once the Halifax card is no longer showing you may be able to get more credit. The BoA card may not yet show as more than an application with no visible limit so it may not be counted yet.