Best Balance Transfers Discussion Area

marky1982_2

Hello all

I have an MBNA Platinum Visa 0% card that I have £2300 on (I BT'd a £2800 student overdraft onto it last year) which is due to end in October. I have applied for the RBS 0% 15 months BT card - and was rejected - and the Post Office 0% 12 months BT card and was again rejected. I've done a credit check through Equifax and CallCredit and have never missed a payment for ANYTHING since aged 18 (I'm now 28).

I realise I am perhaps too good a customer, as I always overpay my MBNA bill. However I also have £900 outstanding on a 0% Halifax card I've used for spending, which I have 4 months left on and intend to clear using my salary. Could this be a factor? I'm getting a bit worried as I'm nearing the October deadline and really not sure if and when I'll be given another 0% BT card! Any ideas out there?

steve169

hi I have £7250 credit debt with capital one and £2250 overdraft with santander. I realy want to get out of cycle of just paying of intersest, working pants off and just paying off interest each month. I think balance transfers is for me but am not sure if just apying for a loan would be easier :-( any sugestions gratfully recieved. :-)

Chiaroscuro

Moved to another thread

joe6996

Hi, Need an adivise, I did a credit transfer to Egg earlier this year, and it was the usual 2.9% transfer fee and 0% for 14 months. A mininal monthly payment is set and I do top it up by £100 everymonth.
I was checking the account online and notice this:
date description amount closing balance: £2,600.85 DR

OPENING BALANCE £2,626.86 DR 26 Jul 2010 PAYMENT 2 EGG . GB £60.68 CR 12 Aug 2010 MERCHANDISE INTEREST AT 1.313 PER MONTH £34.67 DR ****
The MERCHANDISE INTEREST AT 1.313 PER MONTH is the one I don't understand? Is is a free interest offer? Why I am paying £34.67 every month?
I email Egg asking to clarify this.
Can anyone advise me please.
Thanks
Joe

molley

joe6996 wrote: »

Hi, Need an adivise, I did a credit transfer to Egg earlier this year, and it was the usual 2.9% transfer fee and 0% for 14 months. A mininal monthly payment is set and I do top it up by £100 everymonth.
I was checking the account online and notice this:
date description amount closing balance: £2,600.85 DR

OPENING BALANCE £2,626.86 DR 26 Jul 2010 PAYMENT 2 EGG . GB £60.68 CR 12 Aug 2010 MERCHANDISE INTEREST AT 1.313 PER MONTH £34.67 DR ****
The MERCHANDISE INTEREST AT 1.313 PER MONTH is the one I don't understand? Is is a free interest offer? Why I am paying £34.67 every month?
I email Egg asking to clarify this.
Can anyone advise me please.
Thanks
Joe

Well if it was a BT offer at 0% and you haven't bought anything then there should not be any interest charges .I'm not sure I understand why you are asking us if it's a free interest offer ...shouldn't you know what terms you signed up to.?

ak35

:hello:Hi there,

I'm looking for some advice. I moved to Northern Ireland from the Republic, but borught with me an existing creidt card debt on an MBNA europe credit card. Can I transfer this amount to a UK based credit card to avail of 0% balance transfer in terms of paying the debt off. Are there any particular steps I need to take to do this.

Thanks Guys :think:

joe6996

molley wrote: »

Well if it was a BT offer at 0% and you haven't bought anything then there should not be any interest charges .I'm not sure I understand why you are asking us if it's a free interest offer ...shouldn't you know what terms you signed up to.?

This is the thing, this was purely to get the interest free, nothing bought at all on this credit card. My question was what this transaction mean? If I'm only using this card to get the free rate and the only activities are my monthly payment?

molley

ak35 wrote: »

:hello:Hi there,

I'm looking for some advice. I moved to Northern Ireland from the Republic, but borught with me an existing creidt card debt on an MBNA europe credit card. Can I transfer this amount to a UK based credit card to avail of 0% balance transfer in terms of paying the debt off. Are there any particular steps I need to take to do this.

Thanks Guys :think:

I guess only EGG can answer that one .

AD1

I regularly transfer my balance to get best 0% deal. My current Virgin card is now charging interest almost the same as my payment! I have been applying for BBT but am struggling to find any banks that will accept me as I have become Self Employed in the last 18 months. I have good credit rating and I am earning more than I ever did employed but can't seem to get anywhere . . . ! Any ideas? The interest continues to mount up and I am not keen on inputting my details again into yet another application online!!:o

Ash1982

I like to challange the convientional wisdom when it comes to transfering balances at 0% deal always being the cheapest option.

I have £2,975 on my virgin card on a 0% deal that expires in September and I have the following credit available to me:

£1,500 Barclaycard simplicity at 9.9%
£2,900 Halifax clarity 12.9%
£1,500 American Express platinum cashback (reduced from £5,000)

If I transfered £1,200 to my barclaycard at 9.9% and the other £1,775 to my clarity card a 12.9%, the interest would be £250 over 16 months compared to a 3% balance transfer fee of £90. Granted BUT
If I can reduced my payback period to 6 months the interest on my barclaycard and clarity card over this period will come to £95.

I think my point is that people should sometimes think about transfering debts (or shuffling) onto existing cards if they are a low(ish) rates without paying balance transfer fees and 'incentivising' themselves to pay of your debt as quickly as possible.

I know if I transfered to a new 0% balance transfer card, I might be tempted not to repay my debt in full, as this is what has happened in the past!

p.s I have thought about ringing up barclaycard to ask them to increase my credit limit and reduce the APR to 6.8% to shift my whole debt but I am not sure they will be interested as I have already had and closed a barclaycard in the past few years (and I get the impression they hate debt shufflers!)