Best Balance Transfers Discussion Area

jerry_philip

ITS a good one,helped me.

AD1

Hi. Thanks for that. Definately worth looking at some number crunching I think to take control rather than move again and be passive! I was beginning to think this may be a better option. . .

Thanks.:)

LeeRits

Hi folks,

I did try searching the forums but there are so many topics and I didnt really know the keywords to search for. I tried "repeat balance transfer".
For now this is just hypothetical as I dont know if i'll get accepted for a 0% card.. but here goes.

Lets say I have Credit Card 1 and I owe £500. If I get a second card with 0% on BT for 12 months and the second card is £1000, can I do an initial transfer of £500, spend £500 on card 1 and then do another balance transfer the next week from card 1 to card 2?

I know you can transfer from a couple of different cards to the 0% card but can you repeat a balance transfer from 1 card?

Cheers for any help that anyone can give

molley

BizKiTRoAcH wrote: »

Hi folks,

I did try searching the forums but there are so many topics and I didnt really know the keywords to search for. I tried "repeat balance transfer".
For now this is just hypothetical as I dont know if i'll get accepted for a 0% card.. but here goes.

Lets say I have Credit Card 1 and I owe £500. If I get a second card with 0% on BT for 12 months and the second card is £1000, can I do an initial transfer of £500, spend £500 on card 1 and then do another balance transfer the next week from card 1 to card 2?

I know you can transfer from a couple of different cards to the 0% card but can you repeat a balance transfer from 1 card?

Cheers for any help that anyone can give

I can't see why not so long as you do the BT's within the time frame allowed from when you get the new card and also that the amount you BT is within the limit allowed on the £1000 ( usually around 95%) and that the new card and old card are not from the same "stable" (Check http://www.stoozing.com/cards.php to see if this is the case ) .

Lou_Hopkins

I am not new to Martins's moneysaving site, and never needed to post anything before, but either I am thick, or this is a con!
I admit to being a credit card tart, always utilising the best deals, cutting up old cards/closing accounts and paying off transfer balances over the interest free period, but ALWAYS paying in full for purchases and incurring zero interest charges.
I took up a Post Office credit card 3 months ago (3 mths zero interest on purchases and 12 months zero on TB's). I transferred a measly £600 and have been paying for my purchases in full as usual, however, as my 3 months for purchases is coming to an end, I rang to query whether they charged interest on the transfer fee too. I intend to transfer my recent spending to my new Halifax c/c and leave the original TB of £600 with the Post Office to pay off over the remaining 9 months. However, I was told that all my payments are going towards the balance transfer FIRST, so will be charged interest on any balance. Where is the 12 month interest free period then?? I rang twice to be told the same thing - I told them the literature was misleading as does not state that payments will be allocated to the TB. I have lodged a complaint and someone else is apparently going to ring me within 5 working days - how can they so blatantly get away with this? Luckily, I do have savings and if the PO cannot honour the interest free period, I shall pay it off and take my business elsewhere. I know Martin advocates 'pay off debts with savings' so this is really a warning post to anyone tempted by 0% deals - CHECK OUT HOW THEY ALLOCATE ANY PAYMENTS - I have never come across this with any other c/c provider. Sincere apologies for the lengthy (boring!) post but would be interested to know if anyone else has experienced a similar problem.

molley

Lou_Hopkins wrote: »

I am not new to Martins's moneysaving site, and never needed to post anything before, but either I am thick, or this is a con!
I admit to being a credit card tart, always utilising the best deals, cutting up old cards/closing accounts and paying off transfer balances over the interest free period, but ALWAYS paying in full for purchases and incurring zero interest charges.
I took up a Post Office credit card 3 months ago (3 mths zero interest on purchases and 12 months zero on TB's). I transferred a measly £600 and have been paying for my purchases in full as usual, however, as my 3 months for purchases is coming to an end, I rang to query whether they charged interest on the transfer fee too. I intend to transfer my recent spending to my new Halifax c/c and leave the original TB of £600 with the Post Office to pay off over the remaining 9 months. However, I was told that all my payments are going towards the balance transfer FIRST, so will be charged interest on any balance. Where is the 12 month interest free period then?? I rang twice to be told the same thing - I told them the literature was misleading as does not state that payments will be allocated to the TB. I have lodged a complaint and someone else is apparently going to ring me within 5 working days - how can they so blatantly get away with this? Luckily, I do have savings and if the PO cannot honour the interest free period, I shall pay it off and take my business elsewhere. I know Martin advocates 'pay off debts with savings' so this is really a warning post to anyone tempted by 0% deals - CHECK OUT HOW THEY ALLOCATE ANY PAYMENTS - I have never come across this with any other c/c provider. Sincere apologies for the lengthy (boring!) post but would be interested to know if anyone else has experienced a similar problem.

It will almost certainly be in the T+C's ( usually on the reverse of the agreement you signed ) how repayments are to be allocated and at present it will likely be to the debt with the lowest interest rate first ,allowing the interest to build up on any other debt on the card which is why it is probably best not to BUY on a card you have used for a BT . If you make a repayment then you are not repaying to a specific part of the debt as you do not have that power ..THEY decide where the repayment goes to .
Changes are ,however,afoot and legislation is, aiui ,going to force them to allocate repayments to the highest interest rated parts of the debt first ..not sure when this comes in ...although some card companies have started doing this already .

HomingPigeon

Sorry this is not the right place to post, but as a newbie, can someone tell me how to post a question? I have a question about DLA, but can't see how to create a thread! Many thanks.

molley

HomingPigeon wrote: »

Sorry this is not the right place to post, but as a newbie, can someone tell me how to post a question? I have a question about DLA, but can't see how to create a thread! Many thanks.

I presume DLA is a Benefit so go here:-

http://forums.moneysavingexpert.com/forumdisplay.php?f=139

and click the NEW THREAD button near the TOP and the rest should be obvious .

HomingPigeon

Thanks for help .... I have managed to suss it out.

Chipper**

Can anyone offer any help?

I have been refused by numerous credit card companies since March this year.

My credit is A1 paid, no adverse what so ever, I have tried not to get too many searches against me as I know it doesnt always look good.

All I want to do is transfer the balance of one credit card over, so it will be in replacement not an addition credit card.

The only reason i can think of for why i am being declined is:
* number of searches
*over committed (however this card would settle another)

Please any advice would be great appreciated