Best Balance Transfers Discussion Area

thenudeone

meher wrote: »

many cards expect you to pay off when they send you the next months statement; if you don't, then you start getting charged unless it's specified.

If it says 0% BT for 16 months then provided you keep to terms then you will get charged no interest for 16 months on the balance transfer.
However, there is a clever ruse going on by the banks - if you also make a purchase, then when you next make a payment, it will normally be used to pay off the BT; not the purchase (which will remain outstanding and now incurring interest charges).
There are several threads all about this "adverse order of payments", which should be shortly coming to an end (due to government pressure) but if your remember the golden rule - "Never spend on a balance transfer card" then you won't be stung!

kalvindale

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Simmysim

Hi I wonder if anyone can help me

At the moment I owe £4,500 on my barclaycard and £100 min payment/interest each month is killing me, I want to change credit cards but I am on Job seekers at the moment so is this possible will any other company accept me?

Any help would be great thanks

jonief9

Hello, This is so nice site. I like it so much.

thenudeone

Simmysim wrote: »

I am on Job seekers at the moment so is this possible will any other company accept me?

I think it very unlikey, because by giving you more credit when your income is so low would be seen as lending irresponsibly (and rightly so).

You best bet is to get some free advice from the Citizens Advise Bureaux or similar about how to approach your creditor and coming to a more affordable repayment arrangement (but this will affect your credit rating for years to come).

hedgehopper_2

OK folks another clueless question I'm afraid!

If I want to transfer a balance in order to get a 0% card having been refused such cards due to change of address recently (this issue has now been resolved), does it matter that I've only had the card I want to transfer the balance from for a few weeks?

Basically, I think I am probably eligible for a 0% deal now and don't want to have tons of credit cards to worry about so I would like to change the one I opened up recently to one new card. With a promotional deal.

I don't actually have much of a balance to transfer at the moment but this is more about getting a new card with better rates IYSWIM.

louise_fletcher_2

Hi can anyone advise on which balance transfer card I can transfer a balance from a virgin money credit card. I know that some cards will not take a virgin money transfer as they have links with Virgin.Many thanks.

FRANK30

Hi, I am new to the site. Whilst I am quite savvy with money, I still find the whole thing confusing.

I have been transferring my credit cards between 0% deals for a few years now. Always being careful to change cards before the expiry. I have a good credit rating.

I currently have a Virgin 0% credit card which I owe approximately £6k. The 0% is coming to an end. I have been making more than the minimum payments but I am not in a position to clear the debt yet.

I needed to transfer this debt to either a new 0% BT deal or a long term low interest rate deal.

I have just applied for the Barclaycard Simplicity with a low rate of 6.8% and was accepted. I have not yet made the balance transfer, but I would need to do so within 60 days to qualify for this deal.

I now have cold-feet. My question is, would I have been better off applying for another 0% BT and purchases credit card? My concern is that 6.8% will mean that my monthly payments are more, plus I do intend to make more purchases (not too many). Overall is this going to be more costly for me on a monthly basis? Should I have continued going down the 0% route until I was in a better position to pay the full debt off? If this is the case, can I cancel the Barclaycard Simplicity and re-apply for a 0% Barclaycard?

Any advice would be much appreciated.

pors99

Why do i keep getting refused balance transfers depite having an excellent credit rating with experain. any tips?

manish126

Am new to this site, but I have just been turned down for an egg card to transfer a balance. I have an existing loan with them but have just transferred a balance to a different card.Am trying to sort out my finances at long last. I'm not sure what to do now. Is it worth me applying for another one? I checked my credit score and its good and I never miss any payments. Any advice would be appreciated.Thanks