Best Balance Transfers Discussion Area

soontobesensible

Could anyone explain to me what a 'mule' is please?:(

sheikeee

bram01 wrote: »

Thanks for the new article. There's just one part I must take issue with:

Surely if the debt is 0% then the best action is to pay off the minimum amount each month and put the rest in a high interest savings account until the end of the 0% deal*. That way you can earn money on your debt thus reducing it further. Plus, if you pay tax but have a flexible or offset mortgage, use that instead to reduce the amount of mortgage interest you pay, which is then tax free. At the end of the 0% simply drawdown the over-payments to clear the card debt.

* I know you mention stoozing in the linked article, but surely it applies even if you're trying to clear an old debt too.

It all depends on how much debt you have. Sure 0% balance transfers for 6-12 months is great IF you can pay off all the debt before then OR alternatively move the balance over to another card. But to do that you will be banking on being accepted for the next card.

churkey

After years of burying my head in the sand I applied for the barclaycard platinum card - 8 days later I have activated my card and transfered my balance in from my old card which I will now close (goodbye high interest & ppi cover!).

Many thanks MSE I have also recently switched fuel tariffs with same provider (don't get me started on the loyalty thing) and am about to change mortgage assurance provider.

If you have been casually looking at MSE site but done nothing, as I had for some time, then now is the time to take action - like me you will feel a whole lot better for it!

Nanuk_2

Another new user to the site.

I would be grateful if anyone can tell me if I am able to transfer outstanding balances on bank loans to 0% CC and whether this can be done in the same way as card to card transfers at the time of application.

Thanks

hermans25

There are many best ways to transfer balance in which some offering £40 towards the cost of your transfer bill if you sign up for their card before the end of their required month

sile001

My CC balance of just over £3k on HFX card has been successfully transferred to Barclaycard Platinum. Am just waiting for BP statement to see how much the monthly payment will be (as opposed to £70 pm) with HFX.

sile001

Thanks. I was expecting around that - but w/out interest charges till the middle of next year, I'll at least get a good bit paid off :j

ads666

Hi guys, i currently have 2 credit cards, one a high interest capital one that i got to try and boost my credit, and a barclycard!
both are starting to kill me each month! total on these is arounf £2400

I also have a car loan.

I havent missed any payments for a long long time now, but did get refused a new card maybe 6 months ago?!

Is there a balance transfer card thats easier than others to get? even if i only move one of them?

MissUno

Hello, if I have a BT fee of 2.99% on £179.50 and am currently paying the MP on the CC of £5 p/m at a rate of (I think) 16.9%APR will I actually be saving any money in the long run? The calculator said I'd make a saving of £25.68 over 12 months not including the BT fee.

I've always been confused by numbers and percentages. I'm just wanting to reduce or remove the interest I pay on outstanding debts, as my goal is to clear them quicker.

Also I know this isn't credit card related. But if I were to speak to my bank about refinancing or topping up my loan, would that usually help or hinder a persons desire to become debt free over a shorter period of time?

mr_skint_4

Hello all I'm new here so please bear with me.I've just applied for a 0% balance transfer from mbna.After completeing the online form it says I'll need to wait between 5 and 7 working day before I'll know if my application is successfull ,also I was required to provide my sort code fior id verification.....is this normal?