Best Balance Transfers Discussion Area

ajryder

Hi,

Can anyone help with this question? I am about to take out a credit card for a balance transfer to free up some cash to finish some building work at home. As we pay off our existing cards every month we have no balance, so would I be able to say transfer £6k from an existing card even though there is no balance, which would put it into credit? That way over the next 4 or 5 months, my regular spending will be covered by the credit on my existing card meaning I have no credit card payments to make.

Or do they check that there is a physical balance outstanding on a card before they allow the transfer?

Thanks

daffydukky

ajryder wrote: »

Hi,

Can anyone help with this question? I am about to take out a credit card for a balance transfer to free up some cash to finish some building work at home. As we pay off our existing cards every month we have no balance, so would I be able to say transfer £6k from an existing card even though there is no balance, which would put it into credit? That way over the next 4 or 5 months, my regular spending will be covered by the credit on my existing card meaning I have no credit card payments to make.

Or do they check that there is a physical balance outstanding on a card before they allow the transfer?

Thanks

Balances on other cards are not checked when you make a balance transfer so as long as you are within the limits on the card you want to use to transfer from then you should be ok

wmat983

HI guy's I am new to this site.

Just a quick question regarding balance transfer cards...

I am a member of experian and have been for a while, my credit score is good, not far off excellent, I have tried to get a santander balance transfer card but got refused so I decided to try one more which was barclaycard which was also refused.

As above my experian credit score is good, are there any balance transfer cards which I would be likely to get? Even if it is not 0% but low interest instead?

I have a few missed payments in the last year which my partner opened store cards in my name and fell behind, she has a bad credit score but we are not married or linked on experian.

Thanks in advance, hope you can help! )

RayJayok

Hi

I am running out of options with my balance transfer situation.

I currently have a barclaycard platinum that is empty - they wil not offer me anything over 6 months BT as an existing customer.

I also have a Virgin card (who I think are MBNA) this is where most of my balance transfer will come from so that rules out Virgin or MBNA

The rest of my balance transfer comes from First Direct who are fabulous I have everything with them but they wont offer me anything as an existing customer.

My debt is £3612 and I currently do only manage minimum payments equalling approx £60

I wouldnt have thought the debt is high enough for a loan and being honest would rather avoid one.

I could apply for balance transfer 15 months will halifax and hope i get a good enough limit - i assume it is then best to close all of my other cards down. Then swap in 15 months

I can't assess very well if i am better to get a low apr for the life of the balance rather than transfer all of the time?
Anyone any thoughts - I am currently on a pay freeze and may not be able to increase monthly payments by much
Help?????

Gaia777

Hello Has anyone noticed that the credit card lenders have become difficult? I wanted to move some credit cards balances whose 0% deals were coming to an end to a new credit card lender and was turned down. The first credit card was RBS. So I called them and they admitted that as I did not bank for them, I therefore did not meet their internal assessment scoring. The second bank was Nationwide I wanted to get a card with 0% for 6 months on new purchases. They also refused me. I called them and asked them to justify their decision. They were quite embarrassed and offered me to appeal their decision. One of the questions was about where I banked or had a mortgage. I have however complained that their letter stated that I had issues with my credit ratings and they apologized and mentioned they send standard letters to everyone no matter the circumstances.

Also, Martin letter on banks states that credit cards do not know your race or religion etc. May be not but they are asking your nationality which in some cases is a devious way to ascertain those details.

It seems that those 0% cards are directed mostly to bank customers rather than the general public. Is anyone having similar issues?

Gaia777

RayJayok wrote: »

Hi

I am running out of options with my balance transfer situation.

I currently have a barclaycard platinum that is empty - they wil not offer me anything over 6 months BT as an existing customer.

I also have a Virgin card (who I think are MBNA) this is where most of my balance transfer will come from so that rules out Virgin or MBNA

The rest of my balance transfer comes from First Direct who are fabulous I have everything with them but they wont offer me anything as an existing customer.

My debt is £3612 and I currently do only manage minimum payments equalling approx £60

I wouldnt have thought the debt is high enough for a loan and being honest would rather avoid one.

I could apply for balance transfer 15 months will halifax and hope i get a good enough limit - i assume it is then best to close all of my other cards down. Then swap in 15 months

I can't assess very well if i am better to get a low apr for the life of the balance rather than transfer all of the time?
Anyone any thoughts - I am currently on a pay freeze and may not be able to increase monthly payments by much
Help?????

Hi How about transferring what you have on Virgin to a new card? Then take what you have on First Direct to Virgin (MBNA). They are giving you the options to transfer a balance (whether you are an existing customer or not) until April 2012.
Best

MrsCM

Hi...I'm just wondering if I can ask for some advice please?

We have 2 cards at the moment 1 with £1600 and the other £650. We are looking to transfer the balances to a 0% card but are unsure of the fees that will be changed.

Will my current credit card provider charge me for transferring my balances to another card?

They state that the interest rate for balance transfers is 18.32% but is that to transfer an amount onto the existing credit card or to transfer my balance out to another?

Does that make sense...I hope so!!!

Mevs01

MrsCM wrote: »

Hi...I'm just wondering if I can ask for some advice please?

We have 2 cards at the moment 1 with £1600 and the other £650. We are looking to transfer the balances to a 0% card but are unsure of the fees that will be changed.

Will my current credit card provider charge me for transferring my balances to another card?

They state that the interest rate for balance transfers is 18.32% but is that to transfer an amount onto the existing credit card or to transfer my balance out to another?

Does that make sense...I hope so!!!

You are usually only charged 3% for a balance transfer. The 18% is the rate this provider would charge for bringing a balance transfer to them. Always check with provider though if still unsure.

RayJayok

I will check but virgin were only going to offer me 6 months 0% as existing customer so it might end up having to be 2 new cards 6 months is not anything for the size of my transfer
Thank you I will look into it

worryer

Hi, was just wondering if when you transfer an old balance onto a new card, must they both have the same name. I have a reletive who will tranfer a balance onto her card so that we can pay the debt off. Is this poss?