Best Balance Transfers Discussion Area

molley

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 confusing two things ....To transfer the debt to the 0% Card a fee of typically 3% will be added to the debt so in your case you will be repaying £2250+ ( typically) 3% at 0% Interest for as long as that 0% rate applies

The 18.32% is the interest rate you would pay if you were to transfer a debt to your present card ( but that's not what you intend doing )

dbmabz

worryer wrote: »

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?

They do not generally have to be the same name on the cards. However if you transfer someone else's balance o to your card, you then become liable for the debt so yoau are responsible for all repayments

jolene66

Hi

I need to transfer to another card as my 0% deal has just run out. I have asked current lender Barclaycard to reduce rate and they declined. Also asked my other lender, HSBC if I could have a balance transfer deal with them and they declined.

I do not have sufficient income to apply for a new card with a high enough balance ( £6000) so my partner applied for one as he does but the card was declined.

My question is will it have been declined because he is requesting to transfer form another persons card (ie me) or because it is another Barclaycard.(they did not give a reason but said they will write in the next five days)

I was also wondering if my partner should try another card in the meantime or will this have an adverse effect on his credit rating or application?

Sorry this is such a long question. But maybe it is relevant to others also?

Thanks.

SBT123

Hi everyone

I currently have a 2000 overdraft with my graduate natwest account which I max out most months. In june this is turning into a current account and the interest charges will cost me around £30 a month. So I've decided to pay off my overdraft using a 0% interest for 18 months virgin credit card (it is one of the few that offer this type of transfer)

I know there will be a fee (4%) for doing this but I'm worried the T%C's are subject to change and it might not continue to be 0% for the 18 months as promised.

1) Has anyone done this kind of transfer that has good/bad experiences?
2) Is it guarenteed that it will stay at 0% and there are no other hidden charges?
3) Is the repayment plan decided on application? (some of the literature says that theres a risk that is a payment is missed then high charges apply, what if I decide to pay more off the card one month than the other? Would it be safer to just set up a DD and stick to that?
4) Given that I have just paid off 2 credit cards and the only other debt I have is this overdraft (and my student loan) is there I chance I could be denied the card?

Thanks for any advice!

SBT

5557223

SBT123 wrote: »

Hi everyone

I currently have a 2000 overdraft with my graduate natwest account which I max out most months. In june this is turning into a current account and the interest charges will cost me around £30 a month. So I've decided to pay off my overdraft using a 0% interest for 18 months virgin credit card (it is one of the few that offer this type of transfer)

I know there will be a fee (4%) for doing this but I'm worried the T%C's are subject to change and it might not continue to be 0% for the 18 months as promised.

1) Has anyone done this kind of transfer that has good/bad experiences?
2) Is it guarenteed that it will stay at 0% and there are no other hidden charges?
3) Is the repayment plan decided on application? (some of the literature says that theres a risk that is a payment is missed then high charges apply, what if I decide to pay more off the card one month than the other? Would it be safer to just set up a DD and stick to that?
4) Given that I have just paid off 2 credit cards and the only other debt I have is this overdraft (and my student loan) is there I chance I could be denied the card?

Thanks for any advice!

SBT

1) Good Experience and has saved me a lot
2) Guaranteed as long as you don't break t&c's i.e. dont go over limit, miss payment etc
3) you can pay as much as you like as long as its over the min payment amount each month
4) there's always a chance you are denied a card because the card company has to decide if you are a "good bet" for them...

hope this helps

SBT123

5557223 wrote: »

1) Good Experience and has saved me a lot
2) Guaranteed as long as you don't break t&c's i.e. dont go over limit, miss payment etc
3) you can pay as much as you like as long as its over the min payment amount each month
4) there's always a chance you are denied a card because the card company has to decide if you are a "good bet" for them...

hope this helps

Thank you yes that is helpful!

I wouldn't go over limit as I'd use this card purely for paying off my OD and not for spending!

In your experience have you paid it off with a monthly DD?

Do you think I'd be a good bet? (I have a student loan that comes straight out my salary, I earn over 20k, and I have paid off two credit cards with barclaycard and capital one) This OD is my only outstanding debt (except my student loan!) And I pay my phone bill etc by DD and have never missed a payment.....

5557223

monthly dd is a good way to make sure ur on top of things.. i used that but then i also was paying more on top of that..
i think weighing your options you'd be better off doing that.. i did so when i graduated a couple years back and now all of that has been paid off but i was very "anal" with my payments and made sure everything was in right order i.e. payments going out, saving enough from earnings...
its a very good feeling to be debt free and the extra cash.. well u can do watever with it

mixtape_2

Hi all,

I am in a sticky situation. I have an MBNA credit card with £4800 on it and a Massive interest rate which means out of my £150 per month i am paying, £100 is interest. This in turn means I am getting higher and higher minimum payments and I am worried i will start not being able to afford them.

Because I am moved house a fair few times in the past year (renting and living in london) I cannot seem to get a credit card for 0% on balance transfers.

Anyone have any other suggestions? I am beginning to get a little desperate.

Thanks

swifties

Hi there,

I'm very new to this site, so please forgive me if i'm in the wrong thread but,

I see barclaycard are offering a 20 month interest free period on balance transfers, as I understand they started out at 12, then 16 and now 20 months. So my question is, do we think that after the end of the offer period, they will take the plunge and offer a full 24 month period..?

Many thanks in anticipation, Steve...

Xstyle

Hi all,
Does anynbody know what the credit limit is on the MBNA Platinum card?
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

I need to do a balance transfer of around £15k, and already have a Barclaycard.

Thanks