Best Balance Transfers Discussion Area

beckypallasgill

Hi, I am using this site for the first time and looking for some advice or guidance. I have a halifax preference account and have had it for some years, no problems, payments all up to date, etc.

I was wondering if anyone knew if I could do a balance tranfer against this account so I can get a 0% deal somewhere? If not is there anything I can do to maybe get a reduced interset rate?

Thank you
beckypallasgill

Bigun28

Hi. Trawled through umpteen threads on here but can’t quite find a full answer to my situation. Basically, I’m trying to understand how a balance transfer works and where it comes from within a credit cards balance.

To explain, I have a Halifax cc which has an amount on £x on it at a rate of 5.94% for the life of the balance. Halifax just called to offer me a 0% balance transfer offer for 9 months to take advantage of some of the free space up to my credit limit. So I’m looking to transfer something like £y to take advantage of the offer. So I should end up with a sum of £x at 5.94% for the life of the balance, and the sum of £y at 0% for 9 months on the same card.

Now from what I understand, all payments for the next 9 months will go towards paying the sum of £x at 5.94% (the higher rate). At the end of 9 months, the sum of £y reverts to the standard rate, after which all payments then go towards paying back the sum of £y.

What I’m trying to understand is if I decide to balance transfer the sum of £y to another card at the end of 9 months after it reverts to the standard rate, where does the card company take that sum of £y from? Does the card transfer the sum from the higher standard rate first, leaving the life of balance amount of £x untouched, or does it take that amount of £y from the ‘life of balance’ amount (eg £x - £y) first leaving me with some at the 5.94% rate, and the remainder at the standard rate?

I seem to be getting differing views from Halifax over how the money is taken, and hence would appreciate any guidance/advice as to which assumption is correct.

thenudeone

Re: above post. All payments are treated the same whether a bank transfer from you or funds from a another credit card that you are transferring to.

savemoney

BetterLife :spam:

princess-angelica

they will transfer the balance from your amount of money on the 5.94 interest rate thus meaning that the amount on the higher interest rate is accumalating interest.

Tara100

geet wrote: »

allan1989 wrote: »

Its all over the website transfer over £1500 and its only 1.5% fee, yet they gave me a credit limit of £1500.....Therefore I cannot transfer the £1900 or even £1500 as you need to keep a minimum of 5% on the card available therefore the max you can put on the card is £1425. Therefore you missing out on this amazing offer.

Now I would say that Llyods TSB are scam artists.


Oh hell! That is a con! Wish I had seen your post earlier - I have just sent in my application for 5K - looks like I too am going to be offered 1500!!!

Hi,

Just wondering how you got on in the end with Lloyds TSB?
I stated on my application that I needed to transfer £3,160 and got approved for £2500.
I've called card services and asked if they could raise my credit limit, which was tried and then declined.

Maybe the key is to ask for much more than you really need!

I'll still go for the offer as the fee is £66.89, which when halved for the special offer, means I'll pay £33.45 for a 14 month interest free balance transfer (= £2.39 a month over 14 months)

ifaian

Evening all
Virgin are offering a great 0% BT until July 2012; Lloyds offering 0% for 6months; I have a balance on both cards paying interest at normal rates: it would seem to make sense to transfer all Virgin balance across to Lloyds, and then transfer combined balance back to Virgin, in order to put whole lot on 0% until next July. I know I'll pay 2 transfer fees doing this, but will there be any other problems? Has anyone done this previously without any adverse effect? My concern is that Virgin may not like it and either withdraw the 0% rate, or seek to close the account, because I am costing them interest on the existing balance. I may be worrying too much, but would be grateful to hear any similar experiences, either positive or negative
Many thanks

Tara100

ifaian wrote: »

Evening all
Virgin are offering a great 0% BT until July 2012; Lloyds offering 0% for 6months; I have a balance on both cards paying interest at normal rates: it would seem to make sense to transfer all Virgin balance across to Lloyds, and then transfer combined balance back to Virgin, in order to put whole lot on 0% until next July. I know I'll pay 2 transfer fees doing this, but will there be any other problems? Has anyone done this previously without any adverse effect? My concern is that Virgin may not like it and either withdraw the 0% rate, or seek to close the account, because I am costing them interest on the existing balance. I may be worrying too much, but would be grateful to hear any similar experiences, either positive or negative
Many thanks

'I know I'll pay 2 transfer fees doing this, but will there be any other problems?'
I think paying 2 transfer fees is non productive to be honest (unless I am missing something here) - I always seek to save as much cash as I can when doing a balance transfer.

geet

Tara100 wrote: »

geet wrote: »

Hi,

Just wondering how you got on in the end with Lloyds TSB?
I stated on my application that I needed to transfer £3,160 and got approved for £2500.
I've called card services and asked if they could raise my credit limit, which was tried and then declined.

Maybe the key is to ask for much more than you really need!

I'll still go for the offer as the fee is £66.89, which when halved for the special offer, means I'll pay £33.45 for a 14 month interest free balance transfer (= £2.39 a month over 14 months)

I was thinking the worst but no, I got 3K. Had applied for 5K. I too asked if they could up it to 5K but they said no but I could try after some time. But then shouldn't the BT be done in a month to avail of the 0% rate? Anyway, am going for the offer now.

ifaian

Tara100 wrote: »

'I know I'll pay 2 transfer fees doing this, but will there be any other problems?'
I think paying 2 transfer fees is non productive to be honest (unless I am missing something here) - I always seek to save as much cash as I can when doing a balance transfer.

Point being that I am paying 20% ish on both balances at present, so the BT fee is worthwhile - I'm more concerned to know whether anyone has experienced any non-intended consequences, as mentioned in my original post - ie would Virgin be likely to change terms on the card if I carry out the exercise?

Many thanks