Best Balance Transfers Discussion Area

*Louise*

Does anyone know if Barclaycard will take a b/t from the same card again after just a week or so?

Put my MINT balance onto the 0% Barclycard, was going to use Mint (19.1%) to pay off my catalogue (39.9%) but if I could transfer it again I would be able to get pay off the whole lot well before the 2 year period ends.

thenudeone

*Louise* wrote: »

Does anyone know if Barclaycard will take a b/t from the same card again after just a week or so?

I don't know specifically about Barclaycard but I've definitely done more than 1 balance transfer to and from the same cards.

thenudeone

Nutkin_01 wrote: »

i was unable to get another credit card so the virgin card isn’t actually in my name, which i understand is risky

Do you mean you've committed fraud?

I presume you mean that you got your other half to apply.

The first thing you should do is use the Virgin balance transfer offer to clear as much as you can of one of the other cards (not mbna because virgin is actually an mbna card and you can't transfer between them). Just check that they don't prevent transfers from balances that are not in the carholder's own name.

The virgin minimum repayment is (I think) 100% of the interest charge plus 1% of the outstanding balance. Since the BT is at 0% APR, the extra repayment caused by the BT will only be 1% of the transferred balance. So not only will your overall interest charge drop, but the monthly repayment will drop as well.

Then reduce the limit on the other card to avoid temptation and avoid any card issuers thinking you have too much available credit.
Use any spare cash to pay off the mbna card at 30%.
If possible, keep as much spending as you can afford to pay off, on a separate card (with no balance transfers on it). Pay it off in full every month so that you never pay any interest on them.

*Louise*

thenudeone wrote: »

I don't know specifically about Barclaycard but I've definitely done more than 1 balance transfer to and from the same cards.

Thanks, I'm going to give it a go, can't hurt I guess

nadmaj

I've just done a bb transfer to barclaycard- -there one that gives 3ys 0% but i've been given 2yrs interest free - i've very happy with it but how come they've given me 2 years instead of three?

langlauf

Hi all,
a friend wants to draw £2000.00 from her present Lloyds credit card to pay off a debt to her daughter and then BT that amount from her LLoyds account to a Barclycard with the latest 22 month % free deal. I don't know if this is a good idea as I presume that she will incur big charges for withdrawing cash even though she will BT the amount to the Barclaycard as soon as possible, she is of course aware of the 2.5% handling fee.

Can anyone advise, I've suggested she gets advice on what it would cost to do this, I presume she should ask LLoyds themselves?

ta much

Ronnie

thenudeone

langlauf.

Not all credit cards allow a money transfer to a bank account.
If not, your friend will have to withdraw cash. There are usually limits on how much cash can be withdrawn per day, or in total (often it's 50% of the credit limit).
Your friend will pay a money transfer fee or a cash withdrawal fee (4%) on Lloyds, plus interest until the balance is transferred.
It will be similar if she has to withdraw cash.
Then a BT fee (c 3%) on the Barclaycard

That's not a bad price to pay to get 22 months of borrowing, but withdrawing cash on a credit card is reported to the credit agencies and is often interpreted as a sign of financial weakness, so it could be more difficult to get new credit in future (or even keep the credit she has).

LazyLizzie

If I got a balance transfer and shifted my debt on one credit card to one of the 0% credit cards, does that mean I'd have nothing to pay for however long the 16 months was, like 16 months? I thought that's how it works, but my husband seems to think the 0% is the cost of transfering the debt, so now I'm confused.
Sorry if that didn't make sense, I'm good at confusing people but not very good at making sense.

We got a letter offering us a barclays credit card that has 0% for 16 months(I think) on balance transfers, so I thought it meant if we got that, we wouldn't have to pay anything for 16 months so could use the money we'd usually pay on clearing another debt. But my husband says we'd have to pay the baclaycard interest, and it wouldn't be 0%. I'm confusing myself now.
I have read the guide thingy here:
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards
And I'm still confused.

I hope this makes sense and someone can help!

scott_lithgows

LazyLizzie wrote: »

If I got a balance transfer and shifted my debt on one credit card to one of the 0% credit cards, does that mean I'd have nothing to pay for however long the 16 months was, like 16 months? I thought that's how it works, but my husband seems to think the 0% is the cost of transfering the debt, so now I'm confused.
Sorry if that didn't make sense, I'm good at confusing people but not very good at making sense.

We got a letter offering us a barclays credit card that has 0% for 16 months(I think) on balance transfers, so I thought it meant if we got that, we wouldn't have to pay anything for 16 months so could use the money we'd usually pay on clearing another debt. But my husband says we'd have to pay the baclaycard interest, and it wouldn't be 0%. I'm confusing myself now.
I have read the guide thingy here:
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards
And I'm still confused.

I hope this makes sense and someone can help!

You will need to pay the minimum payment each month in order to keep the 0% deal.There will also be a fee (3%?) but if you keep to the t&c,s there will be no more interest added for 16months,dont spend on it though.

LazyLizzie

Thank you, I'm less confused now. Although it is still confusing!