Best Balance Transfers Discussion Area

Drag1

Might be worth looking into a virgin credit card at the moment.

myrrakats

Is that for me Drag1?

KathrynG

I have just under £9k on an HSBC mastercard and am desperately wanting to tackle it once and for all. Am I likely to be able to transfer the entire lot in a 0% balance transfer deal? If not, is it advisble to transfer to a couple of 0% deals?
Advice gratefully recieved.

swiss1

Thanks for the new article.

thenudeone

sparkoe wrote: »

Hey there.
I have around £2000 owed on a barclaycard (15.9%apr) and a £500 owed on a virgin card(on 0% bt deal) but these are both pretty much at their limits. I am about to graduate and start a full time job, so i was wondering what would be the best way to begin to clear this debt

You clear the debt by paying them off. Concentrate on the debts with the highest interest rates first. Transferring the debt to a new card with a 0% BT deal would be a good idea if you can get accepted, but that's just shifting the debt, not clearing it.

thenudeone

KathrynG wrote: »

I have just under £9k on an HSBC mastercard and am desperately wanting to tackle it once and for all. Am I likely to be able to transfer the entire lot in a 0% balance transfer deal? If not, is it advisble to transfer to a couple of 0% deals?
Advice gratefully recieved.

Applying for lots of cards at the same time will adversely affect your credit rating. £9k is a high limit. You are unlikely to get a £9k limit on a new card, especially if your income is such that are struggling to pay the original debt off. But best to apply for a 0% card anyway. Even transferring just some of it to a 0% card would save on interest charges. You should use the savings to pay off the balance on the old card. Keep reducing the credit limit on the HSBC card as you transfer or pay off the balance, otherwise your total available credit may appear too high and will limit your ability to get more credit.

LilDevil66

Hi,
I'm wanting to transfer an exisitng balance of £2,933 to a 0% card but the deal I was looking at with MBNA (I currently already have one of their cards but the balance is from another which I want clearing. My MBNA is debt free) is giving examples of percentage rates based on a credit limit of £1,200. Does this mean they will only offer £1,200?
Thanks

mcje

Hi, Can someone tell me how to get the halifax 0% deal if I already have one of their cards? (moneysavingexpert.com/cards/balance-transfer-credit-cards) Thanks Marc

bigup7

First time balance transferer here!

currently got £1500 on my tesco mastercard which had a a year interest free period which has now ended.

im paying £100 a month on the tesco card so thought i need to balance transfer it to another 0% card, have opted for the Lloyds Platinumwhich gives 15months 0% and 1.5% fee, i figured i bank with them so hopefully be accepted.

excellent site and info as usual, now have to wait till thgey post me a decision.

jocat

Does anyone know if the Barclaycard offer with the £50 Amazon voucher has been withdrawn?

It is still being mentioned on here as the best balance transfer, but when I click on the link to the Barclaycard site, there seems to be no sign of it.:sad: