Best Balance Transfers Discussion Area

Avare

My wife has just been accepted after applying for a 0% credit transfer card with Lloyds, with whom she has had an account for years. The scam, however, with the headline excitement is that she has only been given £1000 credit limit, not changeable for 6 months, so the lower transfer fee on transfers over £1500 is barred. Despite earning over 30k and wanting to transfer 3k. So, headlines do not maketh the offer! Be warned! If it seems like a good deal, it probably aint!

thenudeone

Avare wrote: »

she has only been given £1000 credit limit
Be warned! If it seems like a good deal, it probably aint!

So - being allowed to borrow £1000 and not being charged any interest isn't a good deal?

lulu79_2

HI folks, pretty new on here and not sure if I am posting in the correct thread so apologies if this is the case.
I am really looking for some advice about some balance transfer options at the mo. I know transferring the balance isnt the best option as it is best to not have debt in the first place but trying to manage it a bit better and get the best 0% deal so at least we are making a dent in the actualdebt rather than just interest.

So here is our situation as it stands.
Hubby has the following:
Barclaycard: Balance £2600. Limit £4100. APR 0% ending July 2012
New Offer: Balance Transfer 0% until Apr 2012. 2.9% handling fee

Virgin: Balance £2900. Limit £7500. APR 0% ending Nov 2011. APR as of Nov on outstanding balance would be 16.9% (i think this is correct)
New Offer: Balance Transfer 0% until Oct 2012. 2.98% handling fee

Just got an offer from Nationwide for a new credit card offering 0% for the first 17months. Hubby currently banks with Nationwide but has never had credit card with them. Only the ones listed above.

I have the following cards:
RBS: Balance £4264. Limit £4500. APR 26.48%

Barclaycard: Balance £3265. Limit £3650. APR 21%

So - thinking we can maybe manage the money a bit better by moving money from the cards with APR to one of the offers that have come through but not sure what is best to do.

Do any of you money gurus have any advice on what you think the best option would be?

Really can't get my head around what is best to do.

Any advice hugely appreciated.

Bridging_and_commercial

Halifax have 0% on balance transfers for 22months, I'm thinking about switching to them as they have 0% on purchases for 3 months too. Decisions

scott_lithgows

Bridging_and_commercial wrote: »

Halifax have 0% on balance transfers for 22months, I'm thinking about switching to them as they have 0% on purchases for 3 months too. Decisions

Dont mix your BT and purchases card,get 2 diff.

Benergy

Thanks for the tips people - been snooping for a while now and you guys always help!

tylerlongtw

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majestic1

One of my cards that is at it's maximum is currently offering a promotional rate to existing customers on bank transfers. Having crunched the numbers, I've worked out that after balance transfer fee it will still be profitable for me to transfer money from the card to another card of mine and then transfer it straight back to take advantage of the promotion. My question is 'is this allowed?'

jenb88

Hello,

Is it possible to transfer the balance (approx £2000) from my boyfriends credit card account to my new credit card account? The benefit is it that mine is interest free for the next 3 months (Santander).

Can anyone offer any advice on this?

Thanks!

Brussel_Sprout

Hi Just a quick question - not even for me!

Other half has a Tesco card on which his free period has run out, only has £661 on there.

He wants to buy something on a credit card as we dont have the cash straight away is her better to do which of the following:

1. Buy on the Tesco card, balance will then go up to about £1500, and then balance transfer this to a new card.................or.

2. Balance transfer the £661 to a new card and then purchase the item in question?!

He'll be paying about £125 off a month so it'll be paid off pretty quickly.

Also, can you advise which card will be best for the Transfers, thought the Lloyds one but then saw the feedback on here!

Thanks,

BS x