Best Balance Transfers Discussion Area

thenudeone

ctweed wrote: »

I recently applied for, and recieved, a Barclaycard platinum credit card in order to take advantage of the 0% balance transfer offer. The problem being that it is my overdraft with my bank account that i wish to pay off which Barclaycard wouldnt do. They said the current offer only applies to other credit cards or store cards.
I dont know what to do now as they advised against clsoing the account (which they would of course) as offers are constantly changing and i wouldnt be able to get another credit card for six months anyway so may as well keep this one for the time being and look out for different offers. Anyone got any advice?

You could apply for another card (even one of the high-interest ones will do since you will not be paying any interest); put all of the spending through that card; then do a balance transfer to Barclaycard, as long as you do it before their offer expires (often it's 60 days from account opening). Remember you can do a balance transfer to pay off the balance on the other card several times if you need, and you don't have to wait until a you get a statement.

Then use the cash that this frees up to pay off your overdraft, and put any spare into a savings account. Don't simply spend the spare cash because you will need it to pay off Barclaycard when the 0% offer ends.

lilmissthrifty

Hi,

I'm wondering if anyone has any advice on lenders who allow you to get a 0% balance transfer if you don’t have the best credit rating.

I currently have one RBS credit card where I owe £3,700. I’m paying £50 interest per month and want to transfer it all to a 0%. I was turned down for a Barclaycard about 3 months ago.

I don’t have any CCJs. I have perhaps gone over the limit twice in the last 12 months. This was due to moving house in April and incurring lots of DIY expense (and yes, I am on the electoral roll).

Surely there must be a bank out there that will give me a 0% balance transfer?

I don’t want to risk applying and be refused again.

Much obliged!

sheila_87

I have a balance I am wanting to switch my problem is that although I have good credit history I am now back to being a student and no one will give me a limit on a new card to make a balance transfer so i am finding it impossible to manage said debt. old card £2000 new applications be lucky got get £1000 if that. any one any ideas what I can do?

Tiredofdebt82

Hi there,
I'm new to this site and wondered if someone would be kind enough to give their opinion on something for me:
I've had a 2200 overdraft since what seems like the beginning of time, I've tried to pay it off but to no avail. I get charged about 20 pound per month interest (then 8 pound each time I go over this limit), and I'd really like to consolidate it. I also have a balance of 1600 on my Barclaycard, which I only pay around 10 pound interest per month.

So...I was thinking about getting a Virgin credit card (with the 0% interest offer), paying off the overdraft, then immediately taking advantage of the 0% balance transfers Barclaycard are offering. So then I have effectively switched the overdraft to my Barclaycard. In total I will have to pay about 160 pounds in fees, but it seems worth it to me.

Do you think this is a wise idea? One of the things that is worrying me is that Barclaycard refuses my transfer, then I'm stuck with the balance on another card (albeit on 0% interest for a while).

Many thanks

victoria20

sfax wrote: »

The only barrier is getting accepted for the balance transfer card. If you can get accepted you can usually transfer from any credit card that isn't owned by the same company. As a student you aren't likely to have a very good credit score or even fit the application criteria and may get rejected if you apply.

Even after your degree when you're working you may struggle. It took me a year of full time employment after my degree before I could get a second credit card and my Barclaycard limit remained at its student £600 level for 2 years before they agreed to increase it.

Oh dear I see!! Well thank you very much for the reply; ill have to see what I can do!

Cordy

I applied for one to get the 0% balance transfer, but was declined as I already have a barclaycard (with no balance). The letter said I should contact Barclaycard to see what they can offer on my existing card.

1) has anyone done this, and what are they likely to offer, and will they improve on the offer if I initially decline?

2) as they've presumably done a credit check, should I wait 6 months before applying for a different card?

Many thanks to anyone willing to share experiences!

Vikabe

Hi everyone,

I'm new to this site (and the whole idea of "moneysaving" lol!) and would like some advice please?

I have a debt of £1300 on my Next catalogue account and would like to take advantage of a 0% apr credit card to clear the debt once and for all. I have been looking at the BT offers shown on this site, but these seem to only apply to other credit cards and store cards, and I don't have a store card attached to my Next account. Does this mean I have to get a 0% credit card for purchases instead? Or can I get the balance transferred from my actual catalogue?

Any advice will be greatly appreciated - I get very confused with these matters...

Thanks!

thenudeone

Vikabe - you should ask Next whether they accept credit cards as payment on the account. If not you will need a card that will transfer money into your bank at 0% for a period.

You will not be able to do a balance transfer without a 16-digit credit card number, which the Next account doesn't have. There are not many offers on 0% purchases.

Often cards run by MBNA (eg: cards marketed by amazon.co.uk, play.com, virgin, AA and others) will do either or both of these things.

SA**

Hi, Wondering if anyone can help. I have a credit card which has a high interest rate 19.9% and I am trying to transfer to something better as basically my minimum amount I pay each month is in interest and nothing really comes off the balance.

I have a fair credit score and have signed up to creditexpert and the problem is the number of past credit accounts I have had albeit most of them are closed off now. But they still show on your file for 6 years. I have also had a couple of missed payments on a store card, which will also be contributing. Although all my mortgage payments and car loans payments are up to date.

A family member has applied and got accepted for a balance transfer card but they wont allow the transfer as it is another name. Is this correct and are all credit card company's the same? The card I have is barclaycard and they wont allow you to transfer to another one of their cards.

I want to try and get the debt lowered however will never manage if I am only paying interest at £100 per month basically.

Any advice would be much appreciated!!

bigian41

Hi, can anyone give me some information on balance transfers? I have been accepted for a new Barclaycard with 0% balance transfer for 22 months. I currently have two high interest cards (due to poor past credit history although now CCJ has been removed from credit file and credit score shows as borderline good/excellent). My total CC debt is around £4200 but am expecting new credit limit won't cover it so can I therefore transfer the maximum amount allowed, (90% of Barclaycard credit limit), pay it off then transfer more still at 0% as long as that too is also paid off within the 0% period.
Any help and advice greatly appreciated.