Best Balance Transfers Discussion Area

AbCd_2

Hi im a complete novice with credit cards ive had Barclays credit card for the last 4 months and not used it once but now due to certain circumstances need a bit of advice.
I have an existing loan with Barclays still got £4k to pay off and now due to a custody battle have got solicitor fees of £4k to pay off so was wondering if i could get a balance transfer of £8k into my bank account to pay off both then pay 0% for say 20 months on a credit card?

harryjohn123

thanks for this suggestion

BMC_Boy

Be very careful if you are an existing Barclaycard holder and decide to do a 0% balance transfer onto your card. If you do, and then continue to use the card for purchases you will pay monthly interest on the STANDARD balance even though you clear the monthly purchase balance in full, by the due payment date, just leaving the 0% balance transfer amount on the card.
Your usual "interest free" period does not apply if there is any outstanding balance (even at 0%) left on the card.
Couldn't find that anywhere in the terms and conditions clearly set out.

Tixy

BMC_Boy wrote: »

Your usual "interest free" period does not apply if there is any outstanding balance (even at 0%) left on the card.
Couldn't find that anywhere in the terms and conditions clearly set out.

All cards work like that not just barclays - from the summary box on the barclays website http://www.barclaycard.co.uk/cs/Satellite?c=Product_C&cid=1306413446106&pagename=BarclaycardPersonal%2FProduct_C%2FBCPCreditCardSummaryBox

Interest free period
Maximum 56 days from date of transaction for purchases if you pay your balance in full and on time each month.

As you are not paying the balance in full you don't get the interest free.

thenudeone

AbCd wrote: »

I have an existing loan with Barclays still got £4k to pay off and now due to a custody battle have got solicitor fees of £4k to pay off so was wondering if i could get a balance transfer of £8k into my bank account to pay off both then pay 0% for say 20 months on a credit card?

Not with Barclays. Not many cards will give offers on money transferred to a bank account. MBNA cards do, but not Barclays.

Will the solicitor not accept credit cards in payment of their bill?

aliscott12

You were after info on First Direct Credit cards. I have beenFD customer for 18 years and decided to get a card from them last week. No issues got card within a week and transfer balnace to 0% for 20 months 2.9% fee but alot better than the 21% on my Sandander Zero (keeping this for holiday use only)

Yanner

Can any one tell me, having just done a balance transfer @ 0% for 24months, if there is still a balance on the credit card after the 0% interest period has ended would you be charged interest on the remaining balance or is the interest from the original amount that was transferred?

thenudeone

Yanner wrote: »

Can any one tell me, having just done a balance transfer @ 0% for 24months, if there is still a balance on the credit card after the 0% interest period has ended would you be charged interest on the remaining balance or is the interest from the original amount that was transferred?

You will be charged interest on a daily basis on whatever the actual balance is, starting from the day the 0% offer ends until it's paid off.

snailmail

sorry if this has already been addressed, i tried to read through as much as I could but couldn't find an anwer to my question!

My virgin CC has just run out of 0%apr and I want to transfer to another card; only I want something with very low or 0% BTs. I plan to really tackle my debt and start over payments and get it clear, but my virgin cc is now 25%apr so I think a transfer might be in order.

I am a little wary of this because the last time I tried to do this I went with a post office cc (i will never use them again!) what they offered wasn't enough to transfer all of my debt over so i transfered most of it and left a little on the original card. i then had loads of problems with trying to set up a DD as they made me post it out and it was during all the bad snow we had a few years ago--the original was delayed and they kept charging me late fees (whic they did give me back eventually)! in the end I got so sick of them I phoned virgin again and they agreed to let me transfer back for 0%apr. i didn't do the sensible thing and try to pay it off so now i'm in the same position again.

Ideally I want a cc where I can manage it online and they will set up a dd for the minimum payment to stop things like late payments without me having to send anything in straight away. I've looked on here at the advice on low BTs, but all the cards seem to want you to have an income of 20k; which I don't have and have never had.

Should I still apply? It needs to be for enough that I can transfer all the balance over; or should I concentrate on getting my current CC down to a level that's easier to transfer before trying? I think I am confusing myself with all this! i hope i haven't confused you too!

DebtFighter_2

Afternoon all, my first post as a newcomer..

I currently have £1,400 to pay off my Nationwide Credit Card. I want to make a balance transfer so that I can clear this debt, as the interest on my Nationwide card is killing me; I can afford to repay £160 per month over 9 months (want to clear this debt by end of 2012).

I'm earning under £20,000 which rules out Barclaycard options, and have so far shortlisted the Halifax All in One Credit Card and Halifax 17 Month Credit Card, as the best possible options for me (as they have low fees, I don't require a huge 0% balance transfer period, and won't be making purchases on the new card).

It's the first time I have properly researched this subject and would appreciate some advice on the best balance transfer card for my situation?

Thanks, Robin