Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by King Weasel
Is there any point in applying [for the Capital One Balance Transfer card] if you've already got the Platinum Card?

Unfortunately, not.

That said, you could pay your Platinum card off, cancel it and re-apply for the Cap One Balance Transfer version.

This is feasible because C1 is one of a handful of lenders who treat former cardholders as new customers a month or so after an account is closed down. There's no guarantee you would be handed the same credit limit the second time though.

Btw, it's advisable to check your credit reports first to make certain the account is actually closed down and marked "settled" before you re-apply

kezzabean

Hi there, new to all of this, been wanting to do BT onto a new card for ages but never got round to it, I have looked at the Virgin card via the site and it seems to be the best, however the part I am unsure of is how to go about transferring the money, I see there is a part that asks you in the new card, so I am presuming I complete the section however there is a fee for this and on my current card I see it states a fee for transfering how does this work and does the fee to be paid before transfer or just adds onto the actually transfer cost. Sorry all new to me so hoping someone can help me out.
Thanks

Moggles_2

Originally Posted by sammy452
If I transfer to Halifax, how long do I have to wait before I can then transfer back to Barclaycard? Will I get stuck at all with Halifax which I don't want to do?

IME, BTs between these two are processed in a matter of days.

Are you registered for Barclaycard and Halifax online services? If so, you can monitor the transfer day by day.

Once the £3300 is debited to your Halifax card account (normally within 3 working days of a BT request), you can expect it to show on your Barclaycard account around 4 working days later.

Moggles_2

Originally Posted by sammy452
Will this affect my credit rating at all?

I doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers.

As far as Halifax knows, you transferred a balance from another card (Barclaycard) and afterwards settled your account in full. (Perhaps you came into some money :rolleyes:) As far as Barclaycard is concerned, you settled your existing balance in full, then moved a debt from another card (Halifax) to take advantage of its 6.9% LOB offer.

As long as you continue to pay up on time and make at least the minimum payments required on both cards, your payment history & credit rating remains unaffected.

Moggles_2

Originally Posted by kezzabean
I have looked at the Virgin card via the site and it seems to be the best, however the part I am unsure of is how to go about transferring the money. I see there is a part that asks you in the new card, so I am presuming I complete the section.

Yes, you can complete the balance transfer section of your credit card application or you could wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new Virgin card. There's a Freefone number for this. (See also #365 above)

Moggles_2

Originally Posted by kezzabean
On my current card, I see it states a fee for transferring. How does this work? Is the fee to be paid before transfer or just adds onto the actual transfer cost?

If you ask Virgin to transfer a balance from your current card, a 2.98% handling charge is collected with the first monthly payment to Virgin. No fees are payable to your current card.

winifred_3

I am a new user of this site my question is I have made the mistake of spending on my 0% abbey credit card which I have had only 4 weeks is it possible to transfer the ballance on to a new 0% card strait away or is there a time limit?

Moggles_2

winifred wrote: »

I have made the mistake of spending on my 0% Abbey credit card which I have had only 4 weeks. Is it possible to transfer the balance on to a new 0% card straight away or is there a time limit?

You can transfer your entire balance from Abbey to another 0% balance transfer card whenever you like and avoid paying interest on your purchases.

Whether this is advisable depends on the amount you've spent on your Abbey card and the BT fees you stand to be charged to move the same money yet again.

sammy452

feeling really nervous, have just transfered my barclaycard balance to my high interest halifax!!! Can't wait for it to show up so that I can put it all straight back onto my barclaycard. I am sure people do this all the time but am worried something will go wrong.

JimmyTheWig

I applied for an Abbey credit card about a month ago and got a £13k limit. My sister applied for the same card this week and only got a £3k limit.

Is this the result of the credit crunch?

Obviously everyone's situation is different, but I wouldn't expect that much of a difference.

She needs another £6k. Do people think it's worth her going for an MBNA card, such as Virgin?
Would it make a difference if her husband applied for the Virgin card or will their credit ratings be linked enough to see the recent Abbey application regardless of who applies?