Best Balance Transfers Discussion Area

molley

McCreary wrote: »

Thanks...

So for example if I transferred a balance of £1000 from M&S to another credit card with a BT rate of 3% I would pay back £1030 if cleared during the 0% interest rate on the new card?

When you say a "BT rate of 3%" I guess you mean the " BT Fee"

The BT fee is added on to the amount you want to BT so it is £1000 PLUS 3% which ,as you say totals £1030 so that is the amount you have to repay until cleared .

My understanding is ,unless I am incorrect,that payments you make firstly get attributed to the £30 and therafter to the £1000

McCreary

molley wrote: »

When you say a "BT rate of 3%" I guess you mean the " BT Fee"

The BT fee is added on to the amount you want to BT so it is £1000 PLUS 3% which ,as you say totals £1030 so that is the amount you have to repay until cleared .

My understanding is ,unless I am incorrect,that payments you make firstly get attributed to the £30 and therafter to the £1000

Yes, I meant the fee. Thanks for your help!

Rupert_Bear

missy-ss wrote: »

I just applied for one of the new RBS 18mth free 0% on purchases cards because I thought I would put some furniture on it as an interest free loan. My advice would be: don't bother. I had no balance to transfer and just wanted to use the purchase side. I am extremely fortunate in that I earn >100k pa, and have the top rated credit score. I was awarded a limit of £900 then at the end a screen came up saying they would contact me in 10 working days to let me know if I had been successful or not. I have credit limits 10 times that on other cards (which have no balances on them). This is clearly just a headline to draw you in, but they aren't exactly encouraging you to spend on it, because frankly if that is the credit limit they are giving me then what are they giving someone on an average salary? I am all for responsible lending but that's not what this is about and I wish I hadn't wasted an application and entry on my credit file on this.

No doubt you were too rich for their blood!

julietaow59

Just wanted to say "Thanks Martin" I found the "Best Balance Transfers " article really really useful!!:money::T

srcandas

missy-ss wrote: »

I just applied for one of the new RBS 18mth free 0% on purchases cards because I thought I would put some furniture on it as an interest free loan. My advice would be: don't bother. I had no balance to transfer and just wanted to use the purchase side. I am extremely fortunate in that I earn >100k pa, and have the top rated credit score. I was awarded a limit of £900 then at the end a screen came up saying they would contact me in 10 working days to let me know if I had been successful or not. I have credit limits 10 times that on other cards (which have no balances on them). This is clearly just a headline to draw you in, but they aren't exactly encouraging you to spend on it, because frankly if that is the credit limit they are giving me then what are they giving someone on an average salary? I am all for responsible lending but that's not what this is about and I wish I hadn't wasted an application and entry on my credit file on this.

Tx so much. I knew there was a catch but I couldn't see it. I assume they once in try to persuade you to pay a fee for an upgraded card. Saved me some effort and hassle. Enjoy :beer:

brendaconway04

Hi im really confused about balance transfers, i have a credit card which is £1100 overdrawn, I pay 18.9% APR, what is the best balance transfer to get?

Thanks B.

molley

brendaconway04 wrote: »

Hi im really confused about balance transfers, i have a credit card which is £1100 overdrawn, I pay 18.9% APR, what is the best balance transfer to get?

Thanks B.

Without wishing to sound smartarsed one that will give you a Credit Limit high enough to pay off what you want ,at the lowest % Rate ( preferably 0%) and long enough at that rate to allow you to pay off the debt . I'm sure there is a list in here somewhere showing the best current offers available

Have a look here
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

joeydc123

Wonder if someone could help me out, give you a little background info first. Im 26 and i have my current account in a £1600 overdraft which im constantly in, i have a catalogue which i owe roughly £500 to. Now i have checked my credit report with experian and according to the information they have which is incorrect they had my deceased fathers defaults accounts under my report which i believe is giving me such a bad credit score, really low. I have asked them to take this off and they have agreed as they can see my date of birth is not 1944 lol "donuts".

Anyway, im trying to find a way to possibly balance transfer the bank overdraft i have above plus the catalogue repayment so that i just have possibly one payment going out each month rather than the catalogue and the bank charges are rediculous because im stuck in overdraft universe. But i keep getting turned down by card companies for a credit card to balance transfer to.

Any advice would be much appreciated.

cardboard_chewer

joeydc123 wrote: »

Wonder if someone could help me out, give you a little background info first. Im 26 and i have my current account in a £1600 overdraft which im constantly in, i have a catalogue which i owe roughly £500 to. Now i have checked my credit report with experian and according to the information they have which is incorrect they had my deceased fathers defaults accounts under my report which i believe is giving me such a bad credit score, really low. I have asked them to take this off and they have agreed as they can see my date of birth is not 1944 lol "donuts".

Anyway, im trying to find a way to possibly balance transfer the bank overdraft i have above plus the catalogue repayment so that i just have possibly one payment going out each month rather than the catalogue and the bank charges are rediculous because im stuck in overdraft universe. But i keep getting turned down by card companies for a credit card to balance transfer to.

Any advice would be much appreciated.

Making multiple applications for credit in a short space of time is very bad for your credit score. Maybe try something like the cards list here:
http://www.moneysavingexpert.com/cards/bad-credit-credit-cards
Do you have a parent or trusted person who could get a credit card in their name and exploit the 0% credit cards that way?
Some credit cards do a super balance transfer where you transfer money from your credit card to your bank account e.g. you could transfer £1600 from your new credit card to your bank account so your overdraft would be paid off but now you have a £1600 debt on your card. Down side is the credit card will probably charge you a 4% fee but if you pick a good deal it should be interest free after that.
Another method is to get a new credit card with 0% for spending. Put everything you would normally buy on this card (don't buy things you would not normally buy) and let your wages accumulate in your bank account thus paying off the overdraft. You are now left with a 0% credit card debt. If this cannot be paid off at the end of the 0% interest free period just balance transfer it to a new 0% card.
I have been shuffling £5,000 around various cards for 4 years now instead of paying 9% on a personal loan which I used to have.
Have a read:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
http://www.moneysavingexpert.com/cards/best-0http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs-credit-cards

stressedmummy2

i have over £4000 on one card and cannot find a card to transfer wholw balance over to one card.... what shall i do spilt it on two cards ???:o