Best Balance Transfers Discussion Area

pipkins17

If I transfer a credit card balance that I have also used to draw some money out on, will the new card cancel that out? or will I get charged on the new card for the cash withdrawal??
Hope this makes sense! :money:

francodevil

Hi I have £2800 on a MBNA card at 0%. This rate expires in july so I'm hoping to change to a fresh 0% deal as I pay off the remainder. I would like a deal offering the lowest % fee for transferring, and also one that lasts in excess of 12 months. I have seen one or two in martin's best 0% cc section but in addition to your advice, Im also wondering if anybody knows of a potential cash back (quidco/tcb) deal I could get before applying. Thanks to you all in advance for any much needed advice
Franco

moneyandtaxgeek

I remember the days when you transfer a balance with no fee!

thenudeone

mbroma wrote: »

ok thanks but dont quite get what suberbalance transfer is.

A transfer of funds to a bank account creating a debt on a credit card account. It isn't called that by the banks, but it's used a lot on forums.

Thriftkitten

Hi all, I'm hoping to find some info from a Leeds General building society CC balance transfer deal that was being offered approx end of 2009.
I saw it advertised on Martin page offerring a balance transfer for a very low apr of around 4 or 5. something per year for the life of the balance.
I was approved and did the BT within the stated time and took heed to the warnings NOT to spend on this card, I have NEVER spent anything on this and have just had a regular direct debit come out every month, I am aware now that Barclay card runs this card, but to my horror 2 yrs later i have just seen that my APR is 22.9%, I have never missed a payment nor spent on it so I really dont understand, I rang up today and the guy told me there would be a 48 hr report into this and to call back on Monday for an update.
Has anyone else experienced this I'm ashamed to say I never check the statement as I know not to spend on it so the balance will only go down and down, is there anything I can do to prove that when I took this deal out I was accepted for the small APR for the life of this balance transfer.
Thanks ahead of time.:o

scott_lithgows

It was 5.9%.Are they charging you on 5.9% or 22.9%?
If its still on the lob deal of 5.9 then it does not matter what the standard rate is.
If you owe 1k then you should be paying about £5 a month interest on 5.9%

rockyryan

hi guys, i have 800 pound on a credit card and cant really afford to pay it off in one go and paying 50pound intrest a month, what the vest think i can do, i dont really understand the credit card term like 0% on so and so. thanks ryan

geet

Hello, can someone help? I got 15K on the 0% BT for 22 months from Barclays Platinum. 13 K has been BT ed to two other credit cards I had. There is +2K balance in the platinum card now. What can I do with it?

Because mule cards are dead and since I can't even try my luck with old Egg as it is now a Barclays card, I don't quite know what to do with this. I have never used a credit card for purchases till now so not sure how that works either. The card offers 0% on purchases for three months. Does that mean that if I use my 2K for purchases, I should pay it back within this period otherwise I will incur a huge interest. Is that how credit cards work?

Sorry about these basic questions about cc, just that I was quite good at stoozing and so have used cc only for bt. All my bills and purchases are done thru my current account debit card.

g

geet

rockyryan wrote: »

hi guys, i have 800 pound on a credit card and cant really afford to pay it off in one go and paying 50pound intrest a month, what the vest think i can do, i dont really understand the credit card term like 0% on so and so. thanks ryan

You must apply for a credit card that offers 0% Balance Transfer for as long a period of time as you can get. Once you get the card and when you activate it, ask the bank to balance transfer the £800 from your other credit card. Also set up a direct debit for minimum payment. Now close your other credit card as the the balance in that will be 0.

Try and pay back the full amount in your new card within the 0% BT period or get another card and transfer the balance credit by the time the 0% period ends. If not, you will be hit by a huge interest rate. Hope this helps.

g

kolin_2

Quick Question,
I have 2 credit card accounts, one with HSBC that was closed over 4 years ago, that i'm still paying off, and a recent M&S 0% purchase card that is due to run out towards the end of july that has a balance of £4600

I just applied for 22mth Barclaycard 0%BT card and got rejected. what should I do now, apply for something like the Virgin 16mth card? or leave it for a bit?(even though my 0%interest card runs out in a month)