Best Balance Transfers Discussion Area

thenudeone

kolin wrote: »

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)

Difficult to say with without knowing your income and credit history. What I can say is that repeatedly applying for different credit in a short period will damage your credit rating.

If you can't afford to repay it, perhaps the debt-free wannabe board is a better place to get advice.

shonsky

hello, today i transfered 5 euro to my account on switchpoker.com, the transfer was done from Aqua pay. So they blocked 500 Euro from my account. As i was told it was blocked by Aqua Pay. what i have to do, how i can return my money to my card?

GeddyBaby

I have a Barclaycard due to its 0% balance transfer. I initially transferred £2100 for a 6 month interest free period. 2 months later more expenses (wedding) meant I called up and they said the new deal on the card meant I could have a 16 month 0% balance transfer so I transferred a further £2500 on that deal onto the same card.

I was paying £350 a month to clear the original before the end period but now...here is the problem... is my £350 still going on the balance that ends in 4 months (like I want it to) or will they put my payments to the part of the balance that still has 15 months at 0%.

I know the law now says they put payments towards the most expensive debt but as both are currently 0% will that only kick in in October when the original balance becomes interest paying?

My question really is...by offering me the second transfer have I actually cost myself money??

dave_j

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

Ryan, you need to apply for another credit card that is offering 0% on balance transfers. be aware that they will charge you approx 3% admin fee for transfering the balance but on £800 that will only be about £24 which is still lower than your current interest charges. make sure you then pay the minimum monthly payments (more if possible) and you will then have to pay no interest at all. apply on line and they will generally ask you if you are going to make a balance transfer. its a very easy process, so get started asap to save you money. please remember that when you transfer the balance there will be a small amount of interest added (from statement date to balance transfer date)

willtay

i am new to this site, but have a question on balance trasfers, im sorry if i shouldn't have put this in here but its is the one i felt most suitable,

i have two credit cards, (Card A has £2000), (Card B has £2500) and looking to transfer them, i have found the card i want to transfer too but Card A is of the same group and they wont allow this, but Card B is also offering a 0% balance transfer window..... so i was thinking that i would transfer the balance from Card A to Card B, that would total £4500 on card B, with only £2000 on 0%, but then transfer the £2500 to a new card also offereing 0% on balance transfers,

if you understand where im coming from here my questions is, would this be possible, or would they card providers see what i am doing and stop me, i can tsee what i am doing is breaking any rules, also i have spoken with Card B and they tell me that balances on the card are paid off first are the ones that owe interest on, so i can just request £2500 to be transfered to the new card and just £2000 remaining at 0%

thenudeone

willtay wrote: »

i have found the card i want to transfer too

As long as this is a new bank and isn't with Bank A or B, there should be no problem with what you want to do.

willtay

thenudeone wrote: »

As long as this is a new bank and isn't with Bank A or B, there should be no problem with what you want to do.

well bank A is HSBC, and the new card is with first direct, although the monies from hsbc wont be going into the first direct accout, they will stay in a virgin money card

streamer

Hi All,

First, thanks for the site and everyone's advice. I've read the BT article and I'm not all that knowledgable about CCs and finance in general (unfortunately) so hoping to get some advice.

I have £4000 on a Barclay's card. This is the only CC I have. I'd like to get another card and do a BT.

I can understand that banks use these BT deals to entice new customers and sorry if this is an obvious question, but do you have to open a new account with the bank to apply for their CC? I quickly went in to Natwest to ask about their 22month card and I need to open an account. Thats all fine, but the lady stated that if I am just opening an account which will be dormant to get the card then they will not open an account for me. Are there any minimum restrictions for the current account generally? I do not want to switch from my current bank or move my salary payments to Natwest (especially after their whole IT meltdown recently). Will I have to open an account with all of these banks to get a new card and move my salary to it? Any good cards I can just apply, without having to do anything else or jump through extra hoops?

Thanks.

blitzboy

streamer wrote: »

Hi All,

First, thanks for the site and everyone's advice. I've read the BT article and I'm not all that knowledgable about CCs and finance in general (unfortunately) so hoping to get some advice.

I have £4000 on a Barclay's card. This is the only CC I have. I'd like to get another card and do a BT.

I can understand that banks use these BT deals to entice new customers and sorry if this is an obvious question, but do you have to open a new account with the bank to apply for their CC? I quickly went in to Natwest to ask about their 22month card and I need to open an account. Thats all fine, but the lady stated that if I am just opening an account which will be dormant to get the card then they will not open an account for me. Are there any minimum restrictions for the current account generally? I do not want to switch from my current bank or move my salary payments to Natwest (especially after their whole IT meltdown recently). Will I have to open an account with all of these banks to get a new card and move my salary to it? Any good cards I can just apply, without having to do anything else or jump through extra hoops?

Thanks.

Hi

Halifax have some decent offers on balance transfers (at least they did 2 months ago). Both myself and my partner took out cards with them and neither of us have an account with them.

streamer

blitzboy wrote: »

Hi

Halifax have some decent offers on balance transfers (at least they did 2 months ago). Both myself and my partner took out cards with them and neither of us have an account with them.

Hi,

Thanks! I'll check out what Halifax has. I'll continue to do some research and see what else I come up with as regards other offers. If anyone has other input please let me know. Thanks again!