Best Balance Transfers Discussion Area

ovalmaximus

Hi, sorry if the answer to my question is posted elsewhere.

I have just been accepted for a Barclaycard Platinum credit card (albeit at a higher APR that advertised due to my credit score. However, I still get the 22 months 0% balance transfer which is exactly what I wanted. I was given a £3300 credit limit, but my previous credit card debt is only circa £750. I also have a Natwest current account (at its maximum overdraft limit of £2000 which has just changed over from a graduate account). My question is this:

Can I use the 0% balance transfer offer to also clear my overdraft. My thinking is that I could transfer all of my debt to the new credit card and pay off as much as I can over the 22 months (I would intend to pay all of that @ £125 per month). If there is anything outstanding at the end of the 22 month period, I could pay the credit card off with my overdraft which I am pretty certain has a lower APR than the credit card after the 22 months.

I know for a fact that only options on the new credit card allow to transfer to a current account, but I read somewhere on the tinterweb that this might be classed as a cash advance and accrue interest from day 1???

Can anyone confirm this, or do I have myself a good plan?

the_tiler

Hi. I'm new to this posting so may sound daft. I have barclay credit card that had couple thousand on it and was offered transfer rate of 0% on new transfers for 12months. I did this and transferred remaining debt from mbna card. Now that I have zero balance with them they have offered 0% on transfers.Can I transfer the couple thousand that i am paying interest on with Barclay and leave 0% ballance I have. Or does it not work like that. Will Barclay just transfer promotional rate off 0%back
Thanks

ftm2009

I just successfully applied for a Halifax CC which offers 0% on Balance transfers and purchases for 11 months, called up to transfer balance from a Vanquis card and was told Vanquis don't allow it!

Surely this is illegal ?

Anyone successfully done a BT from Vanquis ?

ftm2009

ftm2009 wrote: »

I just successfully applied for a Halifax CC which offers 0% on Balance transfers and purchases for 11 months, called up to transfer balance from a Vanquis card and was told Vanquis don't allow it!

Surely this is illegal ?

Anyone successfully done a BT from Vanquis ?

Sorted, managed to call them up and spoke to a nice lady called Paula,she helped to get it through as a purchase,luckily for me purchases are at 0%.

Catriona_P

A long shot this, but I'm trying to find out what the % charge is for a balance transfer from a Tesco Clubcard credit card (without an introductory offer) to a current account. I can't find anything on Tesco's website! Anybody know?

JJay000

Hi, needed some help please. I have a personal loan that I am in a position to pay off over the next 12 months (approx £5000). My interest on that loan is 8%. So naturally would like to use a CC to pay it off via a balance transfer with 0%, saving me so interest payments.

As this is a personal loan/debt, I wasnt sure if it was straight forward to apply for a CC (my first CC) in order to pay off that debt as a balance transfer (BT). Additionally on searching most CCs, i cant easily find information as to what the limit would be on BTs. Most credit limits I come across are £1200. My credit record is not great as Ive indebted myself for two degrees. But my income is good (50000 per annum). Any ideas how to proceed and if BT is the way forward for me? Thanks in advance:)

atotalnewbie

Hi, looking for a bit of advice.

I should start by saying I'm totally clueless when it comes to finance in general, I mean really a beginner hence my debt. I've had the same credit card for many many many years and have stupidly run up a large debt.

The details:


HSBC Visa Gold Card (was bumped up to gold many years back, didn't want it but didn't question it)

• Debt on Card - £8,900
• Approx minimum repayment amount per month - £240
• A.P.R - 25.9%
• Interest - 1.946%
• Limit on Card - 10,000

So, having had the card for a really long time I ran up a big debt. Stupid I know. Off ill from work I could only pay off the minimum amount for a long time. I'm now in the position to start paying this card off and really want to start chipping away at this debt. I stopped using this credit card a while back altogether and stick to my Visa Debit.

However, every month I'm paying around £240 just as interest. I want to use this money to actually pay off my debt. So I was hoping for some Balance transfer recommendations (if any other card would even accept me). I know there's a lot of factors to consider (credit rating, earnings etc) but if anyone has any recommendations of cards I should at least apply for I'd really appreciate the help. I've read Martin's guide but am still confused.

I've been irresponsible with this card but I'm working hard to start paying off. Hope someone can, in simple terms, offer some advice.

Thanks so much

blitzboy

atotalnewbie wrote: »

Hi, looking for a bit of advice.

I should start by saying I'm totally clueless when it comes to finance in general, I mean really a beginner hence my debt. I've had the same credit card for many many many years and have stupidly run up a large debt.

The details:


HSBC Visa Gold Card (was bumped up to gold many years back, didn't want it but didn't question it)

• Debt on Card - £8,900
• Approx minimum repayment amount per month - £240
• A.P.R - 25.9%
• Interest - 1.946%
• Limit on Card - 10,000

So, having had the card for a really long time I ran up a big debt. Stupid I know. Off ill from work I could only pay off the minimum amount for a long time. I'm now in the position to start paying this card off and really want to start chipping away at this debt. I stopped using this credit card a while back altogether and stick to my Visa Debit.

However, every month I'm paying around £240 just as interest. I want to use this money to actually pay off my debt. So I was hoping for some Balance transfer recommendations (if any other card would even accept me). I know there's a lot of factors to consider (credit rating, earnings etc) but if anyone has any recommendations of cards I should at least apply for I'd really appreciate the help. I've read Martin's guide but am still confused.

I've been irresponsible with this card but I'm working hard to start paying off. Hope someone can, in simple terms, offer some advice.

Thanks so much

Barclaycard are generally the best for balance transfers in my experience, in terms of length of 0% deals. They are usually just under 2 years at 0% interest.

They also have a pre-application tool to check if you are likely to get a card or not based on your earnings etc, which doesnt affect your credit file as no full searches are performed. See link below:

https://letmechoose.barclaycard.co.uk/?source=homepgrhnavhd3

atotalnewbie

Thanks. I went through the checker and the only card it offered did not come with 0% interest on balance transfers.

I guess I'm looking for the best 0% balance transfer card for someone with a large debt on their card. Or may'be just one that'd except me! Am I being foolish to think any card would accept my full 8,900 debt? If so would a part transfer be an option? At the bottom of all this I'm just looking not to have to spend nearly £260 just to cover the minimum payment/interest.

Thanks

blitzboy wrote: »

Barclaycard are generally the best for balance transfers in my experience, in terms of length of 0% deals. They are usually just under 2 years at 0% interest.

They also have a pre-application tool to check if you are likely to get a card or not based on your earnings etc, which doesnt affect your credit file as no full searches are performed. See link below:

blitzboy

atotalnewbie wrote: »

Thanks. I went through the checker and the only card it offered did not come with 0% interest on balance transfers.

I guess I'm looking for the best 0% balance transfer card for someone with a large debt on their card. Or may'be just one that'd except me! Am I being foolish to think any card would accept my full 8,900 debt? If so would a part transfer be an option? At the bottom of all this I'm just looking not to have to spend nearly £260 just to cover the minimum payment/interest.

Thanks

I believe MBNA are usually pretty generous with their limits too but I dont have any experience with them myself, only what I've heard from others.

Whether you get a 0% card will depend mostly on your earnings. You already have nearly £9k debt so i'd say you need to be earning at least £25k pa to have a chance of transferring the whole balance, possibly more.

But yes, it will help if you can get any sort of 0% card. Even if you can only transfer £1000 it still means you'd save £260 in a year interest compared to your current card (minus the transfer fee which would be around £30)