Best Balance Transfers Discussion Area

Tino_2

Hi, my girlfriend is looking at getting a 0% balance transfer deal for her 2 existing credit cards but has a couple of questions.

Her cards are currently one with Bank of Scotland and one with Halifax, so effectively the same institution. Her credit rating on the MSE credit checker was fair (no missed payments or recent applications but a few address changes etc) and a comparison on moneysupermarket brought up quite a few options.

Most of them though were from BoS and Halifax, so I wondered is she better to apply for a 3rd card with them, or more likely to be accepted by going with, for example, one of the Barclaycards?

I know there is no definite answer to these type of questions but was just after other people's experiences with this?

Thanks,
Tino

Ritva

Mutton_Geoff wrote: »

I've been looking at 0% BT cards over the last few days to build up my stooz pots. This is what I've seen on offer:

Capital One 0% 1st November 2008 1.7%
RBS 0% 13 months 2.5% (+£24 Quidco)
Natwest 0% 13 months 2.5% (+£24 Quidco)
Nationwide 0% 10 months 2.5%
Barclaycard Platinum 0% 14 months 2.5%
Post Office 0% 10 months 2.75% (+£20.50 Quidco)
Mint 0% to 1st March 2009 2.9%
Virgin 0% 15 months 2.98%
MNBA 0% 12 months 3% (+£8.50 Quidco)
Egg 0% 15 months 3%

Thank you for this - but what are stooz pots?

pinkandred

Hi all,

I have a few questions, this is my first post so I apologise if I ask obvious qs.

1. I've been accepted for 0% Barclaycard CC with a CL of £1500, if I use this to pay off a £1000 overdraft and pay it off within their 56 day purchase limit, will the 0% rate still remain?

2. I need to pay for fees for a course that is £9000, so ideally I was hoping for a credit limit that is larger. So should I ask Barclays to extend the limit? Or apply for another card - and if so, which cards give the highest limit and when should I apply? I've read that it'll look bad if I do multiple applications all in one go.

thenudeone

You can't use a BT offer to pay off an overdraft. You need a Cash/Money Transfer / Funds Transfer offer for that. These are uncommon.

CC companies are very unlikely to raise any limits for at least the first 6 months, until they have a better idea of your payment history etc.

sfax

pinkandred wrote: »

Hi all,

I have a few questions, this is my first post so I apologise if I ask obvious qs.

1. I've been accepted for 0% Barclaycard CC with a CL of £1500, if I use this to pay off a £1000 overdraft and pay it off within their 56 day purchase limit, will the 0% rate still remain?

2. I need to pay for fees for a course that is £9000, so ideally I was hoping for a credit limit that is larger. So should I ask Barclays to extend the limit? Or apply for another card - and if so, which cards give the highest limit and when should I apply? I've read that it'll look bad if I do multiple applications all in one go.

It took me 2 years post university to get Barclaycard to increase my limit from about £600 despite earning a fairly decent wage - probably £27+ it today's money. I wouldn't bank on any increase from them in the short term.

I would also avoid applying for more than 2 CCs in a 6 month period and if you get knocked back, don't keep applying for different cards.

You could pay off your overdraft if you know someone willing to let you transfer from their credit card but you'll pay a ~3% cash advance fee and then a balance transfer handling fee of another ~3%. Still much cheaper than a loan if you can get a 20-month 0% BT card

pinkandred

You can't use a BT offer to pay off an overdraft. You need a Cash/Money Transfer / Funds Transfer offer for that. These are uncommon.

CC companies are very unlikely to raise any limits for at least the first 6 months, until they have a better idea of your payment history etc.

Thankyou for your reply, I'll ask in around 6 months time if I still need it. I didn't really understand how there was a difference between balance transfer and cash transfer before but it seems a bit clearer now. Thanks

pinkandred

sfax wrote: »

It took me 2 years post university to get Barclaycard to increase my limit from about £600 despite earning a fairly decent wage - probably £27+ it today's money. I wouldn't bank on any increase from them in the short term.

I would also avoid applying for more than 2 CCs in a 6 month period and if you get knocked back, don't keep applying for different cards.

You could pay off your overdraft if you know someone willing to let you transfer from their credit card but you'll pay a ~3% cash advance fee and then a balance transfer handling fee of another ~3%. Still much cheaper than a loan if you can get a 20-month 0% BT card

I want to avoid applying for cards too close together cos I'm still a bit surprised barclaycard even accepted my application, so I don't really want to ruin it. I saw an article on here for the Virgin 0% Card which is 0% on money transfers and can be used for overdrafts, so I might try that - in 6 months time. There's no one I can really think of who would pay it off for me, so I think I'll just wait to apply for another card. Thanks a lot for your help.

sfax

pinkandred wrote: »

I want to avoid applying for cards too close together cos I'm still a bit surprised barclaycard even accepted my application, so I don't really want to ruin it. I saw an article on here for the Virgin 0% Card which is 0% on money transfers and can be used for overdrafts, so I might try that - in 6 months time. There's no one I can really think of who would pay it off for me, so I think I'll just wait to apply for another card. Thanks a lot for your help.

If you haven't done so already, I would also sign up for a 1 month free trial with Equifax or Experian, get a free credit report and then pay for a credit score (£6). It highlights areas where you are being marked down like not enough history, not enough time at your current address, missed payments, too many credit searches. Also, if you phone up to cancel Experian at the end of your free trial, they might offer you a 1/2 price subscription with unlimited access to credit reports - that's what I'm on now after switching from Experian.

IMO it's always worth getting an up to date credit report before you apply for a card in any case, even if it's just the £2 statutory report.

My advice would be to check your report and then apply for that Virgin card now and if you get knocked back, revisit it in 6 months.

pinkandred

sfax wrote: »

If you haven't done so already, I would also sign up for a 1 month free trial with Equifax or Experian, get a free credit report and then pay for a credit score (£6). It highlights areas where you are being marked down like not enough history, not enough time at your current address, missed payments, too many credit searches. Also, if you phone up to cancel Experian at the end of your free trial, they might offer you a 1/2 price subscription with unlimited access to credit reports - that's what I'm on now after switching from Experian.

IMO it's always worth getting an up to date credit report before you apply for a card in any case, even if it's just the £2 statutory report.

My advice would be to check your report and then apply for that Virgin card now and if you get knocked back, revisit it in 6 months.

Yeah I signed up to Equifax this week, I looked through the credit report, but haven't paid for an actual credit score. There were a lot of 'up to date' months. If it won't hurt my credit report I would prefer to sign up to the Virgin 0% card now to be honest. Would you advise I check my score before applying? Thanks for the tip about cancelling - I'll try that out at the end of the free trial.

Hector67

I'm looking for some advice on whether to risk applying for a 0% balance transfer.

I have reduced my overall credit card debt by around £10k in a year (Barclaycard down to £0 and closed down Amex card once paid off) however I've still got £9k to clear from Virgin card and I got rate jacked so paying 25.9% on this balance which means around £200 in interest every month.

I'm wary of applying for a balance transfer because of a 'Fair' credit rating via Experian which ironically contains no account information (for which I could be being marked down, despite now having 'available credit to the tune of over £8-9K) I also asked Virgin to hold the APR at its current rate and wonder if I go for a balance transfer application I will be penalised, wondering if it's worth bothering at all and if I should just swallow it.

I've read so many different things about how your credit scoring works and to be honest even after downloading it can't really understand it fully. I'm on the electoral roll for sure but it's not even picked that up!

Any advice from anyone on the above most welcome!