Best Balance Transfers Discussion Area

thenudeone

to Hector67 and justinjames00, he title of this thread is

Best Balance Transfers Discussion Area

If you ask questions unrelated to that subject you probably won't get a helpful reply.

guineverepalmer

Is it possible to transfer an overdraft debt to the capital one 0% card?

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davo75

Hello
I'm looking to transfer an existing credit card balance to a 0% interest card, but wondered if you can do this then not spend anything else on the card (i.e. cut it up and pay back the balance by end of 0% term) or do the credit card companies insist you spend on the card also?

Perhaps this depends on the credit card company?

Thanks in advance

gglaze

davo75 wrote: »

I'm looking to transfer an existing credit card balance to a 0% interest card, but wondered if you can do this then not spend anything else on the card (i.e. cut it up and pay back the balance by end of 0% term) or do the credit card companies insist you spend on the card also?

Perhaps this depends on the credit card company?

There may be some card companies that have some rules about this, but I'm not aware of any. I've been using dedicated BT (balance transfer) cards for many years and never had any problem. The worst that can happen is that a card provider gets tired of you only using their card for BT and reduces your limit or possibly closes your card; or more likely, just stops giving you more BT offers. In general what we find is that some cards are good for BT, and other cards are good for spending - specifically the ones with CB (cash back) deals. The best setup is to get one of each, and use each card for what it's best for.

thenudeone

davo75 wrote: »

Hello
I'm looking to transfer an existing credit card balance to a 0% interest card, but wondered if you can do this then not spend anything else on the card (i.e. cut it up and pay back the balance by end of 0% term) or do the credit card companies insist you spend on the card also?

AFAIK there are no offers which require ongoing purchases to be made in order to continue to receive 0%.

I have, however, seen offers where you need to make a purchase within the first xx days in order to receive 0% on Balance Transfers.

kittybee

I'm in a similar position to Matron I think
I used money supermarket to gauge my chances of transferring a £10k debt that Barclaycard had hiked the interest rate on
I had an 8/10 score and a "good" credit rating but was declined (santander)

I have other debt (which I am servicing 36 months to go) and I rent not own - so I assume I am a poor risk

However without a decent transfer I can not pay down capital
a. Am I on the right forum? (i am a noob too)
b. Which if any card would take a risk on me?

charl.king

Hi all,
Can anyone tell me if I can apply for a credit card and take a balance transfer from my husbands credit card that is not in my name?

blitzboy

charl.king wrote: »

Hi all,
Can anyone tell me if I can apply for a credit card and take a balance transfer from my husbands credit card that is not in my name?

For most cards, yes. As long as the card is with a different company/group. E.g HSBC to Barclaycard.

I think Santander are the only ones that dont allow it, from memory.

Chazza524

I currently have a 'Rate for life' card from MBNA with about £7,000 on it a rate of 5.9%.

I also have an M&S Money card with about £2,300 at 23.9%.

Would I be right to assume that if I were to BT from M&S to MBNA I would be paying off the M&S Money first?

Or, because the BT is at 0% I would continue to pay the original MBNA debt at 5.9% and when the 0% deal ran out (12 months) it would revert to paying off the origianl M&S debt at 18.95%?

Apologies if I've over complicated this question.

Chas

blitzboy

Chazza524 wrote: »

I currently have a 'Rate for life' card from MBNA with about £7,000 on it a rate of 5.9%.

I also have an M&S Money card with about £2,300 at 23.9%.

Would I be right to assume that if I were to BT from M&S to MBNA I would be paying off the M&S Money first?

Or, because the BT is at 0% I would continue to pay the original MBNA debt at 5.9% and when the 0% deal ran out (12 months) it would revert to paying off the origianl M&S debt at 18.95%?

Apologies if I've over complicated this question.

Chas

The red bit is what I would expect to see. Payments should be allocated to the highest interest rate first.