Best Balance Transfers Discussion Area

7roland8

Just a word of warning - perhaps you all know anyway.

Watch out for minimum payments with different companies when doing balance transfers.

I transferred some from Barclaycard to another card - then was shocked yesterday when minimum payment on new card was much higher than expected.

Turns out Barclays only do 2.5% minimum but this other card does 5% - big error -and I thought I had looked into it with the APRs etc.

So will definitely check this next time I do a transfer - may be quite soon as things look now!

daibach1415

Not being sure can anyone tell me if when a balance transfer card credits my overdraft whether that will cost me the same as when I balance transfer from another credit card to the new card?

thenudeone

daibach1415 wrote: »

if when a balance transfer card credits my overdraft whether that will cost me the same as when I balance transfer from another credit card to the new card?

Money transfers usually cost more AND don't often come with 0% offers. You need to check your terms and ask your card issuer.

thenudeone

Chazza524 wrote: »

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?

The rule is: Payments will go the highest interest rate balance first, so any 0% offer will be the last to be repaid, but there are a couple of pitfalls:

1) some cards allocate payments to statemented transactions before newer transactions, even if they are at a lower rate.

2) DO NOT pay off the 0% balance just before it expires, because it WILL not go against the 0% balance at all, but to an interest-bearing balance (following the rule above). Wait til 1 day after the 0% balance expires before paying it off.

Ta1t5mmie

People who don't know their rights, don't actually have those rights.

DebtClearer

Just recieved my BC 0% for 16months with 1.5% BT fee. Unfortunately it does not allow balances from ODs to it. My old card from Virgin did do this. I thought this came as standard?

blitzboy

DebtClearer wrote: »

Just recieved my BC 0% for 16months with 1.5% BT fee. Unfortunately it does not allow balances from ODs to it. My old card from Virgin did do this. I thought this came as standard?

No, hardly any cards allow this now unfortunately.

Humpy

Looking for a new credit card for balance transfers but practically every one I look at says that transfers must be made within 60 or 90 days of activation. I will have a balance to transfer within this period but I will have others that I will need to transfer through the 0% period. I always thought that as long as you transfer one balance within the 60/90 day period then you could transfer others after this and still get 0% but I'm having doubts now.

Could someone answer this.

daviesj10

Hi

I am looking to transfer my daughters credit card balances to a 0% balance card in my name.

Does anyone know if you can do a balance transfer from a different persons cards?

Thanks

blitzboy

daviesj10 wrote: »

Hi

I am looking to transfer my daughters credit card balances to a 0% balance card in my name.

Does anyone know if you can do a balance transfer from a different persons cards?

Thanks

Usually yes, although there are a few exceptions (think Santander is one of them). Also the card in your name should be a different provider than your daughter's card as most dont allow transfers from the same company.

Also, be aware that once transferred you will become legally responsible for the debt and any non payments etc will go against your credit file, not hers.