Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by SamanthaA
I may possibly need to spend on it [the new card].

Whatever you do, don't spend on your new balance transfer card. Just transfer the balance from your Halifax account. Then put the new card away in a drawer and make the monthly repayments. For an explanation, see Martin's *Never spend on a Balance Transfer card* article on the main site. http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#never

Once the balance is paid off, why not use your Halifax card for shopping. If you always settle your monthly statement balance in full by the payment due date, your shopping will be interest-free and you'll be building a good credit history in the process.

Moggles_2

loveandlight wrote: »

Don't be fooled into thinking you will get a good credit limit from your own bank. I have banked with HSBC for many years and despite them telling me my rating with them is perfect and has been for many years, I just applied for their card to do a BT and they only offered me £1500. I get much better credit limits with other card companies. Funny that.

I had the same experience with Nationwide a few years back. Despite a current account and two savings accounts with healthy balances, I was handed my lowest credit limit ever (though it's gradually drifted upwards since.) That said, the Hally, with whom I've banked for more than 10 years, were pretty generous.

In general though, unless you're looking for a starter card, there's no particular advantage in applying to your own bank, IMO

GeCon

Can anyone who applied for the Virgin card tell me whether you get an instant answer online or not?

Moggles_2

GeCon wrote: »

Can anyone who applied for the Virgin card tell me whether you get an instant answer online or not?

Yes. Virgin gives instant decisions and credit limits

GeCon

Moggles wrote: »

Yes. Virgin gives instant decisions and credit limits

So, is it a bad sign if I got a message saying something about looking into it more and getting in touch with me within 7-10 days?

Moggles_2

GeCon wrote: »

So, is it a bad sign if I got a message saying something about looking into it more and getting in touch with me within 7-10 days?

Not necessarily. Please keep us posted.

Very best
M

RedChilli1

Hi all,

I would like some opinions on this please.

I currently have £17,000 :eek: that I want to transfer from 3 different cards.

7,000 with Cap one
7,000 with MBNA
3,000 with Lloyds Tsb

All due to end int free next month.

I can afford to pay back in the region of £300 a month.

Would I be better looking at a Life Balance transfer with i24 of 5.9%

or switching to Egg for 13 months with a 3% BT rate and
2% minimum repayment.

The 2% repayment on the cards is important to me because of the outstanding balance.


Thanks for any help in this matter as I have just had my big lightbulb moment.

Socrates1972

Hi there.
I have a couple of credit cards that the 0% rate is about to expire. My current circumstances are that I am in between jobs (as I had to take time out to look after my wife as she recovered from a serious operation - she's ok now).
She is in the position that she is able to obtain a resonable credit limit on a new card.
Would we be able to transfer the debts on my credit cards to a card in her name?
Any advice would be gratefully recieved.

NickX

Socrates1972 wrote: »

Hi there.
I have a couple of credit cards that the 0% rate is about to expire. My current circumstances are that I am in between jobs (as I had to take time out to look after my wife as she recovered from a serious operation - she's ok now).
She is in the position that she is able to obtain a resonable credit limit on a new card.
Would we be able to transfer the debts on my credit cards to a card in her name?
Any advice would be gratefully recieved.

Yes you can transfer whoever's card you like to your wife's card, it can be yours, your parents, or just Dave from down the pub (he may even buy you a beer :beer: )

However, please be aware that once the debt is transferred to your wife's card, she becomes solely responsible for paying that debt back - Dave could disappear to Cyprus and she would be left with the debt repayments.

Hope this helps.

becsAmania

Hi
I am looking to transfer a credit card debt to the Barclaycard 6.9% for life of balance.
On my card I have a balance of £5085 and have in the past used it for an existing balance transfer, purchase and cash withdrawals. If i read the article correctly I understand that I would not get the 6.9% for all of this amount as its been used for different purposes. So my cash withdrawals would be at say 19.9% for example

I then read the article on how to get out of this problem by moving all the debt onto another card then as soon as the debt is moved (wait until you get the statement to confirm the balance is zero), simply balance transfer it back to Barclaycard along with the debt you were planning to move.

My issue is this: I do not have enough on my other credit cards to shift the £5085. I recently applied for my credit rating and it says its excellent so would I be able to open up a new credit card, shift the £5085 to this and then transfer it all on to the Barclaycard for the 6.9% rate for the full amount?

Or should I just do a balance transfer to a 0% card for a period of time and then keep changing to a new 0% card when the time period runs out?

Its all very confusing so any advice would be great (sorry for the long post!)
Thanks