Best Balance Transfers Discussion Area

sfax

blitzboy wrote: »

Actually it is usually in the first 60 or 90 days only to qualify for the 0% deal.

But yes you are correct, it's not too late so get onto them again and if it hasn't been processed yet then do it yourself:)

I agree it is usually but I have one of these and was trying to find the "0% transfer open" period and there isn't one as far as I can see so it's open season for the entire term. Perhaps I should call and confirm before my next transfer though

jmdavies86

Hi all,

So I have a credit card with Nationwide, and I wonder if someone can provide me with some advice.

Basically, I arranged to put on an event at a local hotel near to me as part of a course that I am doing, but because I didnt have the necessary funds in my bank account, I chose to put it all on my credit card.

I obviously hoped that the event would have gone ahead and I would have at least covered all my costs back, however I've now been forced to cancel the event due to lack of demand (:o), but the hotel are still charging me up to 80% of the costs of the event as that is the amount they charge given the notice period for cancellation before the actual date of the event, as per the contract that I originally signed with them.

Combined with other purchases that I have made on the credit card for my own personal use, I now have a balance of £757.41 + the costs I now owe to the hotel, which are around £505, so a grand total of £1262.41 to pay off.

Now, I normally pay my credit card bill off in full each month, however I now have a mortgage, and my monthly income is no longer sufficient to be able to pay off the balance of my credit card and allow me to live an as normal life as possible.

What I am wondering is whether I should look to do a balance transfer to another credit card provider, so that I can benefit from a 0% interest rate and then I can pay a fixed amount off the balance each month before this rate ends so that I can then clear my debt, or is there an easier alternative to this?

Any advice would be greatly appreciated?

blitzboy

jmdavies86 wrote: »

Hi all,

So I have a credit card with Nationwide, and I wonder if someone can provide me with some advice.

Basically, I arranged to put on an event at a local hotel near to me as part of a course that I am doing, but because I didnt have the necessary funds in my bank account, I chose to put it all on my credit card.

I obviously hoped that the event would have gone ahead and I would have at least covered all my costs back, however I've now been forced to cancel the event due to lack of demand (:o), but the hotel are still charging me up to 80% of the costs of the event as that is the amount they charge given the notice period for cancellation before the actual date of the event, as per the contract that I originally signed with them.

Combined with other purchases that I have made on the credit card for my own personal use, I now have a balance of £757.41 + the costs I now owe to the hotel, which are around £505, so a grand total of £1262.41 to pay off.

Now, I normally pay my credit card bill off in full each month, however I now have a mortgage, and my monthly income is no longer sufficient to be able to pay off the balance of my credit card and allow me to live an as normal life as possible.

What I am wondering is whether I should look to do a balance transfer to another credit card provider, so that I can benefit from a 0% interest rate and then I can pay a fixed amount off the balance each month before this rate ends so that I can then clear my debt, or is there an easier alternative to this?

Any advice would be greatly appreciated?

I would do yes. Of course it depends on how long you are likely to take to pay it off and how good your credit file looks.

If you could pay it off within a year then Barclaycard currently have a low transfer fee card so it would only cost you 0.9%.

If you need a little longer then Barclaycard also have a 23 month 0% balance transfer card, but the fee is then 2.8% (still a lot cheaper than leaving it on the current card!).

There are of course other cards out there too but the 2 I have quoted are the current 'market leaders' for low fee and longest 0% deal respectively.

jmdavies86

Many thanks for your reply/advice blitzboy!

I think I'll have to go for the one with the longer interest-free period on it, just so that I have that additional time to be able to pay back what I owe.

moranking6

Read Martin's tips on 0% BT's, but have not done this before and not quite sure I understand properly. Can anyone enlighten?

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%

mysticwen

my son is looking to take out a low rate credit card with which to pay off his overdraft- does anyone know off a credit card which allows a bank tranfer as a lot do not.
many thanks

thenudeone

Cards offering "Super Balance Transfers" (to a bank account) are listed here http://www.stoozing.com/sbt.php

Little_Otter

Can anyone advise?
My partner & I have 4 credit cards between us. which we want to transfer the balances onto 0% for so many months, I have a tesco & barclaycard - so that rules me out for either of those for b/transfer he has a MasterCard & a tesco - can I consolidate the 4 cards onto one 0% credit card with a bal trans fee even though they are in diff names?
thanks
LO x

sfax

Little_Otter wrote: »

Can anyone advise?
My partner & I have 4 credit cards between us. which we want to transfer the balances onto 0% for so many months, I have a tesco & barclaycard - so that rules me out for either of those for b/transfer he has a MasterCard & a tesco - can I consolidate the 4 cards onto one 0% credit card with a bal trans fee even though they are in diff names?
thanks
LO x

I think most cards let you balance transfer between accounts in different names but there are one or two that don't. If you choose a lender that you are not already using on the four cards, your main obstacle to consolidation is likely be the amount of credit you are extended

ralph144

I have a large credit card debt (+£10,000) on a Halifax Platinum Mastercard now charging 23.4%. I am trying to get this debt on a 0% deal, and I think this Halifax card is 0% on new business. Can I split this debt and transfer it onto 2 other cards I have and pay the handling fee (they are not 0%)? Then, a month later, transfer the whole debt back onto the Halifax card at 0%?