Best Balance Transfers Discussion Area

sfax

ralph144 wrote: »

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%?

Yes but you'd pay the handling fee twice and I think you may be assuming that the 0% deal they have for new customers would be applicable to you if you had a zero balance. It won't be. You can call them and ask what 0% BT deals they would offer you as an existing customer but there is no guarantee you'll get anything worthwhile (e.g. only 6 months at 0% is no good if you're paying 6% to move the money). You might be better off trying to get a new BT card with someone else but need to watch your credit utilisation isn't too high

praveenkumarjee

I want to know more about balance transfer from my credit card .
what types of facilities you are offering . plz note down my credit card intrest monthly is 4.2 %

Ches

I am a pensioner and have an income of around 21k per annum. I am mortgage free and the only money I owe is £1372 on a M&S premium cc. The credit limit on this card is £4k. I also have a Halifax cc with a credit limit of £1300 but I have a zero balance on that one and only ever used it for a BT some years ago which I paid off within the required time. I usually pay the M&S one off in full every month but as the balance is higher than normal this month following some big one off spends I wanted to balance transfer to a % card and pay it off over 3-4 months. I followed the link on the MSE front page and applied for a Barclaycard but have been refused. I can't understand why as I have never been in debt for more than a few pounds on a cc at a time and never defaulted. Can anyone give me a clue as to why I would be refused and will it affect any other applications I may make in the future.

Edlass

Hi, I'm looking into transferring my debt to a 0% interest card. I am a little unsure of how the transfer fee is paid. As far as I could make out the fee is added to your first repayment so does this mean that in effect my first repayment would be double the normal amount?
Thanks for any help in advance!

thenudeone

The first payment won't be double (or anywhere near)

The transfer fee is added to the balance. The minimum payment for the next statement will be based on the slightly higher balance including the fee.

Just check whether the new card treats the fee as a purchase or not (a few do). If so, it probably won't be interest free, so you should pay it off straight away if you can, even before you receive a statement.

Peteywhitey

Hi!
Hope I've got the right thread?
I was made redundant a few months back so I gave Barclaycard a ring and explained the situation with them. To be fair they were good and put me on managed payments etc. and cancelled the card for the time being. Anyway have got a new job now and rang them up asking to come off the manage payments. Again all fine. They explained that i had to pay 3 monthly payments and my card would be reactivated. Again all fine. I mentioned that I had applied (and been accepted) for a 0% interest on Cap1 card and they would be doing a balance transfer in the next few days when it goes through. They then told me this wasn't possible until I had made these 3 payments? Surely they can't do that can they as in theroy I'm paying off the debt (even if its moving it to someone else I know).

sfax

Sounds like they are just following their process and you can't BT from an inactive account. Don't think there is much you can do other than wait 3 months or maybe write to them. They hold all of the cards

Peteywhitey

sfax wrote: »

Sounds like they are just following their process and you can't BT from an inactive account. Don't think there is much you can do other than wait 3 months or maybe write to them. They hold all of the cards

Ok thanks for that! Is it worth me contacting capital one and explaining the issue to them to stop them bothering with balance transfer? I suppose 3 months of interest free is better than none!!!

I might go in and see Barclays as well and explain the situation to them - just wondering if I pay these 3 month payments they might unlock the account allowing me to do the balance transfer!

sfax

Peteywhitey wrote: »

Ok thanks for that! Is it worth me contacting capital one and explaining the issue to them to stop them bothering with balance transfer? I suppose 3 months of interest free is better than none!!!

I might go in and see Barclays as well and explain the situation to them - just wondering if I pay these 3 month payments they might unlock the account allowing me to do the balance transfer!

Is your cap1 only 6 months interest free with a handling fee? I wouldn't bother using it for only 3 months if it is. The handling fee will probably cost as much as 3 months interest on your barclaycard.

You could leave the BT request as it is with cap1, just to check it gets rejected. Nothing ventured nothing gained

SaChA_2

I currently have a loan with Nationwide which isn't due to finish until some time mid 2014. I pay £363 per month, but want to try and clear this earlier than just letting it run. I took the loan out 08/2011 for 4 years, my interest rate isn't huge, maybe 10.8% off the top of my head. I have been reading about balance transfers. Can you balance transfer from a loan to a credit card, and is it worth while doing in my situation.

Also how do I find out from an old loan if I paid PPI? I know I can get this information, but not sure how.

Thanks - ps the show on ITV 13/11/12 inspired me to try sort something out.