Best Balance Transfers Discussion Area

sfax

pedro.powell wrote: »

I have recently transferred a balance transfer to a tesco credit card which i have had for many years and which i regularly spend on. The first monthly payment following the balance transfer was £500 over the regular spend, (in other words paying off in full the normal spen & £500 off the transferred balance).
The following month I have been charged interest because according to tesco I did not pay off the FULL balance, which obviously included the balance transfer as 0% for 12 months.
I thought that card issuers had to allocate payment to the outstanding balance in highest interest order and that if you paid off new purchases in full you would not be liable to interest.
Comments please !!!

It's clearly stated at the top of your t&cs. If you don't pay off the balance in full, you'll be charged interest - you only get the interest free period on purchases if you always pay the statement balance in full.

Never mix balance transfers and purchases is my advice

jetsetterjoe

Hi all,

I've got a £2500 overdraft with Halifax and sadly, I'm at the limit. It was originally interest free, and I was under the impression it was for 5 years - turns out that it was 4, so I'm now paying the require £2 per day (painful...), for the joy of being overdrawn.

Anyway, long-story-short, I want to do a balance transfer onto a 0% credit card. Could someone point me in the right direction? I'm aware that there are pages onthe site that cover this, but if there's anything I'm missing, any anecdotal help would be greatly appreciated.

Many thanks!

sfax

jetsetterjoe wrote: »

Hi all,

I've got a £2500 overdraft with Halifax and sadly, I'm at the limit. It was originally interest free, and I was under the impression it was for 5 years - turns out that it was 4, so I'm now paying the require £2 per day (painful...), for the joy of being overdrawn.

Anyway, long-story-short, I want to do a balance transfer onto a 0% credit card. Could someone point me in the right direction? I'm aware that there are pages onthe site that cover this, but if there's anything I'm missing, any anecdotal help would be greatly appreciated.

Many thanks!

You'll need one of these:

http://www.stoozing.com/sbt

Make sure you check your up to date credit reports before applying and you might struggle to be accepted if you don't have another credit card, have another card that has a high debt utilisation, or have missed payments

nchard

Hi all, looking for some advice!

I thought I was being super organised by applying for a new credit card in plenty of time before my old Virgin 0% run out, but I stupidly applied (and was accepted for) a second mbna card and of course I can't transfer a balance from another mbna card (which the virgin one is) duh!!

Does anyone know if I am likely to encounter any problems by applying for another card (prob a barclaycard now) so soon after the last one (2 weeks!!). I think I have a fairly good credit score, but sure exactly what it is.

Also, this may be a silly question, but is it possible to transfer an overdarft from my bank current account onto a credit card?

Thanks all!

sfax

nchard wrote: »

Hi all, looking for some advice!

I thought I was being super organised by applying for a new credit card in plenty of time before my old Virgin 0% run out, but I stupidly applied (and was accepted for) a second mbna card and of course I can't transfer a balance from another mbna card (which the virgin one is) duh!!

Does anyone know if I am likely to encounter any problems by applying for another card (prob a barclaycard now) so soon after the last one (2 weeks!!). I think I have a fairly good credit score, but sure exactly what it is.

Also, this may be a silly question, but is it possible to transfer an overdarft from my bank current account onto a credit card?

Thanks all!

You might be OK because if you apply now your credit report will only show 1 search in the last 6 months (assuming you haven't applied for anything else - if you have, I wouldn't apply again) and it won't yet show your new credit agreement. It's sometimes advantageous to make 2 applications close together.

Re. current account: http://www.stoozing.com/sbt

nchard

Ooooh! Think I may have found the answer to one of questions myself! I was accepted for the mbna platinum card, so am I right in thinking that I can transfer my bank overdraft onto this card? How does that work?!!
Thanks again!

nchard

Thanks for your reply, now wondering if I may have messed up though! I applied online this morning for a loan from my bank where the overdraft is (Lloyds) and although it didn't turn me down straight, it did say that I needed to ring them before they made a decision, will that have an effect on it do you think?
Thanks again!

sfax

nchard wrote: »

Thanks for your reply, now wondering if I may have messed up though! I applied online this morning for a loan from my bank where the overdraft is (Lloyds) and although it didn't turn me down straight, it did say that I needed to ring them before they made a decision, will that have an effect on it do you think?
Thanks again!

Check Experian and Equifax £2 statutory reports. If one of them shows a credit search for this loan then probably best to wait before applying again. That said, if you're all out search lives for 6 months anyway, no harm in adding a third IMO. Doesn't do you any long term damage and there's always a chance it will be accepted.

The stick to 2 searches in any 6 month period is a good rule of thumb but I've been accepted for 3 new credit cards and a charge card over only a 3 month period before.

nchard

thanks sfax!

LW7

Evening all, I was a previous user but can no longer access my E-Mails on that to reset my password, so had to resign up.

I'm needing to know is there a way to confirm if a new Credit Card is eligible for a balance transfer from a certain bank before applying?

I want to move a balance from a Lloyds TSB card, so I applied and got a Tesco card with the best deal on 0% on balance transfers.

Only when I when to make the transfer it says it can't be done from this card.

Is there a guide anywhere to confirm who can do this and who can't?