Best Balance Transfers Discussion Area

grumbler

PsChuck wrote: »

The last thing I want to do is apply for a card in order to transfer debt and look to improve my overall position, but end up with a rejection and have a negative impact on my credit history, making things even worse.

Only a credit search (=application) will be recorded. The outcome (acception/rejection) will not.
MSE article: Credit Ratings

sfax

Try a Nationwide soft search to get a better idea of what you might expect

roakes

Hi,

I currently have a £1200 overdraft with Lloyds TSB which I am incurring £20 a month charges on and not paying off, I want to transfer it to the Barclaycard 25 month 0% card assuming I get approved (never had trouble before). But as part of the application website it asks for the card details of the card I want to transfer, but obviously there are no details as it's a current account overdraft. Can I apply for the card and then just contact them to arrange the overdraft transfer?

Thanks

Russ

sfax

roakes wrote: »

Hi,

I currently have a £1200 overdraft with Lloyds TSB which I am incurring £20 a month charges on and not paying off, I want to transfer it to the Barclaycard 25 month 0% card assuming I get approved (never had trouble before). But as part of the application website it asks for the card details of the card I want to transfer, but obviously there are no details as it's a current account overdraft. Can I apply for the card and then just contact them to arrange the overdraft transfer?

Thanks

Russ

You can't make a BT from an overdraft unless you apply for one of these: http://stoozing.com/sbt

roakes

Aha, thanks for that!

sfax

:spam: reported

twiglet98

A few months ago I posted some ideas I had for utilising some of the 0% BT offers available on new and existing cards (post #4228), and very much appreciated the useful advice.

I applied and have received a Nationwide Select credit card with a £3500 limit at 19.9%. Not great, but better than a rejection. I have not yet initiated a balance transfer but will benefit from the half-price BT fee.

Still musing on the best course of action, is it possible to swap amounts between two cards that both offer short 0% deals? I'm thinking of transferring the full balance on my Santander card to my existing Barclaycard's 0% offer for 6 months, then moving the maximum possible (95% of £3500) from that Barclaycard's balance, back to Santander as they offer 0% until October 2013. Then the new Nationwide card can have either the bulk of the remaining Barclaycard balance shifted to it for 20 months, or I can use that offer to clear and close the former Egg balance, which is now a second Barclaycard account.

And if I do use one or both of the short 0% offers on the cards which have a large balance, reducing gradually by paying a fixed amount monthly, is it correct that those monthly payments will continue to reduce the balance which is accruing interest - at 21.9% on the B'card and 16.9% on Santander - so the transferred balance is just a static amount added to the total? I've only ever BT'd onto brand new cards, never added one to an existing balance and I'm confused!

sfax

You can BT off one card and then back on again but it's obviously twice as expensive if you do that

Payments will reduce the highest interest yielding balance first so your BT part of the balance will remain constant until the higher interest part is paid off

twiglet98

sfax wrote: »

You can BT off one card and then back on again but it's obviously twice as expensive if you do that

Payments will reduce the highest interest yielding balance first so your BT part of the balance will remain constant until the higher interest part is paid off

Thank you sfax, again I've forgotten to calculate all the fees involved

louiseh83

Hi, can you help me? I'm trying to transfer my boyfriends credit card balance to a 0% card. His balance is £9k, I tried the Halifax 25 month one but it said the maximum balance transfer is £760? Does anyone know any cards with higher balance transfer rates?
Thanks in advance