Best Balance Transfers Discussion Area

sfax

sam4sam wrote: »

Does getting a new credit card for a balance transfer effect your credit rating negatively?

Does it show up on credit reports as something of a negative that you needed to use a balance transfer int he first place?

No. Indeed, you usually have to have a very good rating in order to get the best BT deals.

BTs aren't only for people looking to shift debt around and not pay it back. They are a very cheap way to borrow money if managed properly. Much cheaper than the best loan rate available

dustyndave

Hi
A few weeks ago you highlighted a 0% interest card for balance transfers and there was no balance transfer fee either. I am trying to remember the company that offered this. Can you help?

Rachele0136

Hi everyone, I'm new to this but I don't know what else I can do. we have 3 credit cards £5300, £5000, £1000 the interest we are paying is crazy!! And we are struggling to say the least. Does anyone know or had experience with trying to transfer balances to one card 0% interest. I'm not even sure if this is possible with such high debt . ANY advice would be hugely appreciated. Thanks guys*

grumbler

Rachele0136 wrote: »

Hi everyone, I'm new to this but I don't know what else I can do. we have 3 credit cards £5300, £5000, £1000 the interest we are paying is crazy!! And we are struggling to say the least. Does anyone know or had experience with trying to transfer balances to one card 0% interest. I'm not even sure if this is possible with such high debt . ANY advice would be hugely appreciated. Thanks guys*

How long is a piece of string?
Many people do this successfully, but this depends on their credit history and their debt to income ratio. As you are 'struggling', I can guess that the income is small. If so, with £11.5K debt you are unlikely to get a sizable credit limit on any new card even if you get it.

grumbler

dustyndave wrote: »

Hi
A few weeks ago you highlighted a 0% interest card for balance transfers and there was no balance transfer fee either. I am trying to remember the company that offered this. Can you help?

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guesswho2000

dustyndave wrote: »

Hi
A few weeks ago you highlighted a 0% interest card for balance transfers and there was no balance transfer fee either. I am trying to remember the company that offered this. Can you help?

There are no cards which offer 0% interest with zero fee.

AliceBanned

Hi
Barclaycard has just offered me a credit limit increase of £3000. Wasn't clear to me whether this was 0% so I phoned, and they said it was until September 2013. I already have a BT of £500 on this card which is 0% until then. The rest of the balance (below) is at their standard rate, about 17.9%. Is it right that on paying off the card, the first debt (ie the bit with interest) is being paid off first?

I am trying to decide whether to shift more of my Halifax cc debt to the Barclaycard, for a few months at 0%. The rate on the Halifax cc is the same as the rate on part of the Barclarycard which I'm being charged interest on (around £800 at moment).

I know that from September I am unlikely to get 0% from Barclaycard and they will benefit as I won't be able to pay if off fully by then, but am I better off having a few months' 0% and trying to pay off the Halifax cc? I've had the Halifax for some time and use it now and then, but never use the Barclaycard and don't intend to.

Trying to pay them all off in the next couple of years, no intention to spend on them and shouldn't need to. I know I have savings but that's for a deposit and I'm happy to keep some credit card borrowing whilst I do this - as long as not paying huge amounts in interest.

Thanks

AliceBanned

ps current Barclaycard credit limit £1500 - offered increase up to £3000.

sfax

@AliceBanned: Yes, payments will pay down the highest interest yielding part of the balance first.

If you shift the balance for 6 months and pay a 3% handling fee, that's an equivalent APR of 10%. Not great but cheaper than 17.9%

AliceBanned

Great, thanks for your help. Think I'll do it then.