Best Balance Transfers Discussion Area

twiglet98

twiglet98 wrote: »

I just used the MSE Eligibility Checker, which suggests 90% chance of acceptance for Lloyds 21 months and Halifax 'up to 25 months', 80% NatWest or RBS for 24 months, and 70% chance of MBNA 23 months. If I could get say, £3500 on one of these, I would either dent the 21.9% Barclaycard again, or move the old Egg balance and close that account to reduce the number of cards.

What experiences have people had with the eligibililty checker - pretty accurate? Do Lloyds, Halifax, Natwest, RBS or MBNA have a version of 'soft search' like Nationwide?

Thanks.

I'd be very grateful if anyone could answer this, please?

sfax

twiglet98 wrote: »

I'd be very grateful if anyone could answer this, please?

Never used it, sorry, but you won't get a definitive answer from any tool, or anyone on here. It's only one credit search so my advice is to apply (unless you already have 2 searches in the last 6 months, if only 2 then maybe still apply) and then you'll know for sure

twiglet98

Thanks sfax, only one search for a credit card, though oddly I have a monthly direct debit for life assurance and they do a search every month! There doesn't seem to be much to choose between these, an extra month here, an extra 0.1% transfer fee there... the Tesco BT card isn't included on the Eligibility Checker, do you know if that is linked to one of the big card companies?

sfax

Life assurance will only be a soft search so you can ignore it. Not sure why it's every month though

I have Tesco 0% and have BT'ed from Halifax, Barclaycard and Amex to it. Tesco also have no time limit for making the balance transfers

Nationwide, MBNA and Lloyds all have half price fees at 1.5% at the moment so I think they offer the best deal. I've got a new Nationwide 0% for 20 months BT card with 1.5% handling fee

twiglet98

Thank you - I got the Nationwide Select card in January at 1.5% fee as a pre-approved offer as I have held a FlexAccount since the year dot, only £3500 but I've BT'd that off my 21.9% Barclaycard. Every little helps. I could do with shifting the same amount again off it to another long 0%, any indication which credit reference agency Tesco use?

sfax

Tesco searched Experian only for me at the end of last year

sfax

twiglet98 wrote: »

the Tesco BT card isn't included on the Eligibility Checker, do you know if that is linked to one of the big card companies?

It's 100% Tesco according to this:

https://forums.moneysavingexpert.com/discussion/2079517

lvm

I'm sorry if this has been mentioned before - I don't tend to frequent this past of the board much!

Anyway, I've taken up a 0% BT offer with Barclaycard for 12 months. Only transferred a week ago so don't yet have statement which includes this balance.

Anyway, I'm well aware of the "all payments will be applied to highest interest bearing balances first" HOWEVER, I have since received a "don't miss out on your BT deal" email stating the following:

"Until you repay your transferred balance in full, you will incur interest on all your purchases at your standard purchase rate of 19.9%. This applies even if you repay your monthly spend in full each month."

Now, the first part I understand - all purchases incur the APR of 19.9% however I always paid my balance in full so never had interest.

The statement they've emailed seems to tell me that even if I pay whatever amount I spend, they'll still charge me interest. I thought the whole point of the new rule was to avoid this happening.

Have Barclaycard made a mistake on the email or can someone point out something I haven't realised?

P.s It doesn't mention this on the T&Cs on Barclaycard's website (that I can see!)

sfax

lvm wrote: »

The statement they've emailed seems to tell me that even if I pay whatever amount I spend, they'll still charge me interest. I thought the whole point of the new rule was to avoid this happening.

You'll pay interest for the days elapsed between the purchase transaction date and the payment date. The up to 56 days interest free only ever applies if you pay the full statement balance in full every month, and if you have a BT balance, you won't be paying the full statement balance.

Don't mix purchases and balance transfers; but if you absolutely have to because you only have one CC and need to use it (e.g. for Section 75), pay the purchase amount off the next day

lvm

sfax wrote: »

You'll pay interest for the days elapsed between the purchase transaction date and the payment date. The up to 56 days interest free only ever applies if you pay the full statement balance in full every month, and if you have a BT balance, you won't be paying the full statement balance.

Don't mix purchases and balance transfers; but if you absolutely have to because you only have one CC and need to use it (e.g. for Section 75), pay the purchase amount off the next day

Thanks very much!

So...this poses one more question. I haven't used the card for purchases since I made a transfer and have other credit cards I can use. I made a purchase before the transfer was done but I haven't had the statement produced for this yet. Will this one incur interest? Just wondering so I can pay off straight away or if I'm ok until the statement...

Thanks again!