Best Balance Transfers Discussion Area

Udai

Also to add to the question, if I do not repay in full over the length of the term, can I do another balance transfer after the said amount of time?

Thank you.

sfax

Udai wrote: »

Hello All

I am sure this has been covered but I could not find the answer anywhere.

I am looking to shift about £20,000 in credit card debts, is there a max limit offered by these companies?

Thank you

There are no maximums. It's all dependent on the lender and the individual.

There are many factors but if you have £20,000 in debt on CCs, I would say you have next to no chance of getting all of it transferred, even to multiple new CCs

Check your £2 statutory credit reports from Experian and Equifax and ensure they are accurate. Apply for a card like Nationwide and you can see your likely credit limit without actually making a full application

davewright13

Great advice thanks for sharing

Merridrake

Hi,
I hope I am asking in the right place. My hubby has 10000 on a card card and we would like to move it to another card to take advantage of zero percent apr for x period of time.
However, all see to have balance tranfer costs. How do I work out the best deal? We currently repay £300 per month against the existing card.
We can't afford to not transfer, but John has good credit status, so changing to any other card shouldn't be a problem.

Many thanks for any advice,
Katie

grumbler

• 0% Balance Transfer
• Life of Balance
• Card Issuers

sfax

Merridrake wrote: »

Hi,
I hope I am asking in the right place. My hubby has 10000 on a card card and we would like to move it to another card to take advantage of zero percent apr for x period of time.
However, all see to have balance tranfer costs. How do I work out the best deal? We currently repay £300 per month against the existing card.
We can't afford to not transfer, but John has good credit status, so changing to any other card shouldn't be a problem.

Many thanks for any advice,
Katie

Nationwide or Lloyds 20 month 0% for 1.5% handling fee. You're unlikely to get 10,000 on one card IMO but nothing to stop you applying for two simultaneously

Borrowing for 20 months at 1.5% is 1.8% APR equivalent. Whatever the APR on his current card is (assuming he's not on a 0% deal), the handling fee is likely to be negligible

robbiecaratiger

Katie

You're asking which is cheapest?

Use this tool which'll help. It's based on how much you owe, over what term ,and how much you repay.

http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#tool

rahil_2

Balance transfer fees are coming down, while interest-free periods are extending – but it's still important to work out which card offers the best to us.

kelzbelz_04

Hi There,

We are trying to transfer a balance to a new CC as our 0% rate is about to finish. We have been on the eligibility checker to get an idea of the options - my hubby's comes up as 20%-40% chance of most of the cards, which we dont understand - he's done this before (although not for a few years as he has had a promo rate for 18 months), he has a decent salary (although is self employed), we ar on the elctoral roll, NEVER miss a payment etc etc.

Mine doesnt bode much better - the highest chance for me was 50% - I am employed full time, and all the rest of it. My credit history is fine - we check ours regularly.

We have both done balance transfers in the past so not sure why this could be?! Anyone else had a similar issue? The only thing we can think is that it asks how long you have been in your home and we have only been here 18months and so have to put 1 year - although im not sure how much this affects things?

Any advice or help would be great - and please be nice - im a newbie here!

Thanks :j

yorkermiles7570

All credit cards are really debt cards