Best Balance Transfers Discussion Area

gexton

I have an existing loan with them but have just transferred a balance to a different card.Am trying to sort out my finances at long last.

Vixen0983

Hi, My boyfriend has a total of £7000 debt split over 3 credit cards. He wants to swap them to a 0% credit card as he is spending £300 a month but actually only paying off around £160 as he is getting charged interest each month. Are there any options to transfer this amount of debt to one card as whenever he has tried to apply for a card he gets offered ones with a limit of £2500? Any advice on how he can pay this off more effectively? Thanks

sfax

Vixen0983 wrote: »

Hi, My boyfriend has a total of £7000 debt split over 3 credit cards. He wants to swap them to a 0% credit card as he is spending £300 a month but actually only paying off around £160 as he is getting charged interest each month. Are there any options to transfer this amount of debt to one card as whenever he has tried to apply for a card he gets offered ones with a limit of £2500? Any advice on how he can pay this off more effectively? Thanks

The limit reflects his risk in the eyes of the lenders and lower limits and higher APRs are for higher risk customers. If he can get a 0% card for 1 year+ and transfer £2500 then that's a start and he'll save 1/3 of the monthly interest. If he wants to improve his score he probably needs to pay more than the minimum (even if only £1 more) and always pay on time.

As his debt comes down his debt/limit ratio will also improve (assuming it's currently above ~30%), as will his debt/income ration. These factors may make him more attractive to lenders

misty63

I have planned expenditure in 3 transactions over a few weeks that I want to transfer to a 0% deal. Can more than 1 transaction be made during the 0% period?

grumbler

Normally you can do this, but check the T&C. There can be a time limit on transfers.

thenudeone

You can usually do multiple transfers, but you might be limited to 1 transfer per existing card no. - Natwest have such a limit IIRC.

mick1271

hi,
due to a separation my wife and i have a credit card (in my name, though we both have cards ) which we have to split the balance of . is it possible for my wife to get a credit card(she has a good credit rating )and transfer 1/2 the balance from my card onto it ?.

sfax

mick1271 wrote: »

hi,
due to a separation my wife and i have a credit card (in my name, though we both have cards ) which we have to split the balance of . is it possible for my wife to get a credit card(she has a good credit rating )and transfer 1/2 the balance from my card onto it ?.

Usually, but only if two cards are from different providers (where a provider can be a group of companies, not just a single entity). Some lenders like Santander also restrict to same name transfers but most will allow a balance transfer to a different name

mick1271

sfax wrote: »

Usually, but only if two cards are from different providers (where a provider can be a group of companies, not just a single entity). Some lenders like Santander also restrict to same name transfers but most will allow a balance transfer to a different name

many thanks ,the card i am with is bank of scotland .any recommendations of other companies to look at for my wife .

sfax

mick1271 wrote: »

many thanks ,the card i am with is bank of scotland .any recommendations of other companies to look at for my wife .

Barclaycard, Nationwide, Tesco, RBS

Not Halifax or Lloyds.