Best Balance Transfers Discussion Area

sfax

The 7 months is a negative and the previous address is factored in but you'll still be seen as less risky in 18 months from now. More important is that you're on the electoral roll and that it's reflected on all 3 credit reports

Applying isn't an issue if you keep applications to 2-3 every 6 months

m20b27

andydgg wrote: »

it's a dark mystery how they make their decisions, just apply once or twice a year and see what they offer. I wouldn't worry about getting an adverse credit report, credit scoring or anything, if they feel like it at a particular time on a particular day they'll wave a magic wand and you'll get the deal.

Agreed:)

I've just seen that my cc provider has selected me for a "balance transfer" offer- got to be worth a call in the first instance

sfax wrote: »

The 7 months is a negative and the previous address is factored in but you'll still be seen as less risky in 18 months from now. More important is that you're on the electoral roll and that it's reflected on all 3 credit reports

Applying isn't an issue if you keep applications to 2-3 every 6 months

many thanks, yep on electoral role at current address

thefenman

Add HSBC - 23 months 0% on balance transfers - 3.3% charge.

m20b27

thefenman wrote: »

Add HSBC - 23 months 0% on balance transfers - 3.3% charge.

Thanks for that, unfortunately, they want you to have an HSBC current account as one of the qualification criteria

cardiowiz

Hi everyone. Halifax card is being touted as one of the the best long term balance transfer ones. But beware. My wife applied and was accepted rightaway (always had a good credit score) but the shock was when the card came - credit limit was only£1000!!! This is when she has had halifax cards in the past with limits of £10,000... Disappointed, hence called them and cancelled it right away. Got £8000 limit from barclaycard the very next day!!
Hope this will be a useful warning to someone....

thenudeone

cardiowiz wrote: »

credit limit was only£1000!!! This is when she has had halifax cards in the past with limits of £10,000... Disappointed, hence called them and cancelled it right away.

Was it not worth getting out of bed to use £1000 at 0%, then?

cardiowiz

thenudeone wrote: »

Was it not worth getting out of bed to use £1000 at 0%, then?

Its just that we use such deals for holidays, major purchases etc - so needed at least 5k!!:D

screewriter

I have 2 credit cards, both Mastercards from banks B and H.
There is no outstanding balance on B and they have offered 0% balance transfers until May 2014. The balance on H is for only £560 at the next payment date.
I want to ask if it is possible to over pay the H card using the 0% balance transfer and use the extra funds on the H card to buy an ISA or some other investment?
If I cannot use the H card to purchase an investment, can I take the money out in cash and then use it for the purchase?
What would be the likely problems?
B charge 2.90% for the transfer and I can transfer £100 to £5000.

grumbler

screewriter wrote: »

I want to ask if it is possible to over pay the H card using the 0% balance transfer

It's usually against the T&C to do this.

and use the extra funds on the H card to buy an ISA or some other investment?

I don't think that you can pay for investments by a CC. And nowadays it hardly makes any sense as the balance thransfer will cost you 2.9%. How much are you going to make from your investment over 1 year?

If I cannot use the H card to purchase an investment, can I take the money out in cash and then use it for the purchase?

You can - and then transfer the balance to the 0% card - but again, cash withdrawals will cost you 2-3% (plus the BT fee). Check the fees and charges.

screewriter

Thanks for the advice - probably won't use this idea.