Best Balance Transfers Discussion Area

JimmyTheWig

Mr_Proctalgia wrote: »

I have been offered a 0% for 6 months or LOB @5.9% with Mint.
I already have the Mint card - so nothing to apply for.

are better offers likely to come along given the current financial climate or should I go for either the 0% offer and risk it later in the year or is the 5.9% likely to be a reasonable rate for the foreseeable future?

Who knows, at the end of the day. It's a risk you'd have to take.

Is there a balance transfer fee for the 0% Mint deal you've been offered? If not I personally would go with that.
Either way, you can't guarantee 0% for ever. So do everything you can to pay off the debt as quickly as possible.

Mr_Proctalgia

Thanks for that JtheW - The balance transfer fee is 2% on the 0% deal. The LOB is "free"

Actually I have just re-read the flier they sent me and both offers are available. Its a pity I only have one CC debt I could transfer. (I think :rolleyes:)

That being said. Cap One seem to like me and sent out offers every so often, so I guess I could shift it all back again if circumstances change, but, I have a really good credit rating and would hate to spoil it.

Thanks for your input.

jola36

Hi - Martin says that you should 'space out' credit applications - but he doesn't say by how much - does anyone have a clue? Weeks? Months?
Thanks!

jola36

Hi - Martin says that you should 'space out' credit applications - but he doesn't say by how much - does anyone have a clue? Weeks? Months?
Thanks!

Moggles_2

Originally Posted by Mr Proctalgia
I should add that Mint sent me this offer twice in two months, with the application dates changed

'Sounds as though Mint really wants to retain your business. It's worth a call to Customer Services, IMO, to see whether that 2% fee can be waived

Moggles_2

Originally Posted by Mr Proctalgia
Cap One seem to like me and sent out offers every so often, so I guess I could shift it all back again if circumstances change, but I have a really good credit rating and would hate to spoil it.

I doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers.

As far as anyone at Mint would be aware, you have transferred a balance from another card (Capital One) and six months later settled your account in full. (Perhaps you came into some money :rolleyes:) Where Capital One is concerned, you settled your existing balance in full, then moved a debt from another card (Mint) to take advantage of its special offer.

As long as you pay up on time and make at least the minimum payments required on both cards, your payment history & credit rating remains unaffected.

JimmyTheWig

Mr_Proctalgia wrote: »

The balance transfer fee is 2% on the 0% deal. The LOB is "free"

In which case I wouldn't bother with the 0%. 2% fee for 6 months interest free is the equivalent of more than 4% interest. I'd say the small gain isn't worth the risk of something as good as 5.9% LOB being available in 6 months time.

I like Moggles' suggestion of asking them to waive the fee.

If they say no, or if you don't have the bottle to do it, then I'd say either apply for a new card with a longer 0% deal or go with the 5.9% deal with Mint. Depends if you want to go through the application process for a new card. Depends on how good you think your credit rating is.

Moggles_2

Originally Posted by jola36
Martin says that you should 'space out' credit applications, but he doesn't say by how much. Does anyone have a clue? Weeks? Months?

Well, months rather than weeks, but it depends.

Think about the number of applications for credit you've made in the past 3 months. Include new bank accounts, catalogues, store cards, mobile phones etc. not just credit cards and loans. Anything with credit facilities will leave footprints on your file. Then consider your plans over the next 3 months.

Credit checks appear on your credit file more or less in realtime. In itself the effect of a couple of credit card applications during the same quarter may be insignificant but, in the context of your credit history as a whole, could certainly have an impact on your credit rating.

Remember credit checks appear on your file more or less in realtime. Those searching your file subsequently, see each check until it drops off your file 12 months later. An increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) are now real time applications too.

sammy452

Back again for more advice please!

I have just phoned Barclaycard and now my balance is £0 (BT to Halifax card). I was wondering, do I have to wait until I have bills from both credit card companies before transferring back to Barclaycard for LOB transfer?

Thanks.

JimmyTheWig

It has been said on here that you need to see a Barclaycard bill shoiwng that you owe £0, but I'm not quite sure if you _need_ to do this. Have you seen evidence that you have a £0 balance with Barclaycard?

Maybe you need to wait for your statement to be able to pay any interest accrued from before you moved the balance? Otherwise that interest would be locked in...?