Best Balance Transfers Discussion Area

vanilla8

LABW123 wrote: »

I have seen quite a few Credit card companies launching new cards with long 0% debt transfer, can these be used to pay off overdrafts?

Only ones which allow a transfer to a bank account, my past experiences are that Virgin Money and Barclaycard do this, but i think Martin has an article so double check that.

guesswho2000

vanilla8 wrote: »

Only ones which allow a transfer to a bank account, my past experiences are that Virgin Money and Barclaycard do this, but i think Martin has an article so double check that.

Pretty much any card issued by MBNA, the Post Office Platinum Card, Barclaycard to selected customers only.

Tesco/RBS/NatWest offer money transfers, but at standard purchase rate, not generally a 0% rate - no fee though, so using one of these to perform the transfer, then BTing to a standard CC (c.3% fee) works out roughly the same.

sfax

http://www.stoozing.com/credit-cards/super-balance-transfers.php

Verity_H

If I want to transfer a balance to pay off a MasterCard, do I have to apply for a Visa card? I have had an issue in the past where I couldn't use a particular card to pay off another credit card balance, but I can't remember whether it was for this reason!! It could have been because I was paying off an Amex card. I am just about to do a 0% to pay off a MasterCard balance, and don't want to fall into the same trap!

sfax

Verity_H wrote: »

If I want to transfer a balance to pay off a MasterCard, do I have to apply for a Visa card? I have had an issue in the past where I couldn't use a particular card to pay off another credit card balance, but I can't remember whether it was for this reason!! It could have been because I was paying off an Amex card. I am just about to do a 0% to pay off a MasterCard balance, and don't want to fall into the same trap!

It's the credit card company, not the payment processing that matters. You can't BT between two cards belonging to the same company or group of companies. Whether they use Mastercard or Visa to process payments isn't relevant

satandrive

adindas wrote: »

I have Tesco Credit Card for purchase which will start earning interest in December this year.

I have build up around £3000 in this credit card and I am thinking moving it to BT credit Card "Platinum 15 Month Balance Transfer Card" from Lloyds TSB

I have not done Stoozing using BT before so I will still need to learn some tricks knowledge to avoid mistake and pitfall.

Am I right to say (please correct it) given that my application is approved if I transfer my balance £3000 to this new credit card.

- I will initially pay the fee 3% of £3000 = £90
- In a few months I will get back £60 so literally I will only pay £30
- I will leave the money for 15 months interest free. Put aside this money which supposed to pay this £3,000 to my high interest current account in NW which is currently paying 4% net interest ready to be used anytime when needed.
- Before 15 months is due I will clear the balance, so I do not pay any interest.

Could you please check whether my understanding is correct ? also please free to correct or amend in case I miss something important. My only aim is to optimize stoozing not to run into debt, so If I am about to pay a fee or interest I will make sure to clear it immediately.
.
Here is the link of the product. Thank you for your time

http://www.lloydstsb.com/credit-cards/platinum-card.asp.

• Saving - 0% for the first 15 months* on balances transferred in the first 90 days (with a 3% fee).1
• Balance Transfer fee refund offer - reduces a 3% balance transfer fee to 1%.**
• Shopping – 0% on purchases for the first 3 months.*
• Easy spending – accepted worldwide.

* To stay eligible for promotional rates, you must stay within your credit limit and make your payments on time each month.

Hello,

Just wanted to find out how come will you be getting £60 back as I couldn't see anything on the website relating to this.

Many thanks.

adindas

satandrive wrote: »

Hello,

Just wanted to find out how come will you be getting £60 back as I couldn't see anything on the website relating to this.

Many thanks.

• Saving - 0% for the first 15 months* on balances transferred in the first 90 days (with a 3% fee).1
• Balance Transfer fee refund offer - reduces a 3% balance transfer fee to 1%.**

BT fee will be originally 3% and then once completed you will later get back 2% which make it 1% Got idea now ?

SMC625

In an effort to dig myself out of debt I have 2 Credit cards with 0% Balance transfer offers. One is a Barclay Card giving me 9 months at 0% and the other is a Virgin giving me 12 months at 0%. I have amounts on both cards and was wondering if I could simply switch the balances to exploit both offers I have a more than sufficient credit limit on both to do this, or would they stop me doing this?

Many thanks

grumbler

No, it's fine to do.

thenudeone

SMC625 - nothing to stop you at all.