Best Balance Transfers Discussion Area

onlyluci

when you have a bad credit score, you cannot do a balance transfer as no one gives you a card. Is there any solution for this?

Sponge

Off the back of their offer and MSE's calculator, I applied for the Lloyds Platinum credit card with 24 months 0% and a 3% fee, with 1.5% refund.

I didn't get the full 24 months, just 21 months, but there was no reference to the 1.5% refund during the application process, after I'd been accepted, or in the paperwork that followed.

I didn't transfer any balances during the application process, but opted to wait for the paperwork for confirmation and, if need be, call them up.

I called them up and they couldn't tell me if I qualified for the 1.5% refund. Apparently, their systems record the APR and duration of a balance transfer offer, i.e. 21 months @ 0%, but not the 1.5% refund. She even connected with the application department (or whatever they called it) and they couldn't say either.

As there was no reference to it in the paperwork that came with the card, I have to assume I won't get it.

I wondered if those that got the card could check their paperwork and see if it mentions it. If it does, then there's a good chance I haven't got it.

So I'm left with a credit search on my file, a card I don't want to use (unless I can confirm the 1.5% refund) and a choice to make - cancel or keep...

andydgg

I phoned them up and they confirmed that they refund the 1.5 to your account, I think it was on the second statement, but I'll have to check.

Sponge

But that's the problem. If the offer you get depends on your circumstances, i.e. length of promotional period and rate, and whether or not you get the 1.5% refund, then they should be able to tell me if I've qualified for the refund or not. None of this, you might have, we're can't say either way. Which is all I got.

I don't really want to cross my fingers, go ahead with the balance transfer and hope I get the refund within 60 days. It was the duration of the 0% and the refund that made me go for this card over all the others.

nicky0512

Hi, new to the forum so please bear with me. I am a full time university student, my husband works full time and we have two credit cards with approx £4000 in total. I'm nervous of transferring as we have an ok credit score at present, however the santander cards have a large interest rate of about 24.9%. I'm unsure what to do, how to do it and where to go. Really could do with some guidance please.

scott_lithgows

nicky0512 wrote: »

Hi, new to the forum so please bear with me. I am a full time university student, my husband works full time and we have two credit cards with approx £4000 in total. I'm nervous of transferring as we have an ok credit score at present, however the santander cards have a large interest rate of about 24.9%. I'm unsure what to do, how to do it and where to go. Really could do with some guidance please.

Www.creation.co.uk

gazzipants

SingaporeGirl wrote: »

I'm young and learning about credit cards....rather foolishly.

Basically, last August I transferred a balance up about £500 onto a Virgin Credit Card which is 0% till Aug 2008. I also had 0% on purchases till Oct 2007. I stupidly overlooked this and have made about £300 of purchases up until this month. Now I understand that my repayments will be biased towards clearing the cheap debt first. I believe I am charged 15.9% on the purchases I made

What is the best thing for me to do?
1) Keep making the monthly payments
2) Can I transfer this balance again onto another 0% card (and remember the rule not to make any purchases on it!)
3) Pay off the full balance with money I have saved in an Yorkshire Building Society e-ISA (I don't really want to touch this as it was a gift from a relative that passed away)

hi many years ago when the interest free balance transfer idea had just stredi took out a new card and transferred a fair sized balance,all good up to then,i then booked a surprise trip to paris at new year for me and the girlfriend costing 500 pounds which I promptly paid in ful or at least I thought I had, as you will know any monies paid go toward clearing the balance ,this was the early days however and absolutely nowhere in the paperwork they sent me did it explain that cash paid would first clear the balance. I then as you can imagine accrued quite a substantial amount of interest. m y question is though if banks are being made to repay all this ppi money are there no groungs for a reimbursement for the cost of the interest which as I had taken good advice from a money saving expert nd had transferred a large balance which took some time to pay off. now I have no doubt that this was partialy my fault but there was absolutely nothing in the paperwork explaining this , your thoughts would be appreciated even if the conclusion is that I was a bit thick ,thanks ,gareth

sloth9

Hi, I am unfamiliar with the credit card application process. I would like to transfer a balance to a Tesco credit card. Should I spend on my current card first then apply for the Tesco card stating I have a balance to transfer or can I apply for the Tesco card now stating no balance to transfer, then before the 60 days are up (and I've finished purchasing on the old card) declare a balance to transfer? Thanks in advance.

afl2

nicky0512 wrote: »

Hi, new to the forum so please bear with me. I am a full time university student, my husband works full time and we have two credit cards with approx £4000 in total. I'm nervous of transferring as we have an ok credit score at present, however the santander cards have a large interest rate of about 24.9%. I'm unsure what to do, how to do it and where to go. Really could do with some guidance please.

I am not an expert but I have done transfers using this site links.
Martins balance transfer offers page lists the relevant cards that you could choose to transfer your balance to.
Even if you transfer part of your mentioned amount and pay the amount off in the given time, you will save.
My last transfer was as follows. Gone to page. Selected the card I wish to transfer to. The page sent me to the relevant cards home page for transfers. Filled in the form, my details and how much I wanted to transfer and from where. waited a few seconds as they would tell me how much I could transfer. Tick the relevant boxes and then they would send the paper work.
If still unsure may I suggest you ask someone you trust who has done this before to be with you when you do it?
once done you will wonder what the fuss was all about!!
Hope you get yourself sorted.

grumbler

sloth9 wrote: »

Hi, I am unfamiliar with the credit card application process. I would like to transfer a balance to a Tesco credit card. Should I spend on my current card first then apply for the Tesco card stating I have a balance to transfer or can I apply for the Tesco card now stating no balance to transfer, then before the 60 days are up (and I've finished purchasing on the old card) declare a balance to transfer? Thanks in advance.

Is it not easier just to apply for a card offering 0% on purchases? Also you'll avoid paying the BT fee.