Best Balance Transfers Discussion Area

lozzo9062

Hi, this is my first post so I hope I do this correctly. I am looking to get a credit card to transfer my balance from my Lloyd's credit card. I have £3500 on it and it is 19.4% variable Apr. My problem is that both myself and my husband are on Employment and Support Allowance. We get about £7300 between us but I only receive £1560 per year. I would like to know what companies are likely to accept my application? I have always made my repayments and have not missed any repayments. I've never been overdrawn on my other bank accounts. Could someone advise me on which companies are the most likely to accept me, if any? Many thanks in advance for any help.

NeverAgain2

Hello, I have recently transfered my cc debt to a 0% Lloyds card. This deal ends in September. I frequently get offered a 0% balance transfer deal on my original card so my question is, in September if the debt isn't cleared, can I transfer it back to the original card?

HWHarry

Just used your 'balance transfer eligibility calculator' and applied online for the card you recommended is was 90% likely to get.
The MBNA card you recommended had its own 'eligibility criteria checker' which allows you to check if they will give you the card without affecting your credit score, which is brilliant if your shopping around like me!
I got the 90% chance of acceptance on this checker too, so applied and got the MBNA credit card, with immediate transfer of my old card, they took details during application process, and £2000 increase in my limit, which i dont need, but some of you may.
the whole process took less that 20 mins and is going to save me £117 a month in interest alone, I'm thrilled, another success using this brilliant site. so far saved fortune on SKY and my electric too, one very happy person, thank you Money Saving Expert:T

graham130476

ok so between my self and my wife we have 2 credit cards £6000 with Vanquais, i have applied for 2 0% balance transfer cc in order to transfer these amounts.

applied for Lloyds and Royal bank of Scotland, both went through fine. put details of cards that we wanted to balance transfer and 24 hours laterwe receive emails from both at identical times saying the transfers had failed and to wait for cards to come and try again.

if we cant transfer the balance then we will have wasted our credit scoring with the two applications and the accounts will be worthless to us.

so has anyone else come across this and managed to transfer the balances?

a1ex_2

I am looking to balance transfer in the near future from my Santander credit card to a new one to shift debt. When I applied with Santander they told me that I would be liable for a sort of fine for doing this. Is this right/legal? Does this mean that if I get a new card then I will be effectively charged twice, once by my current bank and then by the new bank card people for transferring over to them (if a fee does apply)? Would like to know of anyone else who took the Santander 123 option to tell me of their retrospective manoeuvres between banks with this account please before I go ahead and get double punishment for trying to pay off debt over a longer period.

Candyapple

a1ex wrote: »

I am looking to balance transfer in the near future from my Santander credit card to a new one to shift debt. When I applied with Santander they told me that I would be liable for a sort of fine for doing this. Is this right/legal? Does this mean that if I get a new card then I will be effectively charged twice, once by my current bank and then by the new bank card people for transferring over to them (if a fee does apply)? Would like to know of anyone else who took the Santander 123 option to tell me of their retrospective manoeuvres between banks with this account please before I go ahead and get double punishment for trying to pay off debt over a longer period.

If you have a debt on your Santander card, you would need to take out a new balance transfer card and transfer the debt onto that one, not the other way round.

E.g. say you took out the Barclaycard 36 months 0% balance transfer card, you would need to apply and be accepted, once accepted you would either call up Barclaycard or use their online banking portal to initiate a balance transfer from your Santander to your Barclaycard.

So assuming you had £5k debt on your Santander card, you would need Barclaycard to give you a limit of £5,500+ as you can only usually balance transfer 90% of your limit. And then Barclaycard will charge you 2.99% fee for doing the transfer and will pay off your Santander debt, and the debt balance is re-allocated to the Barclaycard where it will be at 0% for the next 3 years with your minimum monthly payment at usually 2.25%.

Or if you meant you have credit card debt on another card and wanted to balance transfer it to your Santander card, the 123 card has no fees for doing balance transfers and is 0% for 23 months so whoever told you there would be a ‘fine’ was talking nonsense.

luksakura

Hi,

Im fairly new to the forum, but I wanted to share my experience so others don't make the same mistake or some one can advise what I should have said.

I got a offer through the post for either a balance transfer for 16 months or a money transfer for 21 months. As it advertised cash for unexpected bill like a boiler break down etc. My cunning plan was to do a money transfer to pay off an existing credit card that was near the end of the interest free period and pay a vet bill and make the most of the 21 months. I spent the best part of 10 mins on the phone and repeating my self that I was not in trouble just needed a short term solution as I was on maternity leave and a loan would tie me up too much. I then got patched through to another department for more questions where i answered honestly it was for a vet bill. Apparently that wasn't classed as an unexpected bill and I was advised to speak to them for debt advice an refused to give me the money transfer. I told them a consolidation loan is not the answer and will cost me more as i intend to have it paid back within the time limit.

I have done a balance transfer to the same card, and paid the bill on another credit card. The question is, was that even a offer in the first place or just a way to get you to call in and sell you a loan at a higher rate? What should have I told them? If a vet bill is not classed as an unexpected bill what is???

I'm sorted now but maybe me throwing this question out there could help others?

Plus I'm interested to hear what i should have said.

Thanks Fay

JLKMFG1234

I'm really sorry for being a nuisance and disturbing you but could you tell me how I put a question out in the forum?

scott_lithgows

JLKMFG1234 wrote: »

I'm really sorry for being a nuisance and disturbing you but could you tell me how I put a question out in the forum?

Press "new thread"

grumbler

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