Best Balance Transfers Discussion Area

samh1981

Can you get a balance transfer card to pay off a current account overdraft? I heard you can't transfer in this way.


Thanks for any replies I get.

grumbler

>> Money Transfers

This is mentioned in Balance Transfer Credit Cards article as well that is supposed to be discussed in this thread.

CassieD

Hi
I have £10,000 credit card debt and have just been accepted for a 37 month 0% balance transfer for £5000 only. Can I apply to another credit card company with the aim of transferring the remaining £5000 on a 0% balance transfer ?
Thanks

Superscrooge

CassieD wrote: »

Hi
I have £10,000 credit card debt and have just been accepted for a 37 month 0% balance transfer for £5000 only. Can I apply to another credit card company with the aim of transferring the remaining £5000 on a 0% balance transfer ?
Thanks

There is nothing to stop you making a further application to another credit card company.

Making lots of applications in quick succession is not recommended as it makes you look desperate for credit and starts alarm bells ringing, but two might well be ok.

I have recently applied for two new credit cards and been accepted for both.

CassieD

Thanks for the reply. I might wait a bit.

grumbler

Two successive applications isn't "lots".
I think it's worth making another application, then wait if refused.

That said, your total available credit increased by £5K is another factor to consider.
After the BT it's possibly worth reducing the limit of the old card and waiting until the smaller limit is reported to CRAs before further application(s).

luhrmann

i have a capital one credit card from when i was a student 3 years ago with a massively high interest rate around 39% (i have no idea why i signed up for it, was just excited at the time to get a credit card!) but the interest seems to eat most of the payments i make toward it as i don't always pay more than the min. my balance is only £1651 so it's not too bad, but i wanted to transfer this to a 0% as i worked out if i don't have interest to pay, i can comfortably clear this by september.

i don't want to make too many applications and harm my credit rating so used the mse eligibility calculator which said i have 100% chance and pre approval for the mbna card. this would be ideal and far longer than i actually need but i was wondering if this 100% approval on the calculator is a good shot or is it still an estimate?

also if i transfer the balance of my capital one card to a new 0% card, can i immediately close the capital one card? because i definitely don't want it!

weebit

luhrmann wrote: »

i have a capital one credit card from when i was a student 3 years ago with a massively high interest rate around 39% (i have no idea why i signed up for it, was just excited at the time to get a credit card!) but the interest seems to eat most of the payments i make toward it as i don't always pay more than the min. my balance is only £1651 so it's not too bad, but i wanted to transfer this to a 0% as i worked out if i don't have interest to pay, i can comfortably clear this by september.

i don't want to make too many applications and harm my credit rating so used the mse eligibility calculator which said i have 100% chance and pre approval for the mbna card. this would be ideal and far longer than i actually need but i was wondering if this 100% approval on the calculator is a good shot or is it still an estimate?

also if i transfer the balance of my capital one card to a new 0% card, can i immediately close the capital one card? because i definitely don't want it!

100% is great. whilst it's not a guarantee, it's a good indication. Go for it.

Also, you'll need to wait for the BT to clear on your Capital One before you can close it, but once the balance shows as £0, then yes, close it.

luhrmann

thanks, just applied and got accepted! i will be cancelling the capital one card asap

CassieD

Grumbler......
That's really helpful advice. Just to confirm, are you saying it's beneficial to reduce the credit limit on the first credit card ? It's currently set at £12k, so I would reduce to 6k after the balance transfer is made.
Thanks