Best Balance Transfers Discussion Area

Squirrelking

Not sure if it's been mentioned before but Virgin Money cards only allow you to do balance transfers to cards in your OWN name. This was never the case when it was MBNA and means it's not worth it for me any more (my wife tended to make purchases on her card and I would transfer to mine).

hampshirebabe

Does anyone know if Sainsburys might have another bt offer coming up soon? I get them quite often but haven't needed it for a while so dont notice how often they are around.

Sunny123B

Hello,
I took a Platinum Barclay card out last night to shift my Halifax credit card balance over. The limit I was offered was much greater than I expected, and I've been thinking that I could in fact also transfer my balance from my 'Next' account and 'Very' account over as well as my overdraft. It makes complete sense because if I divided this entire debt by 32 months id still be paying less than I am each month now, and it will actually be shifting the balance. Although I have a couple of questions:-

• Firstly because my online 'Very' and 'Next' account do not have appropriate card numbers I'd need to use a credit card to pay them off then transfer the balance- Therefore once the initial balance transfer has shifted from my original Halifax credit card to my new Barclay card, Can I use my Halifax card again to pay my 'Next' and 'Very' account off then transfer this new balance over to my new Barclay card again?
• How long does it take for a balance to transfer on to my new card?
• How many days do I have to transfer all my balances over from taken my new card out to ensure my balance transfers remain at the 0%......(I have taken out the 32 month Barclay card)
• Lastly I am paying £30 a month for a planned overdraft......can I also transfer this balance over to my new credit card? Is it beneficial for me to do a cash transfer on this particular card?

Thanks in advance - I have called Barclay card about all of the above but I'd a complete credit card dummy and it's still not clear in my mind.....


Thanks in advance :cool2:

Candyapple

Sunny123B wrote: »

Hello,
I took a Platinum Barclay card out last night to shift my Halifax credit card balance over. The limit I was offered was much greater than I expected, and I've been thinking that I could in fact also transfer my balance from my 'Next' account and 'Very' account over as well as my overdraft. It makes complete sense because if I divided this entire debt by 32 months id still be paying less than I am each month now, and it will actually be shifting the balance. Although I have a couple of questions:-

• Firstly because my online 'Very' and 'Next' account do not have appropriate card numbers I'd need to use a credit card to pay them off then transfer the balance- Therefore once the initial balance transfer has shifted from my original Halifax credit card to my new Barclay card, Can I use my Halifax card again to pay my 'Next' and 'Very' account off then transfer this new balance over to my new Barclay card again?
  Yes.
  
  
• How long does it take for a balance to transfer on to my new card?
  Anywhere ranging from 2-5 days but in my experience Barclaycard are quite quick.
  
  
• How many days do I have to transfer all my balances over from taken my new card out to ensure my balance transfers remain at the 0%......(I have taken out the 32 month Barclay card)
  Note: 0% interest on balance transfers for 32 months from account opening (1.08% fee applies. We’ll first apply a 3.5% fee but then reduce this to 1.08% by a refund. Lower fee ends 14 February 2016.
  
  
  
• Lastly I am paying £30 a month for a planned overdraft......can I also transfer this balance over to my new credit card? Is it beneficial for me to do a cash transfer on this particular card
  No, you would need to take out a separate money transfer card to clear your overdraft. See MBNA or Virgin.

Thanks in advance - I have called Barclay card about all of the above but I'd a complete credit card dummy and it's still not clear in my mind.....


Thanks in advance :cool2:

Answers in red.

PsChuck

Looking for gut reactions: I am intending to apply for a first time mortgage within the next 6 months. I am also keen to shift some existing debt to a 0% card, just to make further inroads to that debt. Is it best just to hold off and not risk anything that might impact on credit score and therefore mortgage success? I have an OK credit score, but not super. Or is it unlikely to affect scoring for mortgage purposes, so do it and start saving on interest payments immediately?

Sunny123B

Thanks for taking the time to help me out! I've been paying over the odds far to long- and being as I've only ever had one credit card didn't really understand how diffrent cards are tailored for diffrent needs. Last question....would it be sensible to apply for a credit card to shift my overdraft so soon - I've a decent rating.....or should I wait ?

Many thanks

martinofhope

Hi, I have an existing Next account (1200 pounds)and want to transfer it to pay it off and reducing the interest that next charge.

Candyapple

Sunny123B wrote: »

Thanks for taking the time to help me out! I've been paying over the odds far to long- and being as I've only ever had one credit card didn't really understand how diffrent cards are tailored for diffrent needs. Last question....would it be sensible to apply for a credit card to shift my overdraft so soon - I've a decent rating.....or should I wait ?

Many thanks

Firstly there is no such thing as a credit rating or score - these are made up numbers by the CRAs used as a marketing tool. Only your credit history matters.

Yes apply for another card, a second application won't harm your history. If however you get declined for the card, perhaps wait another 6 months before trying again.

Further info here:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Candyapple

martinofhope wrote: »

Hi, I have an existing Next account (1200 pounds)and want to transfer it to pay it off and reducing the interest that next charge.

Next accounts allow payments by credit card so if you want to clear your balance and pay no interest, look to take out a 0% purchases card.

More info here:
http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

Lucgar1

Can I transfer money from two different credit cards to a new credit card?