Best Balance Transfers Discussion Area

Vortigern

@musomum - Are you sure your credit limit is £1200?

Credit cards use £1200 as an example of what the credit will cost. Your limit could be higher, or lower, than that.

musomum

Thank you. Situation sorted!

musomum

Hi Vortigern and thanks for reply. Re 1200 limit - when I first phoned the CC company I was told it was a guide and that I wouldn't know until I received the paperwork - however, 30 mins into the call I was told it was my limit, but that they would "see what they could do"... several 'hold on please' and negotiations later lasting another 30 minutes the company came back with - yes we can transfer your whole amount after all but the paperwork will still say 1200. Just sign it and send it back, but assume that we will transfer 6,500. No, I said - please send correct paperwork with the correct amount. Apparently they will.... let's hope... as the agent didn't seem to understand that by signing a credit agreement I am probably just agreeing to what it says on the credit agreement, not what I have been verbally promised over the phone with no written evidence that the whole amount will be transferred.

I hope they do what they said. If they do, I'll save approx. £1000 in the first year (apparently).

ke0810

Hi 😊
I am looking to apply for a balance transfer card to clear some existing debts, but can't find any information about store cards etc. Can you use a BTC to clear accounts like very and simply be, as well as credit cards?

Thanks

[Deleted User]

Usually depends on whether they have 15 or 16 digits.

Otherwise, go for the money transfer option.

BankSwitcher

Although current deal is for a 0.63% transfer fee I guess the same principle apply - to clarify
"You'll be charge a fee of 3.5% of the amount transferred, then Barclaycard will credit back 2.87% within two days, so the effective fee is 0.63%" - I can confirm this is the correct, even though it is not mentioned anywhere, neither during the opening of the new credit account or actual balance transfer.

On the 7th of January I've requested a balance transfer of £2800.
On the 9th of January the transfer has been completed, a fee of £98 - 3.5% - has been debited as well.
On the 10th of January £80.36 - 2.87% - has been refunded. Total transfer fee payed: £17.64.

On the top of that, I guess I still should receive a £20 cashback some time soon.:T

SensibleNameReq

Hi,

I'm a bit new to this so just trying to figure some stuff out. I have a barclaycard, some of the balance is charging interest some isn't. This month they are offering me a money transfer of 0% for 14 months.

If I were to transfer the amount that's being charged interest to my current account, and then use it to pay the credit card straight away, that would mean I would have the same balance (+ the 2.9% fee) but now interest free for 14 months, right? There's no way they wouldn't allow that is there? Or indeed no way they could stop me from doing so I guess!

It just feels a bit too good to be true, so I'm figuring that I must have missed something!

molerat

SensibleNameReq wrote: »

It just feels a bit too good to be true, so I'm figuring that I must have missed something!

No you are not missing anything You do need to carefully read the T&Cs of the card to ensure that the repayment will go against the interest bearing balance, it should but a few cards have some odd quirks.

SensibleNameReq

I'm sure I read that i makes payment against the highest rate balance first, but I'll definitely check before I go ahead.

Thanks!

tony541

Hi, I'm writing on behalf of my partner who wants to transfer an outstanding tesco credit card debt, of £2700 run up by renovating a house.
We did the tester run and were offered quite a few at 90% and tried sainsburys who turned her down. My partner is retired and has never had any problems with money before. But she is 69, owns her own home but only has about 13000 pension income per year.
My question is there any lender who would transfer her debt of £2700.
If she can't get a credit transfer would she be likely to get a loan with anyone. She banks with nationwide and we are thinking about trying getting a transfer or loan with them tomorrow.
Any advice would be most welcome.
Tony