Best Balance Transfers Discussion Area

MrsShazbat

RG2015 wrote: »

Why don't you just pay the minimum and put the rest in a savings account?

As regards your question, my 0% runs out in May and I will be waiting until April to find a new deal. I doubt that having a current account with the same bank will be of any relevance when applying for a credit card.

The Ts&Cs will say if you can have a deal if you have had one before. However, if you use the MSE Credit Club availability tool it tells you if you are ineligible for current cards. It may also say if you ineligible for one you have previously had.

I just presumed that paying more than the minimum was a better plan - I already know I won't clear it in full by the time the 0% runs out so to me it doesn't make much difference. I can see in one bank's T&Cs that I can't have another card with them, but not in the other's although it's the same card essentially so I guess I can't. Neither appears on the Credit Club/eligibility checker. I'll bide my time. I suppose I'm just twitchy in case I was turned down when the time comes. But we'll see....

RG2015

MrsShazbat wrote: »

I just presumed that paying more than the minimum was a better plan - I already know I won't clear it in full by the time the 0% runs out so to me it doesn't make much difference.

I understand what you are saying. I am hoping to get a credit limit on a new card or cards that will allow me to clear the balances on my existing 0% cards.

Good luck next April but keep checking the excellent MSE eligibility tool. You may see a deal earlier than April that is too good to risk losing out on.

Juicyblurred

Hi , i have a debt of £5045 on a barclaycard and i am currently paying £115.00 monthly. i am hoping to cut this figure down . i signed up for a LLyods card (£7300) with a 3% fee on balance transfer, however i havent done the balance transfer yet as i am not sure the extra amount that will be added to this. Can anyone help with what i am likely to pay ie how the maths for this will pan out?

alan17

Juicyblurred:

Is it a straight 3%? I have had a look on their site and there a few different ones, one is 3% reduced to 2% with refund... some are zero.

If you were offered 3% then your £5045 would be £5196.35 after the 3% transfer fee.

Is there an annual fee for the card? some do some do not have this.

Sorry I could not have been more help, came to post my own question!

alan17

Hi everyone,

Did not want to post a new thread, question on multiple cards.

Ideally, I would like a balance transfer card and a spending card,
However will this not negatively affect my credit score. Due to having more spending available? i.e. two cards?

I have always transferred and closed the old account in the past and went to 1 card. But I could do with 0% spending due to circumstances.

Phenderson

Hi People ..

I'm new to credit cards and I've never had one. I've ran up £2.500 on a Halifax overdraft over the last 4 years but now I'm finding charges are going up to the point I'm struggling... tried putting my head in the sand but never helped!

What are my options in terms of cards and paying off overdrafts in banks, is this the norm?

Cheers Paul

[Deleted User]

You'd need a money transfer card. But that may be unlikely given you're so deep into your overdraft.

dbmabz

A money transfer credit card will allow you to transfer money directly from the credit card to your bank account and use this to pay off your overdraft.

You will need a good or excellent credit rating to get a money transfer card and the fees for money transfers are quite high at around 4%

Juicyblurred

thanks . it is a 3% flat with no annual fees for 40months.
my current monthly repayments on the 5045 is 113 a month. Any idea whether this will decrease the monthly payouts after the balance transfer?? By how much.? Are you able to give me a range?

Chrysalis

A longer expiry card usually has no affect on the min payments, each provider has a set amount that they set for min payments a % of the balance or a set figure if the balance is really low.