Best Balance Transfers Discussion Area

MrsShazbat

RG2015 wrote: »

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.

Thanks again :beer:

This might not be the right place generally to ask, but as the eldest child I'm now 'joint' on my mum's bank accounts for if/when anything happens to her (her previous bank account just allowed me to be a named signatory but she recently switched and the only way they'd do it was to unfortunately make us joint account holders). She has excellent credit and awkwardly I now know how much money she has in her various accounts (I do the online thing, she doesn't) but will this have any impact on my credit record when looking at future BTs - good or bad? My credit score as of today is 959

[Deleted User]

There may be a financial association created. It may well change your credit score, but your score is largely random and doesn't measure anything in particular so can be ignored.

Check your reports to see if she is now an associate. It needn't be a problem is her history is ok.

keiran

Quick question - I've tried ringing and messaging the hsbc "droids", but got no where.

I have an hsbc credit card giving 30 months of 0% balance transfer and 3 months of 0% on purchases. If I repay the total of all purchases by the end of the 3 months, will that ensure that I can enjoy the remaining 0% balance transfer? Or are there other considerations?

Thanks

richmanu7

Help please
Looking to do a balance transfer from my M&S charge card to MBNA, have tried several times but MBNA tell me it does not understand my card number,have spoken to both parties who tell me its the right a/c number starting 6300,,, anyone else know more info please.
Thanks in advance

[Deleted User]

I imagine you can't BT from charge cards.

If not, you'll need a money transfer option.

connected123

I have no credit cards, but just taken out a 3k 5yr loan to buy a new boiler. Finance is @ 12.4%. There is a small penalty for leaving the loan of 56 days interest on remaining balance - no other costs attached to ending the agreement early.

I also have an OD with my bank of £950 which is costing me £1 a day in authorised OD charges.

Is it possible to get one of these 0% interest cards to clear all that to reduce the interest/charges leaving the monies repaid each month going to the debt rather than interest?

The talk seems to be transfer of debt (credit) card to card - my situation is slightly different.

MallyGirl

you need a money transfer card - it will put money in your current account for you to use as you see fit. There will be a transfer fee but it is usually around 3% so as long as you get a 0% deal you would be better off as long as you cleared it in full before the end of the 0% deal. You would not get a 5 year 0% deal.

connected123

Thanks Mally Girl - on working this out over the shorter period of say 36 months on an MBNA card @ 3.4% fee, I'd be worse off on a monthly basis

The OD of £950 I pay £30 a month (or £31) indefinitely- if I transferred it although spread over a shorter period of 36 months, it would cost me £27.29 including their 3.4% fee

On the loan of 3k for the boiler I currently pay £66 a month over 5yrs, transfer to MT card over 36 months costs £86.17 including their fee.

It's hardly worth the trouble to be honest as I'll probably be in a position to pay these off at some point with a bit of effort early anyway and I can't be sure I'd even get the 0% or the period in which to keep the monthly costs down, which was my aim.

Good to work out the comparisons though and thank you for your guidance - most helpful and very much appreciated.

hammersfaniow

I’ve currently got around £2800 debt on a credit card. My 0% deal ends in a few months. Assuming I transfer the debt to say a 28 month 0% interest & 0% fee card, I see that I can expect monthly payments of something like 1% plus interest.

It’s the plus interest I don’t really understand. Is it possible to transfer all my debt to another card, make the minimum monthly payments and not expect interest to be added ?

Thanks in advance

KLA1994

My Partner and I have a credit card which we have used to purchase some larger household items. This credit card is currently in my partners name and I am just a card holder of this account - it is a Halifax credit card.
I have now just applied for a Halifax 0% balance transfer card in my name which I will transfer my own small personal Natwest credit card balance on to. I also hope to be able to transfer half of our Halifax credit card balance, but I am aware that i can't transfer Halifax to Halifax.
What is the best way around this? Can I pay off our existing Halifax card with my Natwest then transfer this to the 0% Halifax? Are there any implications of the existing Halifax not being in my name?
Also is there a limit on the amount of times I can transfer balances from my Natwest account to my new Halifax account? Can I do it in two goes or can I only do it once from the same card?
Thanks
Kate