Best Balance Transfers Discussion Area

savingformyboys123

Hello Everyone

I am new to this site and would be grateful for any advice. My partner has a credit card with a balance of around £1500 on it, it is not 0% and I would like to see if he could transfer it to get a lower rate whilst he pays it off. We tried to do this at the weekend and found a good deal with Barclays, however they asked for the card details with expiry date.....unfortunately his card has now expired and his provider is not issuing a new one and is instead closing his account. Is anyone aware of how we can still manage to do a balance transfer?

Thanks for reading

adindas

I already have a few BT creditcards and I am currently doing minimum payment taking benefit of 0% introductory period.

I would like to do Minimum payment +£1 to make it look better.

Say the minimum payment will be taken by DD on March 28, 2018.

1. When is the best time window to do a SO of £1 to make it look like the payment is more than the minimum balance ??

2. I understand the date the DD is taken sometimes will vary each month, what is the best way of dealing with it so you do not miss the window ??

YorkshireBoy

adindas wrote: »

I have already a few BT credit card and I am currently doing minimum payment taking benefit of 0% introductory period.

I would like to do Minimum payment +£1 to make it look it better.

Say the minimum payment will be taken by DD on March 28, 2018.

1. When is the best time window to do a SO of £1 to make it look like the payment more than minimum balance ??

2. I understand the date the DD is taken sometimes will vary each month, what is the best way of dealing with it so you do not miss the window ??

With a moving target, the only way you'll achieve your objective is to set up a future dated FP for the working day before DD collection day, as advised on your monthly statement.

[Deleted User]

adindas wrote: »

I have already a few BT credit card and I am currently doing minimum payment taking benefit of 0% introductory period.

I would like to do Minimum payment +£1 to make it look it better.

There's no real need to worry about avoiding the min payment marker, as the promo marker is also visible to lenders. Lenders expect min payments on promos.

adindas

Deleted_User wrote: »

There's no real need to worry about avoiding the min payment marker, as the promo marker is also visible to lenders. Lenders expect min payments on promos.

That is also my understanding but you will never know who will decide your case of applying your next major credit application or CC.

It might be decided by a novice, lazy underwriter who might fail to check that you have an introductory offer. It is a similar case to the bank staffs who have a suspicion of me doing a money laundry just because I have so many bank accounts.

YorkshireBoy wrote: »

With a moving target, the only way you'll achieve your objective is to set up a future dated FP for the working day before DD collection day, as advised on your monthly statement.

Doing this might be so unpractical especially if you have a few of them, as this will mean you will need to adjust the future FPO each month.

I wonder why a few people in here, I remember even MSE keep arguing the merit of doing minimum payment + £1.

Superscrooge

Deleted_User wrote: »

There's no real need to worry about avoiding the min payment marker, as the promo marker is also visible to lenders. Lenders expect min payments on promos.

There seems to be regular discussion about whether there is any advantage making more than minimum payments on promotional balances.

I have always made just minimum payments on 0% cards. So during Oct,Nov,Dec I tried a little experiment making minimum payments +£1 on all my 0% promo cards. There was nothing else of significance happening on my credit files.

So what was the result? Did it improve my meaningless credit scores? Did the eligibility checkers show a greater chance of acceptance for new cards?

After three months there was no increase in credit card eligibility and no noticeable increase in credit scores (they continued to drift aimlessly up and down).

So my conclusion is that ZX81 and others are correct . Minimum payments are expected on promo's and there is no need to worry about minimum payment markers if you also have a promo marker

Design65

I have a business credit card and want to buy a laptop on it for my business, then I would like to do a balance transfer to pay it off. Can I actually do a balance transfer from a business credit card or does it have to be a personal credit card?

robert_lambert51

Hello
I wish to transfer a balance from my Very card ( supplied by Capital One) so I applied for a sainsburys card but on trying to transfer the balance they told me it cant be done as the Very card is classed as a store card. Is there a card I can apply for that accepts store cards balance to transfer the balance of the Very card?

[Deleted User]

You'll need a money transfer card.

BJL55

Hi, first post on this board.

Ive been eternally lazy in looking at after my CC, Ive had the same one from the same bank for around 20years, I think I would get a fright if I counted all the interest Ive paid out.

So my kids have encouraged me to look at the world of 0% CCs and get a better deal than the one I have but before I decide on which one to apply for I have a few questions that I cant readily find an answer to.

My present CC has a limit of say £4.5K, the monthly balance can be anywhere from 0 to near max at any particular time (£2K at the moment), I always pay in a good deal more than the minimum (>£300).

If I transfer the balance (£2K) to new 0% card will I still be able to get the £4.5K limit, if so is the 0% only be applicable up to the £2K balance transfer with any balance above that accruing interest?