Best Balance Transfers Discussion Area

PANCAKE

Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
been turned down alot on credit on line check,but need o per cent for at least 2 years,
please help

eskbanker

PANCAKE wrote: »

Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
been turned down alot on credit on line check,but need o per cent for at least 2 years,
please help

0% cards wouldn't generally be available to those with bad credit, so your options are likely to be heavily limited as you've already found.

Steps worth taking, if you haven't already....

Check your credit files with all three providers to ensure that there's nothing inaccurate there that'll hinder your chances unnecessarily: https://www.moneysavingexpert.com/loans/check-free-credit-report

Use the MSE eligibility calculator to find out which cards you're most likely to be accepted for: https://www.moneysavingexpert.com/eligibility/credit-cards/

Depending on the results of this, and the number of applications you've already made, you may be able to make one or two more applications.

Even if you can't get a 0% card, you may be able to get one with lower interest than you're currently paying.

However, if you can't get hold of a card that works for you then that really just leaves the two primary means of sorting out debt, i.e. earn more or spend less, which you'd have to do anyway at some point (in that a 0% BT would just defer the inevitable). Head over to the debt-free wannabe board for guidance on how to get out of your current situation: https://forums.moneysavingexpert.com/forumdisplay.php?f=76

binaryuniverse

PANCAKE wrote: »

Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
been turned down alot on credit on line check,but need o per cent for at least 2 years,
please help

There are a few BT cards for people with bad credit. Capital One offer 6 months at 0%, which I managed to get a few times, when my credit history was looking pretty poor. As do Aqua. You won't get 2 years, though. Long term, low interest cards could be a potential option.

However, if you're not getting a regular income, the chances of you being accepted are pretty much zero, I'm afraid.

kamb1ng

Is there any downside to repaying credit card money transfer very quickly? I'm talking about 1-2 days after the transfer was made.

The transfer had zero arrangement fee with 4% APR, so the interest rate impact is minimal after 1-2 days.

Thank you.

lped1

Help, applied for a balance transfer card with BofS, got accepted then tried to transfer my Next account. Then found out this isnt doable? Can this be right? Why does a Next card not count as a store card or has the adviser from my bank got it wrong?

[Deleted User]

Most store cards don't accept BTs.

You need a money transfer card, although I believe you can also pay via a card, so could use a 0% puchase offer.

lped1

Thanks for your reply, How certain are you that I could do this as a purchase? I've had one BofS adviser tell me i could do the balance transfer, then it turned out I couldn't advised me to close that card apply for a balance transfer and purchases card. When I phoned to do this the adviser told me that that wouldn't work either because it would be a cash transaction (as if id withdrawn cash from my card) and as such would incur a fee and interest. So ive been on an online chat with another adviser today and they've told me I could do it as a purchase. I'm so confused now.....help.

PS I should add i've checked the Next account payment options and you can pay by credit card. So if this is the case why would it go through to the bank as anything other than a purchase. I feel like the adviser is wrong but don't want to proceed if im left with something thats no use to me?

Willing2Learn

Can you ask them to put that in writing?...or save a screenshot of the online chat?...that you way you have evidence of the advice should they then charge as a cash advance...

[Deleted User]

I've never made a card payment to Next, but several people have confirmed on here that it's treated as a purchase.

Ezorqs

It says that these deals are getting shorter. Yet I swear they've never been higher than 30 months!