Best Balance Transfers Discussion Area

etienneg

Tom_05 wrote: »

Hi there!

I've had a santander credit card for a few years and the 0% interest has just run out.
Ideally I'd just do a balance transfer.
Only problem being I moved to NYC three months ago and the bank in the UK won't let me do a balance transfer unless I'm a UK resident with evidence of a UK income.

Are there any ways around this? I really don't want to be paying the interest every month for the next few years!

Thanks!!!!!

Tom, I don't mean this to sound harsh or rude, especially as you are new to the forum. But I think your options are now very limited.

When you incur debt on a 0% card you should always plan to be able to repay by the end of the 0% period. It's very risky just to assume you will be able to get another 0% card. The market may have changed in that time so that they aren't available any more, or your circumstances may mean you are not eligible for one. Yours is not the typical reason (such as redundancy or change to lower income), but the effect is the same.

Had you thought about this before you moved to NYC, you would have been in a better position to get another 0% card then (even though the first hadn't run out at that point). Hindsight is wonderful!

I think you are stuck with paying interest, so you need to plan to minimize this, which means throwing as much money as possible at reducing the balance as quickly as possible. The best I can suggest is to see if you can get another 0% card in the USA, use this for all your normal expenditure and use the money you would have spent to pay down the interest-bearing balance.

Sorry I can't think of anything more helpful.

willis01

Ive just made an application for a Santander Credit Card based on the endorsement on the MSE site and as part of the pre-application process on Santanders site it lets you put in what you want to transfer and gives you a calculation on what you could save, for which i need to move @7k, it allowed this figure so i proceeded.

during the physical application process it asked me what i want to transfer and even the card number to facilitate it should i be accepted. again i requested the above sum. at no point did i see any details telling me that this figure was not achievable nor when finally accepted did any correspondance, email or letters inform me of (a) the credit limit id been set or (b) that my intended sum wasn't achievable.

I know i can cancel within 14 days but why even let me go through the process of asking for 7k if they were only ever going to offer half that? have i missed something

katie86

Hi,

Hope I'm posting in the right place as have been getting a bit lost at where to post my question.

Is there any way of finding out or requesting a credit limit for a new balance transfer credit card before applying for it. I started with 3 credit cards and keep trying to balance transfer when the 0% comes to an end but only get a small credit limit so can only transfer a little so have ended up with about 6 credit cards. Ideally i would put it all on 1 or 2 cards so it;s more manageable.

Thanks for any help

Willing2Learn

Hi katie86 and welcome to the forum

I believe that Lloyds Banking Group, MBNA and Nationwide will all give an indication of the estimated credit limit when you use their eligibility checker

jayscee

I am new to forum. I know you can transfer a credit card debt to a 0% transfer card, but does anyone know if it is possible to find a 0% transfer credit card that I can transfer a £4000 credit union loan to?

[Deleted User]

You'll need a money transfer card for that.

jayscee

I have enquired with HSBC, but their 0% transfer card is only for credit card balance. This appears to be so for others I have seen online. I need to know if anyone has found a 0% transfer card that can be used for a loan.

Daggo87

Anybody take up the HSBC 32 month 0% 1.4% fee from here that claimed here would be a £25 cashback through MSE link?

I did and am struggling to get HSBC to honour it. Anybody else been successful or had same issue? The deal is not on here anymore but wasn’t long ago it was.

eskbanker

jayscee wrote: »

I have enquired with HSBC, but their 0% transfer card is only for credit card balance. This appears to be so for others I have seen online. I need to know if anyone has found a 0% transfer card that can be used for a loan.

This thread is all about balance transfer cards, which are used to move balances specifically between credit cards.

As zx81 advised the first time you asked this question, for balances not currently on credit cards you need a money transfer card rather than a balance transfer one, so see https://www.moneysavingexpert.com/credit-cards/money-transfers/ for further details and current best deals....

Foy88

Hi, I am new here but I wanted to ask for some help. My girlfriend is from the US and has $5k on a credit card at 8% interest. Horrible I know. Is there a way we could do a balance transfer to a 0% UK credit card or would my best option be a personal loan and then pay it off as quickly as possible?

Any advice would be much appreciated!