Best Balance Transfers Discussion Area

lisaevans6691

Hi - I'm new to this so hopefully I'm posting my question in the right place.

I've just read the guide to the best balance transfer credit cards. Why does it say "don't spend/withdraw cash on this card".

Willing2Learn

Hi lisaevans6691 and welcome to the forum

The reason the guide states not to spend/withdraw cash on the card is because a Balance Transfer card will typically have a high APR interest rate for purchases or cash withdrawals, making those types of transactions very expensive. It is cheap for balance transfers only (during the promotional window)

Anonymous101

dotchas wrote: »

Hi, just looking for a bit of advice, OH has approx 8k credit card debt about to end a 0% term. He applied for the Sainsbury card 29months 0% and was accepted but only 4k CC Limit. When would be best to apply for another 0% to clear the full balance?

Thank you

I was thinking about applying for this card but was concerned the credit limit might not be sufficient. I have a current balance of around £11k on another card.


Would anyone be able to advise as to which cards generally offer the best credit limits? I know this is a very personal and difficult thing to predict.

JAS137

I have just tried to apply for the Sainsburys 22 month 0% balance transfer card. I wanted to transfer less than £4000 balance from another card, I have a full time job on a salary significantly over their minimum level, I have no dependants and no mortgage/rent but I got offered a paltry £1000 credit. Why??
This is the first time I have tried to do a balance transfer and I just don't understand it. I am put off the whole process.
Has anyone any other suggestions?

Willing2Learn

JAS137 wrote: »

… Has anyone any other suggestions?

Accept the card with the £1,000 and do your transfer. Apply for another card from a different card issuer and balance transfer as much as possible.

mossbarry

Beware! Natwest charges a fee for 0% balance transfers. I followed MSE link and went through the whole process to be offered full credit balance only to read T&C's - fortunately to find that they charge 3% for each advance. Further investigation revealed that they do not have ANY fee free balance transfer cards.

[Deleted User]

That's not particularly unusual...

Chrysalis

balance transfer could be used to clear an overdraft if you have two credit cards. Money transfer is better but can be done with balance transfer.

Use the non BT card to transfer money to something like paypal, then from paypal to bank to clear the overdraft. Then BT from the card used on paypal to BT card.

FirstTimer4Me

Hello,

I'm not that clued up on interest rates so looking for some help,

I have a Barclaycard Platinum Vis CC, credit limit £8K, balance £7K

Due to employment / health issues, I'm now making the minimum monthly payments pm, currently, BC charge 25.2% apr - 1.89% pm,

I’ve called BC (off shore) and they’ve refused to lower the interest rate

Given my CC limit & outstanding balance, am I able to get a balance transfer to another CC company?

Hayleyb1983

i have an MBNA card that has half of the balance at standard APR and the other half on a promotional rate. I have been offered another balance transfer with a different existing card company which I would like to take advantage of, but my questions is will MBNA transfer the old debt over and leave the promotional balance as it hasn’t expired yet? Or do they move over the newest debt? It only makes sense for me to do the transfer if I can transfer the old debt but I can’t find the answer anywhere.