Best Balance Transfers Discussion Area

Willing2Learn

Whichever card issuer you are considering submitting an application with, you should contact prior to application to confirm whether they would allow the transfer. It is no good getting a card and then finding out you can't do the transfer...

Making the enquiry will have no impact on the chance of your application being successful.

oligopoly

Does anyone know whether I'm able to balance transfer from 2 different credit cards onto the Natwest 23 month 0% interest & £0 fee card? Thanks.

[Deleted User]

Yes, as long as you have sufficient limit.

petedevine

I currently owe around £8500 on three cards but I'm confused about 0% balance transfers. Obviously I wouldn't get a 0% card with this limit, so if I transfer as much as possible I'll end up with another payment to make on top of the current three. So I'll be worse off per month.
So am I right in thinking that the advantage is that the debt will cleared quicker like this?
And what happens when the 0% card is paid off, can I then get another and do the same again, even from the same card provider?

I've just read on another thread that MBNA 0% card is trouble as sometimes they wont transfer. The checker here gave me 95% chance of obtaining MBNA.. or 80% chance for Halifax.

Sorry to go on, all replies / help very much appreciated.
Pete.

Ben8282

The advantage of the 0% card is that you will not be paying interest on the balance.
It is not possible to really predict what limit you will be given although it would be reasonable to expect a limit in the region of the existing limits although who knows you might get lucky
You won't be worse off each month as (a) you won't be paying interest on the transferred balance and (b) the minimum payments on the existing cards will reduce although obviously you should attempt to repay then as quickly as possible to reduce interest.

Yes you can get another 0% card at any time, subject to status. It is probably not a good idea to repeatedly apply to the same provider.

The MBNA situation referred to in 2 other threads is a rather strange and inexplicable situation the cause of which has not been identified.

petedevine

If I get the MBNA and have the same transfer problems then I guess I can cancel that card and try Halifax, but would doing this hurt my credit score?

baldeagle09

I am not sure I would agree with Martin's six golden rules.
I would add a 7th:- Always transfer to the 0% Balance Transfer Offer with the lowest fee (preferably 0%)
Then trickle transfers to the next lowest fee (again hopefully zero!)
It's best to go for the card with the lowest fee in the time you're sure you can repay it. If unsure, play safe and go long
Disagree again with the above sentiment.
By all means try and reduce the level of debt but at the end of the balance transfer period with hopefully 0% tfr fee, transfer any balance outstanding to a new card again with the lowest BT fee!
Not rocket science but worth thinking about if you do have debt that is hard to shift.

AnnWobbly

I want to pay off my bank overdraft with a 0% balance transfer is that possible?

eskbanker

AnnWobbly wrote: »

I want to pay off my bank overdraft with a 0% balance transfer is that possible?

No - balance transfer cards are used to shift credit card balances.

To pay off an overdraft, you need a money transfer card - read up about them at https://www.moneysavingexpert.com/credit-cards/money-transfers/ and check your eligibility at https://creditcards.moneysavingexpert.com/?money-transfers

PinkNeon

I have 7,999 on my Barclaycard. Stupid stupid I know but I am trying to confront all of this. I just tried to apply for a 0% move of 3999 - was hoping to split or reduce current cost by half as the interest is £135 so roughly £350 a month on the one card (plus another one and the interest is due to expire).
Just been refused. I really don't know what to do and would be grateful for any advice. TIA