Best Balance Transfers Discussion Area

robm84

Hi. Apologies if this has already been asked, but I'm struggling to find an answer. I am trying to find out if the debt needs to exist at the time of applying for the balance transfer card? I am looking at making some spending in a month or two that I may not be able to pay off within the month, so was looking at the possibility of putting this debt onto a balance transfer card to allow me to pay it off at 0% interest over the course of 4-6 months instead. I would be cautious about making this spending if I can't put this plan into action, but I am concerned my transfer would not be approved if it isn't on my credit file at the time of making the transfer card application. Does anyone know the answer to this? Thanks!

born_again

Debt does not need to exist, but many transfers have to be done within a certain period.
Might be better getting a 0% purchase card.

rab60bit

Followed your advice regards a Natwest 0% no fee balance transfer and opening their Cash ISA account in order to qualify. That took about a week and I can access on-line the account which I set up with a £10 deposit. Unfortunately I'm finding it impossible to apply for the balance transfer as I can't get past the initial sign-on to complete the application details and I'm now in a continual loop "Ooops looks like something went wrong, go back and try again" - it's a great way to spend a few useless unproductive hours!!! I've tried using my laptop and the NW on-line help (absolutely a useless 'toy' in this case) and also tried via their on-line banking App. (which I inherited after establishing the Cash ISA last week), still no progress.
Got any suggestions because I'm running out of time before I have to try a balance transfer with someone else (I've no credit problems with qualifying) but it's very frustrating.

shellyann20

HI
can you do a balance transfer from one MBNA card to another if it has been pre approved?

burkey365

Hi I don't understand this properly so hoping someone can help I want to transfer a debt of £600 to a 0% balance transfer to a virgin card I di d this online and got accepted and typed in the amount for them to transfer I received my card but nothing has actually moved over to it. Is this just a delay and also is it free to do this and as it says 0% for 29 months does this mean everything I pay will come off the total each month with nothing added please help me anybody

AJ84

When did you do the balance transfer - ie how many days/weeks/hours ago?
In my case, most times, its taken 3-5 days to clear and thats on an existing card mainly because of security checks etc.  As this is your first time on a new account, it might take a bit longer.
Can you see the "available" balance from the original account increase?  Sometimes this increases by the BT amount (600 in your case) but the cleared has not changed until the transaction is complete.
And yes you will have a minimum to pay but essentially what you pay over the 29 months towards the £600 pays off the debt and no interest is added.  So today might be £600, you pay in £50 tomorrow and your balance will be £550.
Obviously try and pay more than the minimum to pay off earlier before the promotional 29 months end and do not miss a payment otherwise you will most likely lose out on the promotion and go back to whatever rate they have stated

veramayho

Without Money Saving experts I'm not too sure I would go ahead and get a credit card. They have made it simpler for me to understand. 

catd9g

Hi i have a holiday booked on my credit card which as now been cancelled due to covid 19 i payed the deposit off in January and the second payment  was taken in april for the may holiday and the package company wont give me my money back so i have been intouch with my card company for a section 75 refund my question is can i transfer the cost to a interest free card or would that cause me problems 

eskbanker

catd9g said:

Hi i have a holiday booked on my credit card which as now been cancelled due to covid 19 i payed the deposit off in January and the second payment  was taken in april for the may holiday and the package company wont give me my money back so i have been intouch with my card company for a section 75 refund my question is can i transfer the cost to a interest free card or would that cause me problems 

Doing so won't affect your s75 claim - a balance transfer simply makes a payment to your current card account, so makes no difference to their liability for prior transactions.

JJay20

Hi,
I applied and was approved for a BT 0% card with Fluid for 9 month. I tried several time. to transfer my existing balance with Virgin Money but was told by Fluid that they could find no details of my credit account with Virgin. I contacted Virgin who said there was no issue the account was active. I pay them every month! I was told to contact TransUnion to check my credit file. I was informed by TransUnion that they do not work with Virgin Money. However Experian do have all the relevant up to date information on my credit file. I tried several more time and still had not success. Fluid said there was nothing they could do. Is this common and how can I resolve this?
Thanks
J