Best Balance Transfers Discussion Area

ZMikke

Virgin Money Credit Card refused a balance transfer from JaJa - on the basis that it’s a Norwegian card and not a UK card.  Plan your exit from JaJa early ! How can the FCA let this situation arise?

adouas

Just got a Virgin Credit card actually, 8000 GBP limit. My 2 Credit Cards HSBC and MBNA with 6750 GBP on them at 0% interest were coming to an end, so wanted to make the move and also consolidate the two cards onto one. 

1% fee for 20 months 0%, not bad. Santander have the best one I think, but the issue is they don't seem to accept people who don't have an account history with them! HSBC are good too, but I have an HSBC credit card so clearly can't transfer balance to them Lloyds offered me 10k limit but the fees were higher and it was I believe 15 months. 

evilgrandma

I have two 0% balance transfers at mbna , one expires in feb, the other in june. The whole of my monthly payment is being used to clear the june debt first, as its top of the  list in the summary box, meaning the feb balance is not reducing at all, despite the fact that i'm paying way more than the minimum payment required. Is this normal?

[Deleted User]

Correct.  Payments are allocated according the card's criteria, not split across various ones.

molerat

Have you read your T&Cs ?  Are the payments being applied in accordance with those T&Cs ?

We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.

If there is more than one type of balance at the same interest rate, they are normally paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first. We may apply your payments differently if you are in persistent debt (see B7.8).

MoneyLovesCompany

A lifetime ago I used to be a stoozer. It was totally free money. And then the banks got wise to people like me and started applying balance transfer fees which negated the transactions. So I stopped, which i what they wanted.
It is really good to see zero fees, 0% cards back again. Unfortunately, with savings accounts interest rates being so very, very, very low, it's hardly worth the bother . . . at the moment. We shall see.

anjyeah

I wonder if this is the right thread to post as I don't really want to make a new thread on my own for a simple question - ish. 

Anyway, I have been looking at 0% balance transfers recently and got pre-approved for Virgin Money, on is 29 months with a transfer fee of 3.0%, the other is 26 months with 1.25% transfer fee. The rest are Fluid, Aqua, Marbles which are all high interest should the period end. 

I have at least £9,000 CC on Barclaycard at present, paying £600 a month. How much estimated credit limit am I looking at should I apply for Virgin Money? Because I really want to shift all my debts into one card and pay it off as soon. If I maintain my monthly, I could easily pay the debt in at least 15 months. 

[Deleted User]

Virgin will tell you your limit when (if) you're accepted as it's based on your risk levels. 

But accept anything you're offered. Don't worry if it's not enough to put everything in one place.

anjyeah

Deleted_User said:

Virgin will tell you your limit when (if) you're accepted as it's based on your risk levels. 

But accept anything you're offered. Don't worry if it's not enough to put everything in one place.

Thanks! I took the 1.25% deal and got approved for the amount I requested. It was all new to me and glad I did it now. 

BostonCeltic

Hi there, totally new here but need some help or guidence so i can stop being milked for interest via my bank Santander and get a Zero Credit Card paid off.

I currently pay £300 a month towards the only credit card i have (Santander Zero). The balance left right now is £3,938.32 but i am being charged roughly £50 - £70 interest as well per month so im just really not getting this sorted as quickly as i would like.

I had a look at transfers a few months ago and opted to try an M&S card, i was refused. I was shown to be 95% likely to be approved but was denied.

I then looked at a Barclays card and was approved stage 1 but when it came to confirming address with 2 pieces of documentation i fell short as my bank statements are registered to my parents home and my drivers license is registered to my London address. I had literally no other forms of viable proof as all bills etc go through my landlord so of course i was denied.

Ive had a look at others but also with these 2 denials my credit score is getting a kicking so my options are fewer now!!!

I pay all my car payments, phone bill and other direct debits on time ALL the time so im alittle annoyed that when im trying to sort my finances out its proving so hard to amend.

I just want to get the balance above transfered to a new CC with no interest for say...12 or 24 months or whatever and there be no fee for the transfer too ideally.

Can anyone help me on this please?