Best Balance Transfers Discussion Area

PowerSavingMode

grumbler said:

DJDools said:

If I already have an existing balance transfer on a card from say 6 months ago, and I've been offered another promotional rate, would it be wise to move another balance over now? I'm confused as to how the two balances would be treated, and if the new transfer would cancel out the first promo rate.

You can have more than one promotional balance. If interest rates are the same then payments are normally allocated to the balance with the closest expiry date of the promotion - do check your CC T&C for how the payments are allocated.

Thank you. 

I'm presuming that the second promo 0% rate (with a 3% transfer fee) will end, then, the same date as the first one (the first one being due next Sep, and the second offer is for Dec — but this will be brought forward to the Sep date). Is that what you're saying?

grumbler

DJDools said:

grumbler said:

DJDools said:

If I already have an existing balance transfer on a card from say 6 months ago, and I've been offered another promotional rate, would it be wise to move another balance over now? I'm confused as to how the two balances would be treated, and if the new transfer would cancel out the first promo rate.

You can have more than one promotional balance. If interest rates are the same then payments are normally allocated to the balance with the closest expiry date of the promotion - do check your CC T&C for how the payments are allocated.

I'm presuming that the second promo 0% rate (with a 3% transfer fee) will end, then, the same date as the first one (the first one being due next Sep, and the second offer is for Dec — but this will be brought forward to the Sep date). Is that what you're saying?

"is for Dec" - does this mean 0% until Dec?

You can have two promotional balances - one with 0% ending in Sep, other with 0% ending in Dec. Both have to be shown separately in your statements.

Here  the expiry date is the same, but it can be different.

PowerSavingMode

grumbler said:

"is for Dec" - does this mean 0% until Dec?

Yes, I took out the 0% balance transfer offer (with a 3% transfer fee) offer a while ago, and now there is another 0% offer on the same card, valid until end of May, which will expire in 14 months' time.

wizardlopes

Are there any cards offering 0% bt that would apply to us? - we live in the Channel Islands Jersey
As refusing accepting Jersey post code

Thanks

eco87

Virgin and Tesco are currently offering a 0% for 30 months balance transfer offer. 

I have a £2k loan balance with Barclays I’d like to transfer to any of these offers… (would potentially save me up to £500 over the 30month period)… I don’t have any issue paying my current repayment, but anything to save a few quids… also, I’ve got good credit standing - so not sure I’ll be denied the card. 

Question is: is it possible to transfer loans to a balance transfer card offer?
Ive searched through the small prints of both offers, and didn’t see anywhere they made reference to transferring loans… just credit card balance transfers. 

Any idea would be appreciated…as don’t want to apply for a credit card I wouldn’t end up using…

CliveOfIndia

eco87 said:

Question is: is it possible to transfer loans to a balance transfer card offer?

No, as per your other post on the same question: https://forums.moneysavingexpert.com/discussion/6451436/balance-transfer-c-card-possible-to-settle-loan-with#latest

Pam28

I have a virgin cc which I took out for a balance transfer offer.  I fully repaid this back in the timeframe of the offer and then was hoping to get a new offer.  This didn't happen so I started to use the card for small transactions and paid off everything in full each month.  I've still not received any offers.  Is it likely they will offer something?  Or should I just close the card?  It's a shame as they offered a higher limit than most new cards offer me.

Martico

Pam28 said:

I have a virgin cc which I took out for a balance transfer offer.  I fully repaid this back in the timeframe of the offer and then was hoping to get a new offer.  This didn't happen so I started to use the card for small transactions and paid off everything in full each month.  I've still not received any offers.  Is it likely they will offer something?  Or should I just close the card?  It's a shame as they offered a higher limit than most new cards offer me.

I kept a Virgin CC after a BT offer. That's paid off now, and I get occasional new 0% BT and MT transfer offers from them. From memory, it was about a year after I'd paid off the first BT that a new offer was made to me. That's not to say one will definitely come, of course, just that they have re-offered in the past

andytwonames

I'm looking for a BT card. I'm getting mixed results.
The eligibility calculator shows me a bunch of pre approved cards.
I'm also a member of the credit club and a check on there for 0%cards shows a completely different result set.
What's going on? Which do I believe?

tastyfish

Curious to know why MSE isn’t mentioning Santander’s NO FEE 0% 12-month balance transfer card. Nor the 15-month NO % FEE (there’s a £3 monthly account fee instead). The 26-month balance transfer card with 3% fee is mentioned.