Best Balance Transfers Discussion Area

fat_head_2

Hi,

I have about £2,000 debt on a Halifax card. My 9 months 0% runs out at the end of May. I'd like to transfer the balance, but also find a good spending deal too. Should I apply for 2 different cards? Or go for something like the capital one deal (0% on both balances and purchases)? I haven't checked, but I imagine my credit is fine, although I did move house recently.

I'm also going to the States in June. Would it be a good idea to apply for a Nationwide card, pay off the holiday spending, then transfer my Halifax balance?

Finally, I have some money in an ISA. Am I being stupid hunting for good credit card deals rather than paying everything off with the ISA money?

Many thanks in advance.

NickX

fat_head wrote: »

Finally, I have some money in an ISA. Am I being stupid hunting for good credit card deals rather than paying everything off with the ISA money?

Not stupid at all - if you can borrow the money at 0% or close to 0%, and keep your ISA investments, then you are making a profit. This makes perfect sense and is known as Stoozing, something which some members here have been very successful with :beer:

larmy16

As stated above I am a balance transfer virgin and this is a very long thread, so forgive me if I am asking something that has been covered many times.

I currently have a debt of under £1,000 with Allicance/Leicester. I want to pay this off, so have asked for the Virgin 15 months 0% deal card. According to an email I have been accepted but it would take up to 10 days. In the meantime I paid £50 to AL to stop incurring a late payment fee.

I know they both are members of MBNA, but will they just transfer the original amount I stated I owed or will it be minus the £50 I paid. Sorry to be so dense:o but I just want to get my head clear on this being my first time;).

Thanks to all you BT experts in advance.

JimmyTheWig

larmy16 wrote: »

As stated above I am a balance transfer virgin and this is a very long thread, so forgive me if I am asking something that has been covered many times.

I currently have a debt of under £1,000 with Allicance/Leicester. I want to pay this off, so have asked for the Virgin 15 months 0% deal card. According to an email I have been accepted but it would take up to 10 days. In the meantime I paid £50 to AL to stop incurring a late payment fee.

I know they both are members of MBNA, but will they just transfer the original amount I stated I owed or will it be minus the £50 I paid. Sorry to be so dense:o but I just want to get my head clear on this being my first time;).

Thanks to all you BT experts in advance.

If both cards are run by MBNA then I don't think that you can do a balance transfer from one to another anyway.
The best thing for you to do is to get Virgin to transfer the money into your current account (as if it was paying off an overdraft) and then pay A&L yourself. Paying the money into your current account is what Martin calls a Super Balance Transfer.
You will have to tell Virgin how much you want them to transfer.

Well done for paying the £50 - I think lots of people get caught out by this as they think it will all be sorted.

JimmyTheWig

Rock777 wrote: »

EARN MONEY EASILY...

Reported...

basilseal

Hello, i was hoping someone could help me with my problem. I'm self employed and over the past two years i've suffered severe financial difficulties with my compnay, i've managed to just about keep afloat and hopefully from now on it appears that i might be turning a corner, but i have run up a number of debts that will take me some time to pay off, the most pressing is my egg credit card which was used i used to pay essential bills, which currently has a balance of £12,700, i'm paying the minmun ammount every month because this is for the imeadiate future all i can afford. egg have canceled my account and are charging me a whopping 29.9% apr, which amounts to the minimum repayment every month.

So the upshot is, the debt isn't getting any less. This is the only card i have, and i've had a couple of default notices on it, though it is currently up to date with payments, i also have three CCJs which have been paid. So i can't see me being able to get further less expensive credit.

Any suggestions?

Moggles_2

basilseal wrote: »

I'm self-employed and over the past two years i've suffered severe financial difficulties with my compnay. I've managed to just about keep afloat and hopefully from now on it appears that i might be turning a corner, but i have run up a number of debts that will take me some time to pay off. The most pressing is my Egg credit card which was used to pay essential bills, which currently has a balance of £12,700. I'm paying the minimum amount every month because this is for the imediate future all i can afford. Egg have cancelled my account and are charging me a whopping 29.9% apr, which amounts to the minimum repayment every month.

So the upshot is, the debt isn't getting any less. This is the only card i have and i've had a couple of default notices on it. Though it is currently up to date with payments, i also have three CCJs which have been paid. So i can't see me being able to get further less expensive credit.

Any suggestions?

MSEs viewing this thread are interested in best balance transfers. Your post raises some other issues and you may get replies more quickly, if you post again on the *Debt-Free Wannabe* board. You'll get lots of support there.

Very best, M

basilseal

fair enough, i'll do that then

GeCon

I was wondering whether anyone can advise me on the following:

Would I be charged interest on the BT fee on a Virgin CC?

King_Weasel

GeCon wrote: »

Would I be charged interest on the BT fee on a Virgin CC?

No, so long as you pay the minimum balance in time. What Virgin normally do is charge the fee in full on the first payment (plus £5), but then only charge £5 pm thereafter.