Best Balance Transfers Discussion Area

JimmyTheWig

Asmo wrote: »

I'm willing to give it an outside punt, whereabouts should I start?

Have a look at http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#poorer. Looks like MoneySupermarket's Smartsearch facility is the way forward...

Moggles_2

A credit card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card, will allow you to transfer an overdraft to the card, in other words shift cash from the credit card to your bank account. A BT fee applies, but there are no other charges during the 0% period.

Alternatively, you can use Egg Money (not to be confused with Egg card) in conjunction with any low-interest balance transfer card to move funds to your current account.

Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as cheques cannot be ordered and you never know when the next ones will turn up in the post.
Note: other lenders (eg. Barclaycard, Morgan Stanley) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn :eek:

JimmyTheWig

With limited credit history I'd say give Egg Money a miss. Up to you if you want to go for it, but I think they're harsh.

Do Abbey also allow transfers to pay off an overdraft? They did a little while ago.

The other option would be a card with a long 0% for purchases deal. Wouldn't help immediately, but you could use this card for all your spending and reduce your overdraft accordingly.

JimmyTheWig

Thinking about it, Asmo, is there anyone you know (parents, etc) who could lend you the money at, say, 10% interest? It would be a great investment for them (much better than they'll get on their savings) and would save you a heap of money.
Even if they could lend you some of the money on this basis it would help.

If there's no-one who _can_ lend you the money then fair enough that won't work. But if there's no-one who _will_ lend you the money (e.g. because you haven't got a permanent job) then you need to think why would a bank or credit card company lend yuo the money...

Asmo

Moggles wrote: »

A credit card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card, will allow you to transfer an overdraft to the card, in other words shift cash from the credit card to your bank account. A BT fee applies, but there are no other charges during the 0% period.

These MBNA options: I assume I have a set period at 0% before interest charges are applied? Do they charge for transactions or purchases made with the credit card?

JimmyTheWig wrote: »

Thinking about it, Asmo, is there anyone you know (parents, etc) who could lend you the money at, say, 10% interest? It would be a great investment for them (much better than they'll get on their savings) and would save you a heap of money.
Even if they could lend you some of the money on this basis it would help.

If there's no-one who _can_ lend you the money then fair enough that won't work. But if there's no-one who _will_ lend you the money (e.g. because you haven't got a permanent job) then you need to think why would a bank or credit card company lend yuo the money...

I've thought about this option at length. Basically my parents are going through difficult times and I've elected not to inform them about my finances, as they have more important things to worry themselves with. However, I do have a couple of uncles that may be open to helping me out.

Again, thanks guys. Terrific community you have here.

Moggles_2

Asmo wrote: »

These MBNA options: I assume I have a set period at 0% before interest charges are applied?

Yes. To maximise the 0% period, 15 months is currently available to new customers from Virgin. A 2.98% BT fee applies

Moggles_2

Asmo wrote: »

Do they charge [interest] for purchases made with the credit card?

Yes. This is exactly the trap MBNA calculates some customers will fall into and it's one of the main ways, IMO, this lender stands to make money. Those taking up the 0% balance transfer, are offered interest-free purchases for just 3 months and then bombarded with advertising aimed at persuading them to spend on the card as well.

It's advisable to keep your balance transfer(s) and purchases on separate credit cards. This is because under the terms of this and most 0% promotions, monthly repayments are allocated to the transferred balance(s) first, while retail transactions sit on successive monthly statements attracting interest at the standard rate, which is variable :eek:

Martin's golden rule: never, EVER spend on a credit card after balance transferring to it! Definitely not money saving

iwilliams0511

Just wondered if this is possible.

I have a offset mortgage. I have an excellent credit rating also.
Would it be possible to get a 0% CC and do a balance transfer to my current account without charges?
If so i would reduced my mortgage interest during the free 0% period.

Thanks in advance

CannyJock

iwilliams0511 wrote: »

Just wondered if this is possible.

I have a offset mortgage. I have an excellent credit rating also.
Would it be possible to get a 0% CC and do a balance transfer to my current account without charges?
If so i would reduced my mortgage interest during the free 0% period.

Thanks in advance

Very possible. And probably the most tax-efficient thing you can do with your savings income.

Welcome to the world of stoozing. Martin's got an article on it. There's the stoozing sub-board and the stoozing website itself (supported by MSE) at www.stoozing.com

You should find a load of reading on it there. If you need further details, post to the stoozing sub-board.

Make sure you're aware of the affect big-time stoozing can have on your credit rating for the short-medium term.

And whatever you do, make sure you set up a direct debit for the minimum repayment on the card or you'll join the people who's cheques get lost in the post or statement dates change or online banking doesn't transfer funds in time, or who pay in at a branch or any number of things go wrong. Set up a direct debit for your minimum - doesn't matter how many years you've had credit cards and paid by cheque without a problem. Do it by direct debit.

Josephinia81

Hi,

I've decided to pay off part of my wedding with a balance transfer card and was planning on putting around £4000 on (which is fine on my purchases credit card) - I'm assuming I'll have to put this onto two balance transfer cards as it's so high, but don't know how long to leave it between applying for different cards?
Any advice welcomed please!!!
Thank u