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Best Balance Transfers Discussion Area

edited 10 June 2010 at 12:31PM in Credit Cards
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  • Jo4Jo4 Forumite
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    moggles wrote: »
    On the face of it, it's hard to see why anyone would want to transfer a balance from a card which charges 5.9% APR to one that offers 6.9% APR and charges a 2.5% handling fee for the privilege :confused:

    Perhaps the requirement to spend £1 per month on this card has become more troublesome than it's worth. Are these purchases trapped on the card attracting interest, perhaps, at the standard rate?

    There is exactly £1 being spent on the card every month. These purchases on the card are attracting interest at the standard rate, although what the interest rate is I am not sure and I cannot telephone friend at this time of the day to find out.

    Sorry for not making it clear that friend has an exisiting balance transfer on this card. The exisiting balance transfer requires £1 to be charged to it every month so that friend can maintain the balance transfer rate of 5.9% apr. The letter they received is offering them do complete another balance transfer with their remaining cash limit. The rate would be 6.9% apr with 2.5% handling fee.

    Should they do a balance transfer to this card or not?
  • Hiya

    I am new to this site and I am also looking to do a balance transfer. I am not sure which way I am going yet as I am still researching, but as part of that, I have looked into being able to transfer overdraft balances from a current account as well as other credit card balances? Is this possible? I was sure a few years ago I saw an advert for a card that would allow you to do this, but I am not sure if this is still about.

    Does anyone know if you can actually transfer overdraft balances as well?

    Thanks in advance!
  • Paul_JPaul_J Forumite
    103 posts
    sammy452 wrote: »
    Thanks for the previous advice, am going to give the M & S card a go.
    However, one further question, how am I going to assure I get a credit limit of around £7000 to cover the balance transfer? I could go through the whole process and only receive a limit that is considerably lower, is this a chance I have to take?
    Sammy, when you receive your card and notification of your credit limit, if its lower than you had hoped, simply ring them up and ask if it's possible for them to increase your limit.
    I did when I got my M&S card (to transfer a balance) and they upped it from 6k to 7k no problem.
  • wallofbeanswallofbeans Forumite
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    im wanting to transfer some money to my egg card that i got in december last year... i was worried that i only had a 6 week period to use the 0% offer but i called them and they said i have until september 2009 to use it which is a whole lot longer than i thought!

    my next question is, has anyone done a balance transfer with mint on their website? ive got all my log in details and everything set up and logged in, went to the balance transfer page and says something about entering a promo code if you have one... should i have one for this 0% deal im on? or will it just automatically be applied to any balance transfer i do? if so, then whats this promo code thing all about..?
  • moggles wrote: »
    Firstly, are you a potential new customer or an existing Goldfish cardholder?

    Secondly, is this offer addressed to you personally or is it a mailshot to "the occupier?"

    Hi, I'm a potential new customer and it's addressed to me
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    Originally Posted by Jo4
    Sorry for not making it clear that friend has an existing balance transfer on this card. The existing balance transfer requires £1 to be charged to it every month so that friend can maintain the balance transfer rate of 5.9% apr. The letter they received is offering them another balance transfer with their remaining credit limit. The rate would be 6.9% apr with 2.5% handling fee. Should they do a balance transfer to this card or not?

    So the new balance transfer deal is from the same lender, Barclaycard. In that case, I would think very carefully before taking up this latest offer.

    Much depends on the time needed to clear this debt. £1 per month may not sound all that much, but these mounting purchases remain trapped on the card attracting interest at their standard rate (typically 14.9% APR) until the low-interest balance transfer(s) are fully paid off. Remember their standard rate, whatever it happens to be now, is not fixed like the balance transfer deals. It's variable. Barclaycard could decide to raise this rate higher still at any time :eek:

    Another point to consider is the possibility of a slip up. What happens if the retail transactions posted to their account arrive later than expected or Barclaycard changes the payment due date? If the 5.9% rate was withdrawn, that balance would also be charged at a variable standard rate and trapped on the card until the 6.9% balance was repaid.

    If your friends are forking out lots of interest on other borrowings, they may be better off with a new card. To help you further, we need to know which other credit cards they currently hold.
    People who don't know their rights, don't actually have those rights.
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    Originally Posted by Johnnyboy114
    I have looked into being able to transfer overdraft balances from a current account as well as other credit card balances? Is this possible? ... Does anyone know if you can actually transfer overdraft balances as well?

    A handful of rather special cards will allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account.

    A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) Egg Visa or the Post Office card

    Alternatively, you can use Egg Money [not to be confused with the Egg Visa card] in conjunction with any low-rate balance transfer card.

    Mint periodically issues credit card cheques, which can be paid directly into your current account
    People who don't know their rights, don't actually have those rights.
  • I could really do with some advice! I've never done a BT before and I need to transfer £7500 on a 0% M and S card by 11.03.08. I read in the article on the main site that the MBNA card range (including Abbey) tend to offer higher credit limits whereas Barclaycard tend to offer less. I know the credit limit you are offered is down to individual factors, but can anyone tell me how they got on with a balance transfer to an Abbey card and if they got a credit limit much lower than they needed? Also, am I more likely to get a higher credit limit on the MBNA Platinum card as it is a platinum card?

    Thanks a million!:A
    Peace and love! :happylove
  • ArbieArbie Forumite
    58 posts
    Further to my previous posts, I applied for the Egg card (3% fee, 0% for up to 15 months) this evening...but didn't get an instant decision online. Hoping this isn't bad news - for the first time, I'm linked to the other half by a joint current account for bills; and she has considerably more debt (and a lower income) than I do; and I would suspect a poorer credit rating. I really hope this hasn't screwed me over, as the bills account wasn't even a necessity!!
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    Originally Posted by wallofbeans
    I'm wanting to transfer some money to my Egg card that I got in December last year. I was worried that I only had a 6 week period to use the 0% offer but I called them [Who?] and they said I have until September 2009 to use it, which is a whole lot longer than I thought!

    September 2009? Are you sure? That would be 0% for 20-21 months.
    Has anyone done a balance transfer with Mint on their website? I've got all my log in details and everything set up and logged in. Went to the balance transfer page and says something about entering a promo code if you have one. Should I have one for this 0% deal I'm on or will it just automatically be applied to any balance transfer I do? If so, then whats this promo code thing all about?

    Did you sign up with Mint via another website? If so, you may have a promo code.

    More importantly, what's become of your credit agreement? If you haven't kept a copy, I would request one first from Customer Services.

    IMO, it's more important to be clear about the terms of the deal you've been offered, before you commit yourself to a balance transfer. The Ts & Cs currently advertised on Mint's website may be different from yours.
    People who don't know their rights, don't actually have those rights.
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