Best Balance Transfers Discussion Area

Walshamboy

Thought I would transfer my existing balance from my Halifax Card onto the Abbey Zero as could do it for nothing. Filled in application online and waited a few days for forms to come through. Rang up to see what was happening and they found my application. They told me to ring another number the next day as it was after 5pm. Rang the number given and it turned out to be a fax number. Waited til next day and then rang again. Kept on hold for ages and then told that they had used my previous address as a current address. Advised them of the change and then waited another couple of days. Rang again to see what was going on and kept getting out on hold. They then advised that they had no record of my application. Told them to stick it as didnt want to get charges on my existing card as was nearing payment date. They weren't bothered. Doesnt seem like they want new business, at least not mine. :mad: :rolleyes:

Moggles_2

Walshamboy wrote: »

Thought I would transfer my existing balance from my Halifax Card onto the Abbey Zero as could do it for nothing. Filled in application online and waited a few days for forms to come through. Rang up to see what was happening and they found my application. They told me to ring another number the next day as it was after 5pm. Rang the number given and it turned out to be a fax number. Waited till next day and then rang again. Kept on hold for ages and then told that they had used my previous address as a current address. Advised them of the change and then waited another couple of days. Rang again to see what was going on and kept getting put on hold. They then advised that they had no record of my application. Told them to stick it as didn't want to get charges on my existing card as was nearing payment date. They weren't bothered. Doesnt seem like they want new business, at least not mine. :mad: :rolleyes:

Online applicants have reported the sort of delays we've come to expect from Santander/Abbey (see #589 above, for instance).

If you want your application processed within weeks, rather than months, I would apply in-branch

Mike_JB

Altogether we have outstanding debts of £25,000 on various cards. At the moment I am paying back approx £1000/month. Even though I'm paying back more than the minimum amount each month, with the high interest rates, they don't seem to be going down very much. Is it possible to get all or most of this outstanding amount onto 0% balance transfers, so that my payments actually pay the cards off, rather than just interest.

Moggles_2

Mike_JB wrote: »

Altogether we have outstanding debts of £25,000 on various cards. At the moment I am paying back approx £1000/month. Even though I'm paying more than the minimum amount each month, with the high interest rates, they don't seem to be going down very much. Is it possible to get all or most of this outstanding amount onto 0% balance transfers, so that my payments actually pay the cards off, rather than just interest?

Provided that your credit files are in good shape, it should be possible to shift at least some of your debt to one or more 0% balance transfer cards and save money. Martin's *Best Balance Transfers* article is the place to start http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

To help you further, we need to know which cards you have at the mo.

Mike_JB

Thanks for the quick reply. Typically the credit cards are CAPITAL ONE, MONUMENT, MARBLES and the AA.

Moggles_2

Mike_JB wrote: »

Thanks for the quick reply. Typically the credit cards are CAPITAL ONE, MONUMENT, MARBLES and the AA.

To maximise the 0% period, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge. Alternatively, you'd get 14 months with Egg card. A 3 % BT fee applies.

You can transfer any of your existing balances to either so, credit limit permitting, I'd shift the one(s) with the highest APR(s) first, if I were you.

Mike_JB

Thanks, will try both.

molley

Tonight I aplied online for a Paypal Credit card and asked to transfer my Capital One balance as the interest rate they charge is horrendous .It took me about 3-4 minutes from starting to complete the form to being told that I had got it .The Interest Free purchases peiod is 6 months and 9 months for balance transfers ( 2.5% Fee) .

It might still only be available to Ebay/Paypal customers but others are s'posed to be getting access in Mid May and we are already past that .

I couldn't believe how quickly it was done .

Moggles_2

molley wrote: »

Tonight I applied online for a Paypal Credit card and asked to transfer my Capital One balance as the interest rate they charge is horrendous. It took me about 3-4 minutes from starting to complete the form to being told that I had got it .The interest free purchases period is 6 months and 9 months for balance transfers ( 2.5% fee) .

It might still only be available to Ebay/Paypal customers, but others are s'posed to be getting access in mid May and we are already past that. I couldn't believe how quickly it was done .

Were you told your credit limit?

Egg, Halifax, Mint, the Post Office and Virgin give instant decisions and credit limits
as well.

I got instant acceptance from Capital One too but, if memory serves, waited three or four days for the limit.

Egg lets you do everything on line. You tick a box to "sign" Virgin is set up so you can sign electronically as well.

Caution: it normally takes a minimum of 14 days to process a credit card application and balance transfer request. IME, there's little you can do to chase up applications and requests, so best practice is to allow at least 5 weeks, plus extra time to compensate for any public holidays in between

molley

Moggles wrote: »

Were you told your credit limit?

Egg, Halifax, Mint, the Post Office and Virgin give instant decisions and credit limits
as well.

I got instant acceptance from Capital One too but, if memory serves, waited three or four days for the limit.

Egg lets you do everything on line. You tick a box to "sign" Virgin is set up so you can sign electronically as well.

Caution: it normally takes a minimum of 14 days to process a credit card application and balance transfer request. IME, there's little you can do to chase up applications and requests, so best practice is to allow at least 5 weeks, plus extra time to compensate for any public holidays in between

They told me that my limit is £2000 which is fine by me .I also have a Virgin card so probably should have transferred that as well but I can still do it within 6 weeks . Paypal lets you "sign" as well