Best Balance Transfers Discussion Area

Moggles_2

crunchynutbiscuit wrote: »

I have just finished paying off a loan with HSBC for £1800 and have £7000 on my HSBC credit card. I am trying to work out what would be the best way to go about paying this off with as little intrest as possible.

The BT article mentions the barclaycard platinum being a good idea because it has a low rate for the life of the card but this thread seems to disagree.

Congratulations on paying off your HSBC loan.
:beer:

Martin's article does include a warning about Barclaycard's rate for risk policy. Unfortunately, the HSBC deal is no longer available, which leaves Citibank and Citi, like Barclaycard, is not known for generous credit limits.

Have you considered 0% BT cards?

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. A 3 % BT fee applies.

molley

Moggles wrote: »

Congratulations on paying off your HSBC loan.
:beer:

Martin's article does include a warning about Barclaycard's rate for risk policy. Unfortunately, the HSBC deal is no longer available, which leaves Citibank and Citi, like Barclaycard, is not known for generous credit limits.

Have you considered 0% BT cards?

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. A 3 % BT fee applies.

Halifax do 10 months with a 3%fee as well

Petmidget

A word of warning on LTSB, similar trick to Barcalycard as mentioned above.

A week ago an "offer" popped up in my online banking with LTSB, trying to flog me one of their cards. Had a 0% ending so thought take a look.

Offer was 14 months 0%, 3% fee. Though that is rather good for me, I'll have that.

2 minute application, no opportunity to request a limit or to do a transfer at app stage.

No card has arrived yet but account has been opened on my online banking, with a rather low limit for my needs. Goes to BT section, instructed to call them, so I did. No 0% offers avaiable, told would have to go online to get it, went back and attempted to do online BT, 6 months only. Called back and managed to haggle 12 months but they wouldnt give me what they had promised initially.

http://www.lloydstsb.com/credit_cards/platinum_card.asp

If the link works, it clearly states 14 months at opening of account.

Moggles_2

molley wrote: »

Halifax do 10 months with a 3%fee as well

The Hally's All in One card appeals to those looking for 0% on purchases as well as BTs.

To maximise the 0% period on BTs, 13 months is available on the Halifax Plus card
http://www.halifax.co.uk/creditcards/pluscard136.asp

Moggles_2

Petmidget wrote: »

A week ago an "offer" popped up in my online banking with LTSB, trying to flog me one of their cards. Offer was 14 months 0%, 3% fee. 2 minute application, no opportunity to request a limit or to do a transfer at app stage.

No card has arrived yet but account has been opened on my online banking, with a rather low limit for my needs. Goes to BT section, instructed to call them, so I did. No 0% offers available, told would have to go online to get it, went back and attempted to do online BT, 6 months only. Called back and managed to haggle 12 months but they wouldn't give me what they had promised initially.

http://www.lloydstsb.com/credit_cards/platinum_card.asp

If the link works, it clearly states 14 months at opening of account.

Isn't the 0% balance transfer conditional on a minimum £100 spend?

JimmyTheWig

Moggles wrote: »

Have you considered 0% BT cards?

£7000 strikes me as a lot to be trying to tart on 0%. Not convinced you'd get much paid off within the 14/15 months it was at 0% and then you'd be forced into switching. I would have thought for this sort of balance (unless the OP has plently of money to pay off each month) would be better as a life of balance rate.
With the credit crunch, who's to say what sort of deals will be around in 14/15 months time?

Martin's article does include a warning about Barclaycard's rate for risk policy. Unfortunately, the HSBC deal is no longer available, which leaves Citibank and Citi, like Barclaycard, is not known for generous credit limits.

The problems I can see recently on this thread are that some people get turned down for the card, some don't get good credit limits and one poster didn't get their 0% offer (irrelevant in this case).
The question is, then, crunchynutbiscuit, how good do you think your credit rating is? If you think it's good enough then I'd say apply.

My thinking is apply for the Barclaycard. If you get it but not enough of a limit, then apply for a 0% card for the rest of what you need. Then try to pay off the 0% card before the 0% runs out, leaving your whole outstanding balance on Barclaycard's low rate for its life.


How much per month are you thinking of paying off?

molley

Reads that way to me as well as long as you remember this caveat so looks like a complaint to some regulatory authority as false advertsisng .FSA ? ASA ?
"
You must spend a minimum of £100 in the first three months to get the introductory balance transfer offer for the Platinum, Advance and Airmiles Duo credit cards. If purchases are less than £100 in the first 3 months the introductory offer is for 3 months from when the account was opened.
Monthly payments reduce the balance transfer first so you pay interest on purchases at the standard rate until balance transfers are paid off. For the Advance credit card you won’t pay interest on purchases at the standard rate until after the 6 month introductory interest free period on purchases ends."

So you'll be paying interest on the £100 spend until the BT is paid off

---

Petmidget wrote: »

A word of warning on LTSB, similar trick to Barcalycard as mentioned above.

A week ago an "offer" popped up in my online banking with LTSB, trying to flog me one of their cards. Had a 0% ending so thought take a look.

Offer was 14 months 0%, 3% fee. Though that is rather good for me, I'll have that.

2 minute application, no opportunity to request a limit or to do a transfer at app stage.

No card has arrived yet but account has been opened on my online banking, with a rather low limit for my needs. Goes to BT section, instructed to call them, so I did. No 0% offers avaiable, told would have to go online to get it, went back and attempted to do online BT, 6 months only. Called back and managed to haggle 12 months but they wouldnt give me what they had promised initially.

http://www.lloydstsb.com/credit_cards/platinum_card.asp

If the link works, it clearly states 14 months at opening of account.

JimmyTheWig

molley wrote: »

Reads that way to me as well as long as you remember this caveat so looks like a complaint to some regulatory authority as false advertsisng .FSA ? ASA ?
"
You must spend a minimum of £100 in the first three months to get the introductory balance transfer offer for the Platinum, Advance and Airmiles Duo credit cards. If purchases are less than £100 in the first 3 months the introductory offer is for 3 months from when the account was opened.
Monthly payments reduce the balance transfer first so you pay interest on purchases at the standard rate until balance transfers are paid off. For the Advance credit card you won’t pay interest on purchases at the standard rate until after the 6 month introductory interest free period on purchases ends."

So you'll be paying interest on the £100 spend until the BT is paid off

---

Presumably you could make the £100 purchase and pay it off, then do the balance transfer...?

CheekyMonkey

Applied last night for a Virgin credit card with the 15 month interest free on transferred balances. Final screen states that you have to call a number to 'confirm' a couple of things, otherwise you will have to wait 7-10 days.

As I was at a loose end this afternoon I decided to call them and after a couple of questions - I was shocked to be declined. Apparently with an outstanding C/C balance of £6500 over 4 cards Im living beyond my means. I only wanted to transfer £2k to the new card - anyone else had issues with Virgin? I've never missed a payment on the other cards and the combined limit is over £11k so Im very confused !!! :mad:

molley

JimmyTheWig wrote: »

Presumably you could make the £100 purchase and pay it off, then do the balance transfer...?

Hmmm.Sounds possible as you have 6 weeks to do the transfer but the question still remains as to why the OP didn't get what he wanted .I'd be going back on the 'phone and questioning why and mentioning a possible complaint to the FSA .