Best Balance Transfers Discussion Area

Moggles_2

Petmidget wrote: »

As to spending the £100 and paying it off, bit too risky in timing. I imagine I would have to wait for a statement to pay it off (no doubt buried in terms somewhere), meaning 6 weeks will be touch and go. I would rather pay the few £s.

Some MSEs have reported doing this successfully, but it's your choice really.

Originally Posted by Petmidget
But CS and BT sections seem totally oblivious of this being advertised. Ad does say account to be opened online, which I did. But doesn't state BT to be done online, and even then the online BT only offers 6 months not 14.

Most lenders would not accept BT instructions in these circumstances. You either complete the BT request section (if there is one) during the application process or wait until the new card arrives. MBNA sometimes sends out credit card cheques which can be used before activation, but that's exceptional.

Once you have your new card, your BT request should proceed smoothly. If not, please keep us posted.

Danxx

Hi,

After a few problems mentioned... Thanks for replies! Now I can see the lights!

I decided instead to apply online for a creditcard to just open a new account and ask for an overdraft. Fantastically great news as HSBC offered me 800pounds overdraft plus 1500pounds creditcard which I can even have a 0% balance transfer repayment in a year or 2.9% for 24months repayment!
My Experian says I have all payments satisfactory up to date. Only thing I have delayed payment was my Orange phone bill but this month is fine.

For the balance transfer I only need 1100pounds to pay it off to Vanquis. I thought to apply for another card like EGG, Capital 1 Platinum or MINT so I can do purchases free of interests for the next 3 months at least if I need. I know I'll be fine starting repayments in about 3 months. I have a 450loan which I intend to repay in part with the rest of the creditcard till next week. My Experian was checked only by HSBC and Halifax.

What are my chances in getting one of those cards for purchase? Which card shall I go for or not?

Any help very much appreciated! Thanks a lot x

Moggles_2

Danxx wrote: »

I thought to apply for another card like Egg, Capital One Platinum or Mint, so I can do purchases free of interest for the next 3 months at least if I need. I know I'll be fine starting repayments in about 3 months. I have a 450 loan which I intend to repay in part with the rest of the credit card till next week. My Experian was checked only by HSBC and Halifax. What are my chances of getting one of those cards for purchase? Which card shall I go for or not?

This is not a best balance transfer question. Please post again on the main credit card board. You'll get lots of replies there.

lswwong

For the first time in a long time, I needed a BT for cashflow reasons.

Thanks to the collective knowledge and support of MSE, I made a decision and was successful in my application.

Just want to send my appreciation to all and to say I love MSE as well as love being a member!

geet

igdirect wrote: »

I recently applied online for a Barclaycard Platinum offering 0% for 14 months.

The card came through and I telephoned to arrange the 0% balance transfer, only to be told that the 0% didn't apply to my account, but that I could have 6.9% life-of-balance. I complained that I had specifically applied for the 0% deal, but the operator kept reading from a script and I got nowhere. I closed my account on the spot.

I rechecked the Barclaycard website where I'd made my original application and ALL of the Platinum cards on offer carry a 0% deal.

Has this happened to anyone else? Is Barclaycard misleading applicants?

Ian

Hi Ian and all,

I have got my barclay platinum card applied thru link in Lucy's post and I have got 0% interest for 9 months with 1.5% handling fee. As in the link. But maximum BT is £5000. Nothing about cashback in the offer letter. I probably will get the sting when I call tomorrow.

Posted this question in Cash back discussion area but am posting it here too as it fits better I suppose - don't know - my offer letter says: Your available credit is 7110 and your cash limit is £2100 and is part of this credit limit.

What does that mean?

Thanks in advance
Geet.

NickX

geet wrote: »

my offer letter says: Your available credit is 7110 and your cash limit is £2100 and is part of this credit limit.

What does that mean?

It means that the maximum that you can borrow on the card is £7110.

This could be made up of Purchases, Balance Transfers or Cash Withdrawals however the maximum that you can take as Cash Withdrawals is £2100.

Cash Withdrawals are not a good idea anyway because there is usually an upfront fee and interest is accrued at an inflated rate from the date of the transaction - no interest fee period at all on cash withdrawals, so best avoided unless you have money to burn.

geet

Thanks NickX
So, if I BT the whole £5000, then I can still spend/purchase for the £2100 till the cash back period (which Barclays is shrinking as times goes) and just pay minimum every month and not accrue any interest?
I never withdraw cash from credit cards. Have a debit card for that.
G.

NickX

geet wrote: »

So, if I BT the whole £5000, then I can still spend/purchase for the £2100 till the cash back period (which Barclays is shrinking as times goes) and just pay minimum every month and not accrue any interest?

This will only work if you have 0% on Purchases AND Balance Transfers for exactly the same length of time.

If the promotional periods differ, you will end up with one balance trapped and accruing interest whilst your payments go to the 0% balance.

molley

geet wrote: »

Thanks NickX
So, if I BT the whole £5000, then I can still spend/purchase for the £2100 till the cash back period (which Barclays is shrinking as times goes) and just pay minimum every month and not accrue any interest?
I never withdraw cash from credit cards. Have a debit card for that.
G.

But watch in what order they allocate the repayments . If they allocate firstly to the BT then you'll pay more interest on your purchases and if they allocate to your purchases then you'll maybe not pay off the BT in the period alloted .
Is there not a saying on this site that you should get a BT card ONLY to clear the BT and not to use it for purchases .

geet

Goodness! Offer is only for BT max 5000. So, I should just not touch the 2100 if i am to avoid interest. So any cash back they offer too is of no use to me! Just take the stooze amount 5000 to egg money and close the account in 9 months!? is that it!