Best Balance Transfers Discussion Area

Chopper98

Moggles wrote: »

Yes, but not sure where the £2850 has come from

When you call to activate your new card, I would ask Virgin to transfer the maximum allowed (normally 95% of your credit limit) to your current account

lol sorry about that, i was working it out on the basis of the limit I have on my current credit card. I was lost in thought and neglected to mention that.

It doesn't seem like there is that much to make though if you're paying 3% fee and gaining 6%. Suppose it depends what credit limit they give you.

Moggles_2

J14RED wrote: »

I've never had a credit card, so please be patient. Basically, I bought a new car last year on finance and the first couple of months knocked my finances for sick! I have a £700 overdraft on my current account and today received a letter saying that it has to be cleared by 1/8/08 (six weeks :eek: ). so I thought that I could put this £700 on to a credit card to pay it off over the next 7 or 8 months. Please can somebody help me with this as, quite frankly, I havent got a clue where to start!

If this would be your first credit card, a 0% balance transfer card is probably not an option at the mo, TBH.

Lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your lack of credit history as too great a risk.

This will not affect you permanently, but it takes time to build a credit history.

For tips to improve your chances of cc acceptance, have a look at the *Credit Rating* articles on the main site, especially Martin's *Manage and Improve your credit score* article.

Meanwhile, I would concentrate on reducung your overdraft as much as possible each week. Clearing the debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process

Moggles_2

Chopper98 wrote: »

lol sorry about that, I was working it out on the basis of the limit I have on my current credit card. I was lost in thought and neglected to mention that.

It doesn't seem like there is that much to make though, if you're paying a 3% fee and gaining 6%. Suppose it depends what credit limit they give you.

Absolutely. The credit limit you're handed is mightily important

J14RED

Moggles wrote: »

Meanwhile, I would concentrate on reducung your overdraft as much as possible each week. Clearing the debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process

Thanks for the reply, but while this is true, im never going to get £700 paid in 6 weeks. i just need somewhere to transfer the money so i can pay it off over 7 or 8 months. as long as the interest isnt ridiculous!

YorkshireBoy

J14RED wrote: »

...i havent got a clue where to start!

You "start" by approaching the bank. Explain your situation and ask to clear the overdraft over an agreed period of time.

They have a duty (under the banking code) to deal with your case sympathetically, but will be less inclined to do so if you've a poor history with them.

If a super balance transfer card is out of the question, then maybe you should put any further questions on the 'current accounts' board?

geet

Hi All,
I got my Barclay Platinum card on 9th, activated it on 10th. They told me they cannot do the BT as I have to get some reference number by post. I got the pin by post but have yet to get reference number. Do anybody know if this is ok - its a week now.
Thanks, Geet.

Moggles_2

geet wrote: »

I got my Barclaycard Platinum card on 9th, activated it on 10th. They told me they cannot do the BT as I have to get some reference number by post. I got the pin by post, but have yet to get the reference number. Does anybody know if this is ok? - It's a week now.

This is an extra layer of security introduced by Barclaycard recently.

If you activated your card last Tuesday 10 June, you've waited 3 working days so far, which doesn't seem excessive

kevlegs

Right I will try and make this as understandable as poss.
I have a HSBC card with 6k on it.
I have a new Virgin card with 2k (recently transferred from the HSBC card) at 0%int.

Now, can I transfer the virgin 2k back onto my HSBC card and have it at 0% interest then transfer another 2k off the HSBC onto the Virgin card?
So I will have 2k 0%int on the virgin and 2k 0%int on the HSBC and the other 4k as normal.
If that works, could I then do the same with another 2k to have 2k on the Virgin 0%int and then it will be 4k 0%int on the HSBC?
Then repeat to have 0%int all round?

thanks in advance.

molley

kevlegs wrote: »

Right I will try and make this as understandable as poss.
I have a HSBC card with 6k on it.
I have a new Virgin card with 2k (recently transferred from the HSBC card) at 0%int.

Now, can I transfer the virgin 2k back onto my HSBC card and have it at 0% interest then transfer another 2k off the HSBC onto the Virgin card?
So I will have 2k 0%int on the virgin and 2k 0%int on the HSBC and the other 4k as normal.
If that works, could I then do the same with another 2k to have 2k on the Virgin 0%int and then it will be 4k 0%int on the HSBC?
Then repeat to have 0%int all round?

thanks in advance.

Was 2K all that Virgin allowed you .If they allowed more why didn't you BT more ?
I'm not sure if what you are suggesting is possible but I'm sure someone will be along to tell you ...sounds doubtful

kevlegs

I know i can transfer as many times as i want onto the virgin card and if its the same with hsbc then it should work