Best Balance Transfers Discussion Area

owainlfc

was accepted for a capital one card with the 0% balance transfered. when reading the paper work it states

"total charge for credit:
at the time of the agreement : 123.63
comprising interest in the sum of : 123.63"


does this mean I have to pay this sum when i start using my credit card?

YorkshireBoy

owainlfc wrote: »

does this mean I have to pay this sum when i start using my credit card?

No. It's an example only and is explained in the last paragraph of section 11 (Financial Particulars) in your T&C's/credit agreement.

Read that and see if it 'clicks'.

owainlfc

thanks for the quick response mate. cheers

NickX

You can pay this off with several 0% cards, but you will need cards with SBT (Super Balance Transfer) facility which allow a transfer of funds direct to your Bank Account. Once the funds are in your Bank Account you can then pay off the loan directly.

Cards with this facility include Egg, Egg Money, Post Office Card and any card administered by MBNA (including the Virgin) range of cards.

In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates, however this is the least satisfactory option because these cheques cannot usually be requested and you never know when they are likely to drop through your letterbox.

KarinaB936

Hi everyone - really hoping for some help here.
I have two credit cards (Barclaycard and Capital One) with a total of over £6k paying high APR (over 23% on each). I've been self employed and on a low income for a few years but got a job in Feb. I don't think my credit rating is too bad but I did miss a Capital One payment in December. Looking at Martin's tips, Barclaycard Platinum offers the best long term balance transfer rate - I would like to put both debts on to one card then pay it off gradually (and not use the card, of course). However, the Barclaycard Platinum offer is only for new customers. I've tried asking Barclaycard to reduce my rate - even went in to my local Barclays bank and they tried - but they flatly refused. Don't want a 0% that reverts to a standard rate, just a long term low rate.
Any ideas??
Thanks,
Karina

PS This is my first post - if I've done it wrong or this question is answered somewhere else please don't be cross!

Moggles_2

KarinaB936 wrote: »

Don't want a 0% that reverts to a standard rate, just a long term low rate. Any ideas?

Sorry, no can do - not with debts of over £6,000.

To maximise the 0% period, 15 months is currently available to new customers from Capital One, Halifax and Virgin. A 3% handling charge applies.

Moggles_2

KarinaB936 wrote: »

I have two credit cards (Barclaycard and Capital One) with a total of over £6k paying high APR (over 23% on each). I've been self employed and on a low income for a few years but got a job in Feb. Looking at Martin's tips, Barclaycard Platinum offers the best long term balance transfer rate. I would like to put both debts on to one card then pay it off gradually (and not use the card, of course). However, the Barclaycard Platinum offer is only for new customers. Don't want a 0% that reverts to a standard rate, just a long term low rate. Any ideas?

Unfortunately, two of the three main contenders are Barclaycard and Capital One. Like B'card, the C1 deal is aimed at new customers.

Martin also recommends the Citibank LOB cards, but this provider is not known for generous credit limits. Also this lender operates a rate-for-risk policy. This means that Citi reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file. Judging from posts to this board, this happens frequently, so it's important to consider carefully whether you’ve a realistic chance of being accepted.

To maximise the 0% period on BTs, 15 months is currently available to new customers from Halifax. There's a 3% handling charge. This may not be your idea of a long-term solution, but once your Barclaycard balance was cleared, you would be in a much stronger position to negotiate a low rate with B'card

dylanuk

0% balance transfers are now available up to 16 months: http://www.credit-card-comparison-online.co.uk/news/best-buy-balance-transfer.html

Apparently, Capital One has launched a new credit card that beats Virgin's deal.

Guess you have to act quick though - it may not be 16 months in August!

Moggles_2

dylanuk wrote: »

0% balance transfers are now available up to 16 months: Apparently, Capital One has launched a new credit card that beats Virgin's deal.
Guess you have to act quickly though - it may not be 16 months in August!

This deal was launched about 6 weeks ago.

Unfortunately, Cap One operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card from its range, which it deems most suitable. In the worst cases you can be sent a totally unsuitable card, leaving you with a wasted search on your credit file.

Best advice is to check your credit files first and apply for this card only if you meet the criteria listed on the C1 website (e.g. held a credit card for 5 years, a credit limit of at least £5,000 etc.) and have a realistic chance of success

rosarmitage

My husband and I are wanting to transfer outstanding debts on a couple of our credit cards - two in my husbands name and one in mine. If I take out the new 0% credit card can I put the outstanding debt from all the cards onto it?