Best Balance Transfers Discussion Area

MPR_2

I have moved from England to Ireland.
Would someone please advise.
Will I still be able to claim my bank charges?
Thanks in advance
M

kerry32

Hi guys,
can you transfer a balance from a loan to a credit card, to make use of the 0% deals?? or is it only from card to card??
I have £5000 outstanding on a loan which I cant seem to reduce because of the high apr!!

Thankyou!!!

Moggles_2

Originally Posted by rach3557
I applied for a Capital One card to transfer a balance from an A&L card. I chose Capital One because their transfer fee was 1.5% [sic]. I applied for £3300 but received a letter a few days later saying that unfortunately I did not qualify. I know I have good credit, so I applied for a Halifax One, 3% charge but 0% transfer for 13 mths and guess what? I was accepted straight away.

Congratulations!
:beer:

Why was I turned down for a Capital One???

Sorry. Only Capital One knows the answer. There could be any number of reasons.

This card requires an "excellent" credit rating. Did you check you could meet the criteria listed on the Capital One website (e.g held a credit card for at least 5 years, credit limit at least £5000 etc.) before you applied?

Is it because I only wanted £3300???

Unlikely, I would have thought. Some of us were successful having requested no balance transfer at all on application.

It's important to realise, there is NO universal credit rating applicable to all lenders and all products, as lenders score us differently

Moggles_2

Originally Posted by MPR
I have moved from England to Ireland. Would someone please advise. Will I still be able to claim my bank charges?

This is not a Best Balance Transfer question. Please post again on the *Reclaim your Bank & Credit Card Charges* board. You'll get lots of replies there.

Moggles_2

Originally Posted by kerry32
Can you transfer a balance from a loan to a credit card, to make use of the 0% deals or is it only from card to card? I have £5000 outstanding on a loan which I can't seem to reduce because of the high apr!!

A handful of rather special credit cards have this capability:

A credit card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card, will allow you to transfer cash from the card to your current account. From there you could write a cheque to pay off your loan.

Alternatively, you can use Egg Money (not to be confused with Egg card) in conjunction with any low-interest balance transfer card to move funds to your current account.

Mint periodically issues credit card cheques, which can be paid directly into your current account.

Moggles_2

Originally Posted by kerry32
Can you transfer a balance from a loan to a credit card, to make use of the 0% deals?

If you will have savings to pay off your credit card balance before the 0% period expires, that's great. The risk in paying off a loan this way is that you can't be sure of another 0% credit card offer with a sufficient credit limit when your current deal ends and the interest rate leaps to anything from 16.9% to 27.9% APR variable. For all we know, 0% BT deals may not be around in 12-15 months time and BT fees could have jumped to 5% or even 6% :eek:

Always bear in mind that the reason the card providers can afford to lend you money at 0% for X months is because, more often than not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. This is the main way lenders claw back the cost of these promotions. If this were not the case, these 0% offers would have dried up long ago.

Also, you'll need to factor in the balance transfer fees and check the loan Ts & Cs. Some providers charge an early repayment penalty if the loan is settled in full before the scheduled date.

sree

Hi,
I would like to know if i can tranfer a balance on my credit card to another credit card of my brother with a 0% interest on transfers for a year?
is the transfer allowed between two persons?

Moggles_2

Originally Posted by sree
I would like to know if I can transfer a balance on my credit card to another credit card of my brother with 0% interest on transfers for a year?
Is the transfer allowed between two persons?

You can switch credit card balances to family, friends or Dave down the pub.
Your brother should bear in mind though, the person whose card the balance is shifted to, becomes soley liable for the debt. If you were to fall out, he couldn't ask the card company to charge you for any remaining balance.

From the lender's perspective, it's not a problem. Customer services may ask him for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after his business. They're not really interested in knowing who ran up the debt, as long as your brother, their customer, pays up on time each month!

JML45

I've got an offer from Citibank to transfer balances to my credit card @ 5.9%pa for life with a 3% transfer fee. I have a couple of other cards I'd like to pay off (amounting to about £5000) and I have plenty of available credit on the Citibank card. I've spent ages pouring over this site but I'm still not convinced about how good 5.9%pa for life is. By the way, I have a balance of £2000 on the Cititbank @ 4.9% APR for life.
I'm not stupid but I've got a real bad cold so any advice would be grately appreciated.

Moggles_2

Originally Posted by JML45
I've got an offer from Citibank to transfer balances to my credit card @ 5.9% pa for life with a 3% transfer fee. I have a couple of other cards I'd like to pay off (amounting to about £5000) and I have plenty of available credit on the Citibank card. I've spent ages pouring over this site, but I'm still not convinced about how good 5.9% pa for life is. By the way, I have a balance of £2000 on the Citibank @ 4.9% APR for life.

For a life-of-balance deal, it's pretty good. If you're forking out loads of interest on a couple of your cards, it's worth serious consideration.

Much depends on the time needed to pay off these debts. HSBC is offering new customers 2.9 % APR on balances shifted for 2 years plus a one-off fee of 2.5 % of the balance(s) transferred. If you're able to repay in two years or under, this may be a better option.

If you can clear the balance in just over a year (or you're prepared to switch to another new card in X months time), you could save even more money with a 0% balance transfer deal. 0% for 15 months is currently available to new customers from Egg, Halifax and Virgin. A 3% transfer fee applies.