Best Balance Transfers Discussion Area

Moggles_2

gotenks1321 wrote: »

Is there any reason that Barclaycard could decline the transfer? They're in the region of £500 over their limit.

No lender is obliged to accept a balance transfer, but the fact that your parents are £500 over their limit has no bearing on this whatsoever. As long as your own credit limit is sufficient to transfer your parents' balance, you should be fine

Note: Barclaycard's BT offers are capped at £5,000. If your credit limit is lower than £5k, you're restricted to 90% of that limit

gotenks1321

Moggles wrote: »

No lender is obliged to accept a balance transfer, but the fact that your parents are £500 over their limit has no bearing on this whatsoever. As long as your own credit limit is sufficient to transfer your parents' balance, you should be fine

Note: Barclaycard's BT offers are capped at £5,000. If your credit limit is lower than £5k, you're restricted to 90% of that limit

My limit is £3,160 and the 2 balances are £2000 and £700. Combined that comes to £2778.3 with a transfer rate of 2.9%. Looks like it should be about £66 under the max :eek: blimey that's a close call :rotfl: I hope I've worked that out right

Doing a lot of reading now on how to save and make a bit more

NickX

gotenks1321 wrote: »

My limit is £3,160 and the 2 balances are £2000 and £700. Combined that comes to £2778.3 with a transfer rate of 2.9%. Looks like it should be about £66 under the max :eek: blimey that's a close call :rotfl: I hope I've worked that out right

Good Idea to do the maths. Moggles is quite right to point out that Barclaycard tend to limit Balance Transfers to 90% of your limit with a maximum limit of £5000.

Your limit is £3160, 90% of this is £2844

You need to transfer £2700, so you are fine. The remaining 10% is to allow for the Balance Transfer Fee, so don't worry about that in the calculations.

Provided Barclaycard agree to the Balance Transfer you should be fine.

Keeping fingers crossed still :beer:

gotenks1321

NickX wrote: »

Good Idea to do the maths. Moggles is quite right to point out that Barclaycard tend to limit Balance Transfers to 90% of your limit with a maximum limit of £5000.

Your limit is £3160, 90% of this is £2844

You need to transfer £2700, so you are fine. The remaining 10% is to allow for the Balance Transfer Fee, so don't worry about that in the calculations.

Provided Barclaycard agree to the Balance Transfer you should be fine.

Keeping fingers crossed still :beer:

Ah I see. I did wonder what the other 10% was for. Thanks again for all the help

evilpikachu2000

I'm a credit card forum newbie so be kind!

I currently have 3 Credit Cards with the following balances:

Egg - £2722 Limit of £3000 (0% until Feb 09)
Virgin - £2325 Limit of £6000 (0% until July 09)
Barclay Card - £600 Limit of £2700 (not 0%)

I currently pay around £65 a month paying these off (£25 per month on both egg and virgin).

I was wondering whether anyone new a good way of lowering the payments each month? What would you suggest?

Stewart

evilpikachu2000

Also, do you think its worth switching the egg over to the virgin right now? Does it look better on you to have 2 cards as opposed to 3? Or does it not really matter?

Moggles_2

evilpikachu2000 wrote: »

I have 3 Credit Cards with the following balances:
Egg - £2722 Limit of £3000 (0% until Feb 09)
Virgin - £2325 Limit of £6000 (0% until July 09)
Barclay Card - £600 Limit of £2700 (not 0%)
I currently pay around £65 a month paying these off (£25 per month on both egg and virgin).I was wondering whether anyone knew a good way of lowering the payments each month? What would you suggest?

You're already repaying almost the bare minimum.

I suppose you could switch the Barclaycard balance to Virgin. Otherwise, I would concentrate on reducing your B'card balance as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process

Moggles_2

evilpikachu2000 wrote: »

Do you think its worth switching the egg over to the virgin right now?

I wouldn't say so. IMO, it's not worth paying a 2.98% BT fee to extend your 0% period just 5 months.

YorkshireBoy

Moggles wrote: »

You're already repaying the bare minimum.

If reducing the monthly payment amount is the primary objective here, there is some scope to do so.

Transferring the Egg balance to Virgin will reduce the outlay by £54 per month (the 2% Egg minimum payment). With the exception of the approx £80 BT fee on the next statement, the Virgin payments will remain the same at £25 per month.

Whether it's the right thing to do is a different matter of course!

evilpikachu2000 wrote:

£25 per month on both egg

Are you sure? (see above).

mgapanghitabo

can you do balance transfers in minor credit card/visa? mine is bankard, they dont issue pin nos. you know.
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