Best Balance Transfers Discussion Area

evilpikachu2000

I defo pay £25 a month on the Egg, its 0% until Feb.

I appreciate the help with this, im considering switching both over

Streeb_Greebling

New Poster
Have had a look on here incl Martin's front pages and couldn't immediately see an answer to my question; a bit surprised as I thought this had happened to thousands.
In March my Egg account was terminated. Balance just under £15000 limit and minimum payment has brought it down to about 14200 since. 19.9% interest at the moment.
Looking to try and start to sort this out having stuck head in the sand for a few months.

Have looked at BT Barclaycard but seems to have 5000 limit.
Started filling out Citi form then it didn't recognise my card number.
At almost the same time noticed that Egg was taken over by Citibank, so perhaps they wouldn't accept my application anyway.

Any other ideas before I put a footprint on my credit record with an application e.g. for an MBNA platinum BT card, or a captial one card?

Also, if an egg account/agreement has been terminated can the balance actually be transferred as with a normal, live, card, or do I need a completely different approach to paying it off?

(Background info: when Egg letter came, tried to sort it out at my bank, all they allowed me to do was to consolidate the 3500 O/D and 6500 creditcard I had with them into a loan (so at least that bit now paid off in fixed time). No other credit cards, no mortgage.

Thanks in advance for any help!

JimmyTheWig

Streeb_Greebling wrote: »

In March my Egg account was terminated. Balance just under £15000 limit and minimum payment has brought it down to about 14200 since. 19.9% interest at the moment.
Looking to try and start to sort this out having stuck head in the sand for a few months.

You've come to the right place to help get your head "unstuck" from that sand!

Have looked at BT Barclaycard but seems to have 5000 limit.
Started filling out Citi form then it didn't recognise my card number.
At almost the same time noticed that Egg was taken over by Citibank, so perhaps they wouldn't accept my application anyway.

Yes, so Barclaycard isn't much use to you and I can well imagine that Citibank wouldn't do a balance transfer to their own Egg card - quite possibly why it didn't accept your card number?

Any other ideas before I put a footprint on my credit record with an application e.g. for an MBNA platinum BT card, or a captial one card?

Also, if an egg account/agreement has been terminated can the balance actually be transferred as with a normal, live, card, or do I need a completely different approach to paying it off?

Don't know, but if you go with an MBNA run card then you can do what we call a "super balance transfer" and transfer the money into your current account - from where you can pay Egg.

(Background info: when Egg letter came, tried to sort it out at my bank, all they allowed me to do was to consolidate the 3500 O/D and 6500 creditcard I had with them into a loan (so at least that bit now paid off in fixed time). No other credit cards, no mortgage.

Sounds like you've had quite a bit of debt.
All the best for starting to get it sorted.
Remember the first rule of balance transfers - don't spend on a card that you've done a balance transfer on.
And I don't know how far you've come with your finances, but I seriously suggest you do a budget to help make sure you don't end up back down that slippery slope of debt again.

Moggles_2

Streeb_Greebling wrote: »

In March my Egg account was terminated. Balance just under £15000 limit and minimum payment has brought it down to about£ 14200 since. 19.9% interest at the moment. Looking to try and start to sort this out having stuck head in the sand for a few months. Have looked at BT Barclaycard but seems to have £5000 limit. Started filling out Citi form then it didn't recognise my card number. At almost the same time noticed that Egg was taken over by Citibank, so perhaps they wouldn't accept my application anyway. Any other ideas before I put a footprint on my credit record with an application e.g. for an MBNA platinum BT card or a Capital One card?

All things considered, the MBNA Platinum card is a good choice, IMO. Barclaycard's BTs are capped at £5k, as you say, and if you're handed a credit limit lower than £5k, you're restricted to 90% of that limit. The Cap One BT cards require an "excellent" credit rating as defined on the C1 website and unfortunately you can not meet those criteria.

Btw, to maximise the 0% period on BTs, 15 months is currently available to new customers from Virgin (which is issued by MBNA). There's a 2.98% handling charge

http://uk.virginmoney.com/credit-card-v3/

Moggles_2

Streeb_Greebling wrote: »

If an Egg account/agreement has been terminated can the balance actually be transferred as with a normal, live card?

Yes.

FWIW, I very much doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers

Streeb_Greebling

Thanks to both! Easy to get to this point by not opening envelopes, plus being given creeping increases in card limits, particularly by Egg, before the sword fell at least.

Think I'll have a crack at the MBNA, and then I'll work out what 25% increase in my British Gas dual account will mean...

losingit

Finally I have to come to terms with my credit cards are starting to get to much , Ive a few cards 3 with balances totaling about 9k a virgin one with about 3500, a barclays one with 2500 and tsb with about 2500 . The tsb is still no intrest on it but the others are full on the virgin one is nearly £100 intrest a month.
Although at the moment im just about managing, they are all near the limit I was wondering if anyone can advice me what i could do ? ive cut the cards , I do have a M&S card with £1500 limit but ive not used that.
Do you think getting a loan would be cheaper to pay the lot off ?

Moggles_2

losingit wrote: »

I've 3 cards with balances totalling about 9k, a Virgin one with about £3500, a Barclaycard with £2500 and TSB with about £2500 . The TSB is still no interest on it, but the others are full on. The Virgin one is nearly £100 interest a month. Although at the moment I'm just about managing, they are all near the limit. I was wondering if anyone can advise me what I could do? I've cut the cards. I do have a M&S card with £1500 limit, but I've not used that.

Unless you intend using the card for shopping, I would advise you to think about closing your M&S account. This lender is not known for good existing customer offers unfortunately, so the account is simply bumping up your available credit for no good purpose.

If I were you, I'd apply for a 0% balance transfer card and shift the balance on that Virgin card. To maximise the 0% period, 15 months is currently available to new customers from Halifax. There's a 3% handling charge.

http://www.halifax.co.uk/creditcards/pluscard153.asp

You may not be handed a sufficient credit limit to switch the Barclaycard balance as well but, with luck, once you've paid off Virgin, this lender will offer you a 0% or low rate BT to retain your business. You can then shift the B'card balance to Virgin

Flat_Eric

I have been browsing this board as I am looking to transfer my credit card balance to a new card.

I note the cards that are recommended but cannot see any mention of the deal the Post Office are offering which is balance trf for 10 months at 0%, 2.75% fee, typical APR 15.9. Payment protection 45p per month.

Now this seems like a good deal to me compared with the others on offer. What one gives or stands out for, it falls down somewhere else i.e. either higher interest or higher transfer fee, shorter time period for balance trf. so do any of you have the post office credit card and would you recommend it or advise me to avoid it?

thanks

JimmyTheWig

typical APR 15.9. Payment protection 45p per month

I, personally, would ignore these figures. Typical APR is irrelevant if you can pay off all or most of the debt whilst still in the 0% deal. Note that this is one of the few times when APR is irrelevant.
I don't know what's good in terms of payment protection as I've never needed it. I believe the general consensus is that it is usually bad value.

Flat_Eric wrote: »

10 months at 0%, 2.75% fee

These are the figures I would look at.

Yes, it is a lower fee than the "standard" 3% fee. But not by much.
10 months, however, is significantly shorter than others which offer 15 months.

If you are looking at this to clear an existing debt (i.e. you aren't interested in Stoozing) and you are _confident_ that you can clear this debt in 10 months then I guess the lower fee would be of benefit. But in all other cases you should get the longer 0% period. [Arguably if you need 11 months this is still better, but you would be sailing a bit close to the wind.]