Best Balance Transfers Discussion Area

Moggles_2

dr_oo7 wrote: »

I have a personal loan of £10k with HSBC and want to somehow use a balance transfer to transfer it over to an account where I pay no interest in the year. From reading the website, it looks like I need to open an Egg account transfer the money from Egg to my HSBC acc therefore repaying my personal loan, leaving a negative balance on the Egg card and then arranging a balance transfer from the Egg card to the new credit card? Please could someone help and just tell me whether this sounds logical and possible. Or if not what the alternatives are?

Unless you already have a 0% BT card to use in conjunction with Egg Money, I would apply for a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin). That way you avoid making two credit applications at once.

To maximise the 0% period on BTs, 15 months is currently available to new customers from Virgin. A 2.98% handling charge applies.

Jon_C

Not sure if this is the right place to post this but can anyone help?

Last week I set up a £1,000 balance transfer to my Capital One Mastercard (0% for a year plus a one-off fee of 3%). I made sure the balance was zero before doing this but unfortunately something I pre-ordered from a web retailer (for just less than £15) has since been charged to the account.

Obviously any payments I make will be weighted towards the BT rather than this £15 purchase so if it takes me, say, six months to pay off the £1,030 then will I have accrued a lot of interest on the unpaid £15 by the end of this time?

I might be able to pay off the amount in less that time but it defeats the purpose of the 0% BT which I had taken out to ease financial pressures. What should I do?

NickX

Jon_C wrote: »

I have accrued a lot of interest on the unpaid £15 by the end of this time?

I wouldn't have thought that the interest on the £15 will be too much of a problem.

If your standard APR is 30% (which is on the high side), the interest over the course of a year will only be around £5.

Just don't spent anymore on it

YorkshireBoy

Jon_C wrote: »

What should I do?

Firstly, the current Capital One Mastercard has 0% on BT's and purchases for the same duration (until June 2009), according to their website. What are the respective 0% durations on BT's and purchases on your card?

Secondly, stop panicking! The interest, at 15.9% APR, on £15 is £2.39 for the year. ...unless, of course, Capital One have a minimum interest clause...in which case it could be £12 for the year. :eek:

Jon_C

I think I can live with that! Thanks for the reassurance, guys.

I was just a bit panicky and annoyed with myself for having forgotten about that old pre-order that I had used the card to pay for. I thought I had paved the way for the BT so well, having cleared the balance on the card before arranging the BT.

I should add that it's not a new account but rather a promotional 0% balance transfer deal (probably an anniversary offer) so I doubt that the 0% rate applies to purchases in this case, although it probably would have if I was only in the first few weeks of having the card. Anyway, a 30% APR on £15 shouldn't hurt too much.

Thanks again.

beverley1961

dr_oo7 wrote: »

Hi I have a question, I'm not even sure I am posting it in the right section. I have a personal loan of £10k with HSBC and want to somehow use a balance transfer to transfer it over to an account where I pay not interest in the year. From reading the website, it looks like I need to open an egg account transfer the money from egg to my HSBC acc therefore repaying my personal loan, leaving a negative balance on the egg card and then arranging a balance transfer from the egg card, to the new credit card? Please could someone help and just tell me whether this sounds logical and possible. Or if not what the alternatives are?

Many thanks

Anand

if u took 10k out recently the 1st year is mostly interest to pay it might cost u more to come out of it. and dont forget there are fees to pay to transfer balances from card to card even though there interest free 4 so many months you may be worse off however if loan has been running for a while u may be able to consolidate loan with a new lender and pay less but there is still fees to pay for this. hope this helps

mum_2_1_boy

Does anybody know if I can do a balance transfer from an egg card to a virgin card please? My interest free period runs out on my egg card soon so i'm just looking into other cards. However on the application for the virgin card, it doesn't give the egg card as an option to do a balance transfer from.

Any ideas and help greatly appreciated.
Thanks in advance.

Moggles_2

mum_2_1_boy wrote: »

Does anybody know if I can do a balance transfer from an Egg card to a Virgin card please? ... On the application for the Virgin card, it doesn't give the Egg card as an option to do a balance transfer from.

Yes, you can transfer the balance on your Egg card to Virgin.

You can complete the BT request section during the application process if you wish but, IMO, it's safer to wait until the new card arrives and you know your credit limit. Then request your BT(s) when you call to activate your Virgin card. There's a Freefone number for this

mum_2_1_boy

Moggles wrote: »

Yes, you can transfer the balance on your Egg card to Virgin.

You can complete the BT request section during the application process if you wish but, IMO, it's safer to wait until the new card arrives and you know your credit limit. Then request your BT(s) when you call to activate your Virgin card. There's a Freefone number for this

Thanks very much.

Steveh_3

Hi, first post, never done a balance transfer before, but I was going to take out a loan but thought I'd use a 0% balalnce transfer instead to save money given the current rates available. However my current credit card ballance is less than I'd like to lend, is it possible to transfer more than the existing balalnce (my current CC limit is more than I wish to borrow)?

Cheers