Best Balance Transfers Discussion Area

Moggles_2

Chrissybh0y wrote: »

I have a cc debt of £3400.00 [LloydsTsb] and wanna transfer it to somewhere I can pay a chunk out of, without the huge interest on top. Anyone with any ideas?

To maximise the 0% period on BTs, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge

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

Moggles_2

william_joseph wrote: »

Had to use credit card to deal with emergency situation including loss of employment, hospital and travel costs. My credit card balance ended up at £18000. Having difficulty paying, though the CC company [MBNA] have put me back to original 18.2% rate. I don't have any other cards. Any advice on getting breathing space on this debt/free balance transfer?

To maximise the 0% period on BTs, 15 months is currently available to new customers from Halifax. There's a 3% handling charge.

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

Alternatively you'd get 13 months plus from Egg card, if you apply now.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Caution: unless you have an above average annual income, it's unlikely you'll be handed a £18000 credit limit.

If the worst happens, Martin's advice is to transfer what you can. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it (See Martin's *Credit Card Limit: didn't get what you wanted?* article) and you'll still save
money

kevinclifford

I have the cap 1 0 per cent card wich offers me 0 per cent on spending and transfers untill september 2009, your advice is not to spend on balance transfer cards but is it safe to do so with this one?

NickX

kevinclifford wrote: »

Ihave the cap 1 0 per cent card wich offers me 0 per cent on spending and transfers untill september 2009, your advice is not to spend on balance transfer cards bur is it safe to do so with this one?

As long as the 0% deal for Balance Transfers and Purchases end on exactly the same day, then you are ok to spend on the card.

This is the one exception to the golden rule.

Chrissybh0y

Moggles wrote: »

To maximise the 0% period on BTs, 15 months is currently available to new customers from Halifax. There's a 3% handling charge.

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

Alternatively you'd get 13 months plus from Egg card, if you apply now.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Caution: unless you have an above average annual income, it's unlikely you'll be handed a £18000 credit limit.

If the worst happens, Martin's advice is to transfer what you can. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it (See Martin's *Credit Card Limit: didn't get what you wanted?* article) and you'll still save
money

my income is just over 800 a month do u think i would get a cc of 3800 to transfer my lloyds tsb cc to it ? and who is better halifax or egg or virgin

soad_2

[
Dear all,

I keep being advised to transfer my credit cards to a better blaance if not zero, but each time I try to do so I'm rejected for a new card. I do have a lot of cards maxed out but no IVA etc, and satisfactory marked against me nameany further advice appreciated

[/quote]

Moggles_2

Chrissybh0y wrote: »

My income is just over £800 a month. Do you think I would get a credit limit of £3800 to transfer my Lloyds Tsb balance to it?

It's not an exact science of course but, judging from the posts on this thread, you're more likely to get a generous credit limit with Virgin than some lenders I could name

That said, none of us knows in advance what credit limit we'll be handed. Much depends on your existing credit - available and used - in relation to your annual income, as I think you realise.

Originally Posted by Chrissybh0y
... and who is better Halifax or Egg or Virgin?

There's no perfect solution that suits everyone. Halifax and Egg card are suggested in #885 above, because the OP's situation is different from yours. Balances cannot be transferred between MBNA and Virgin, as both cards are underwritten by MBNA.

Moggles_2

soad wrote: »

I keep being advised to transfer my credit cards to a better balance [transfer rate] if not zero, but each time I try to do so, I'm rejected for a new card. I do have a lot of cards maxed out, but no IVA etc.and satisfactory marked against me name. Any further advice appreciated.

'Sounds as though you may have too much available credit in relation to your annual income. That said, there are any number of reasons why a given lender may refuse to extend credit.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

NickX

Moggles wrote: »

Balances cannot be transferred between MBNA and Virgin, as both cards are underwritten by MBNA.

Hi Moggles, as I know you are aware this restiction can be worked around by going the Super Balance Transfer (SBT) route.

JimmyTheWig

More relevantly, I think, you are not as likely to get as good limits from two MBNA-underwritten cards at once.