Best Balance Transfers Discussion Area

skot

Dear all,
Not sure if this is the correct place to place this but just thought I would let you know...
About three months ago I read this website and applied for the Citibank ipod card, online it said that I had been accepted and would get a letter in a few days. A week later I called the helpline and spoke to the operator who said that there was a problem as I had not supplied a phone number on my account, so I supplied a number. After checking that they had all the information required I asked how long it would take..upto five working days. No problem I thought. A few weeks later I had still heard nothing so I called again and asked to speak to the supervisor, no I am not allowed to, after holding on the phone for about 30 minutes I gave up and called the UK. I was eventually passed to the office of the Chief Executive (just a name I think as it sounds like another call center). I was told that I had a credit limit, so I could not transfer all my balances (just up to my limit). After getting this sorted out I was told it would take up to 10 working days to transfer, I called today (working day 7) to check all is OK as my confidence is waning. To be told that the chap who was looking after me forgot to put in the request and the request went through yesterday and there would be another 10 working day wait! I have now asked Citibank to cancel everything to which the reply was if the transfers are going through I would still have a debt with them. To which I replied this is their mess and they can sort it out, unfortunately it could remain as mine as they think it is my responsibility! err NO.
In short I would not recommend Citibank to anybody and warn you against using them if you are thinking about it.

Moggles_2

soad wrote: »

I keep getting them all saying that they cannot offer a reduction in the interest rate or they cannot because they are bound to one out of their direct control

Unfortunately, you did yourself a disservice by asking for a reduction in payments initially, rather than a reduction in interest, as Martin advises.

I would concentrate on Shuffle Step 4 now.

This is not really a balance transfer issue and you may want to post on the *Debt-Free Wannabe* board. You'll get lots of suggestions & support there

Moggles_2

skot wrote: »

About three months ago I read this website and applied for the Citibank ipod card. Online it said that I had been accepted and would get a letter in a few days. A week later I called the helpline and spoke to the operator who said I had not supplied a phone number on my account, so I supplied a number. After checking that they had all the information required, I asked how long it would take..up to five working days. A few weeks later I had still heard nothing, so I called again and asked to speak to the supervisor. After holding for about 30 minutes, I gave up and called the UK. I was eventually passed to the office of the Chief Executive. I was told that I could not transfer all my balances (just up to my limit). I was told it would take up to 10 working days to transfer. I called today (working day 7) to check all is OK as my confidence is waning, to be told that the chap who was looking after me forgot to put in the request and the request went through yesterday. There would be another 10 working day wait! I have now asked Citibank to cancel everything to which the reply was if the transfers are going through I would still have a debt with them. To which I replied this is their mess and they can sort it out. Unfortunately it could remain mine, as they think it is my responsibility! In short, I would not recommend Citibank to anybody and warn you against using them if you are thinking about it.

It normally takes a minimum of 14 days to process a credit card application and balance transfer request. IME, there's little you can do to chase up applications & requests so, for peace of mind, it's sensible to allow at least 5 weeks, plus extra time to compensate for any public holidays in between.

Note for future reference:
Most lenders will not accept BT instructions until you have received your new card. You either complete the BT request section (if there is one) during the application process or wait until the new card arrives and request your BT(s) when you call to activate the new card. There's usually a Freefone number for this

IMO, it's best to wait until the new card arrives and you know your credit limit. That way you keep your options open, avoid unwanted partial transfers and retain some control over what happens when. BTs are not easy to reverse and you could incur two BT fees.

PBJen

Like many others, I've finally made the decision that I need to sort out my finances...asap! I plan on getting a credit card with the long term low rate for BTs (probably the Barclaycard - although I'm confused by the difference between the "Life of Balance" and the "Simplicity" options) and intend to transfer around £1800 from an HSBC credit card and £1600 of overdraft. However, I'm facing a number of problems.

These cards aren't available to students, and this is where I get a tad confused. I'm a part-time Masters student, but I work full-time. Now, clearly I wouldn't have to mention the fact I'm studying, but I have a student bank account; will this affect my chances? I've done the MoneySupermarket quick credit check, and it comes back as 'good'.

My other problem is that I moved house a couple of weeks ago - I know, I know, I should have done all this before moving. So I can't get onto the electoral register quickly enough (I need to apply within the next week). Will this have a substantial effect?

Money worries have been causing great stress of late, and it's time to finally do something about it and to tackle that scary-looking debt, but it's such a minefield; and help would be hugely appreciated.

Thanks.

Moggles_2

PBJen wrote: »

I plan on getting a credit card with the long term low rate for BTs (probably the Barclaycard - although I'm confused by the difference between the "Life of Balance" and the "Simplicity" options)

In a nutshell, a life-of-balance card charges a fixed interest rate for the life of the balance(s) transferred. With Barclaycard Simplicity, your standard APR is variable. This means B'card reserves the right to vary your standard rate, up or down, at any time.

Moggles_2

PBJen wrote: »

I plan on getting a credit card with the long term low rate for BTs (probably the Barclaycard) ... and intend to transfer around £1800 from an HSBC credit card and £1600 of overdraft.

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. Unfortunately, Barclaycard is not one of them. You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as Mint cheques cannot be ordered and you never know when the next ones will turn up in the post.
Note: other lenders (eg. Barclaycard, Halifax) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn :eek:

Which option is best depends to some extent on which cards - besides HSBC - you have at the mo. To maximise the 0% period, 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

PBJen wrote: »

I moved house a couple of weeks ago - I know, I know, I should have done all this before moving. So I can't get onto the electoral register quickly enough (I need to apply within the next week). Will this have a substantial effect?

The fact that you're not registered on the electoral roll at your current address certainly works against you. Lenders score us differently, but everyone's credit rating improves no end once registered.

You will have disrupted your credit rating temporarily of course by moving house. Lenders like stability, so best practice is to apply for credit cards, where possible, before you move/change jobs/change banks, as I think you realise.

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

Velveteen_2

This is my first post so please feel free to move it to the appropriate area if needed! I have just applied for (and been successful) a Liverpool Football Club MBNA Credit Card. They are currently offering:

0% on balance transfer for 12 months (3% handling fee)
0% on card Purchases.

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8lfcrwgs_ost&mc=SME-AP-11111-11493

Ok so I am not a football fan at all but if it gets rid of my outstanding CC balances with very little interest then it's good enough for me!
:money:

Moggles_2

Velveteen wrote: »

I have just applied (and been successful) for a Liverpool Football Club MBNA Credit Card. They are currently offering:
0% on balance transfer for 12 months (3% handling fee)
0% on card Purchases.
Ok, so I am not a football fan at all, but if it gets rid of my outstanding CC balances with very little interest then it's good enough for me!

Congratulations!
:beer:

Caution: remember not to spend on this card. The 0% on purchases ends after 3 months

rachmarkdan

i dont normally like posting but felt the need to warn people about MBNA credit cards.
I applied for one last year with a 1year 0% balance transfer.The standard rate at the time was about 12% APR.
I recently received a letter stating that as of September my new rate would go up to 24%APR.
As i have been turned down recently for another card my debt would probably have to stay with them and would get charged the much higher rate.
However after half an hour on the phone i managed to speak to someone who dealt with the rates and immediately knocked it back down to a more manageable 15%.
Perhaps it was something i said,telling them that i thought i had been conned.
I just wonder how many people they do this to who dont complain and take it for granted that thats what they have to pay?