Best Balance Transfers Discussion Area

Moggles_2

flossie217 wrote: »

What are these credit card cheques I have read about here?

Some lenders (eg. Barclaycard, Capital One, HBOS, MBNA, RBS) issue credit card cheques from time to time. These can be used to transfer a balance from another credit card or settle bills. The cheques can be handy when dealing with trades which don't accept credit card payment or charge a premium for doing so.

Unfortunately, credit card cheques cannot be ordered and you never know when the next ones will turn up in the post. You may be charged at special or standard balance transfer rates, but not necessarily. Some lenders treat cheques as a cash advance. Typically, there's a handling fee of 2-3% on the amount you spend.

Caution: credit card cheques do not give you the same level of protection under section 75 of the Consumer Credit Act as credit cards.

flossie217

I understand the rate-for-risk policy but the credit card cheques are still puzzling me.
Is it a ploy to extend your credit and keep you as a customer?
Do you get them whether you want them or not and what do you do with them if you don't want them?
My sister has just this morning been to Barclays to have her card balance transferred to them which will be paid in full over 12 months so it would be useful for more help please.
Thank you.

NickX

flossie217 wrote: »

Is it a ploy to extend your credit and keep you as a customer?
Do you get them whether you want them or not and what do you do with them if you don't want them?

Well the Credit Card cheques provide another route of increasing your level of debt with the provider, so they could be deemed a ploy to extend your credit.

You can receive them out of the blue, this is quite a normal practice. Occasionally they offer a good deal such as attracting a low promotional rate, but then as Moggles has said they can also attract the Cash Advance rate so you need to read the smallprint closely.

If you do not want them, I suggest you shred them and perhaps file the remains in the waste paper basket.

flossie217

NickX wrote: »

Well the Credit Card cheques provide another route of increasing your level of debt with the provider, so they could be deemed a ploy to extend your credit.

You can receive them out of the blue, this is quite a normal practice. Occasionally they offer a good deal such as attracting a low promotional rate, but then as Moggles has said they can also attract the Cash Advance rate so you need to read the smallprint closely.

If you do not want them, I suggest you shred them and perhaps file the remains in the waste paper basket.[/quote]


That's the bit I wanted to see.
Thank you both for your help. Much appreciated and I'm a little bit wiser now.

NickX

NickX wrote: »

If you do not want them, I suggest you shred them and perhaps file the remains in the waste paper basket.

Ah just thought aswell, you can actually request from the card company that they do NOT send them to you. This saves you the trouble of shredding them. However, I would rather take the time to shred the ones that I don't want just in case they send me one with 0% Life of Balance an NO fee. Wishfull thinking eh

Swans1912

I have a Barclaycard One Pulse which I went to cancel 3 months ago, I was offered 3% cash-back for 3 months which I accepted. 3 months later I phone to again cancel my account and was offered 6 months balance transfer for 6 months at 0% with NO balance transfer fee. Very Happy customer

PATCH_2

Moggles wrote: »

Have you previously held credit cards in your own name here in the UK?
It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

That said, you'll struggle to get credit unless registered on the electoral roll at a fixed address.

Your post raises some other issues and you may get replies more quickly, if you post again on the *House Buying, Renting & Selling* board

http://forums.moneysavingexpert.com/forumdisplay.html?f=16

my husband was still paying the monthly dd's while abroad and kept them up to date. I just want to help out as coming back to get my buisiness off the ground again has proved to be hard as in building trade.
The reason asking is cos our eldest tried to get finance on a new car and because she is under 21 cannot get it without guarantor. I offered, but because we have been out of country for 6 months or more she was refused on the fact that we do not have credit history. Our mortgage has been payed due to rental, Hubby's cc's have been up to date now we are in catch 22. I am earning some money.
Anyone have any suggestions to get a 0% balance transfer in my name. I cleared all my cc's before leaving uk.
I know what you are saying re electoral role and permanent address, but most rental agencies have to do credit score before you get a home, catch 22 again.

joyce341

thought that this might be of interest to those with credit cards,my brother noticed a leaflet that said important read this from his credit card company,it said that the interest was going to increase considerably and there was a time limit for him to move his credit balance,i think till the end of October,it was something like 20% and once the time limit was up,there was no escape,he managed to move to a 7% interest account,he always pays his bills regularily,so those who have credit cards,be warned read the small print,he had a narrow escape.
Joyce

NickX

iKennett wrote: »

I have a Barclaycard One Pulse which I went to cancel 3 months ago, I was offered 3% cash-back for 3 months which I accepted. 3 months later I phone to again cancel my account and was offered 6 months balance transfer for 6 months at 0% with NO balance transfer fee. Very Happy customer

That is very good given the current market conditions. Well Done :beer:

gh123

Why do I need an egg money 'mule' card to get debt from a loan to a credit card?

Why can't I use a credit card to pay £2000 off my loan then balance transfer that £2000 to a 0% card? Can I do this or is this the whole problem - I can't transfer money from a credit card to a loan?