Questions about Balance Transfers

18911131449

Comments

  • xtina87
    xtina87 Posts: 59 Forumite
    Not sure if im in the rite place here.

    I have a credit card, and there isnt much on it at the moment, only about £200 and its on a 6months interest free which is due to run out in jan.
    problem is, im going on holiday over new year and i may use it. so im thinking, is there a card i can transfere the balance to for more interest free? if so what ones would you recommend?
    the card i have now is from my bank, the royal bank of scotland, and i have payed a lot off the card alredy if this makes any difference?
  • I have an outstanding balance of £7300 on a tesco loan @ 7.4 %, is it wise to transfer the loan to a virgin card bearing in mind i probably will not be able to pay it all off in 16 months unless there are more 0% deals later down the line . Will this be the case? will the 0% deals fizzle out ?

    Many thanks
    Andy
  • How long does it take for MBNA to credit a balance transfer to AMEX? I have done this on Monday and the transaction is shown on MBNA online banking on Tuesday but not yet reflected on AMEX online banking (as of today).
  • xtina87
    xtina87 Posts: 59 Forumite
    xtina87 wrote: »
    Not sure if im in the rite place here.

    I have a credit card, and there isnt much on it at the moment, only about £200 and its on a 6months interest free which is due to run out in jan.
    problem is, im going on holiday over new year and i may use it. so im thinking, is there a card i can transfere the balance to for more interest free? if so what ones would you recommend?
    the card i have now is from my bank, the royal bank of scotland, and i have payed a lot off the card alredy if this makes any difference?


    just wondering if you get a reply in here or a message or something :)
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    xtina87 wrote: »
    I have a credit card and there isn't much on it at the moment, only about £200 and it's on a 6 months interest free which is due to run out in Jan. Problem is, I'm going on holiday over New Year and I may use it, so is there a card I can transfer the balance to for more interest free? If so, what ones would you recommend? The card I have now is from the Royal Bank of Scotland and I have paid a lot off the card already.

    To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge.

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

    Alternatively, you'd get 14 months with Egg. A 3% BT fee applies.

    http://new.egg.com/visitor/0,,3_84106--View_1763,00.html
    People who don't know their rights, don't actually have those rights.
  • I have just received by Tesco CC with 6 months 0% balance transfer (with 2.9% fee) and after reading the guide on the main site, was wondering what would be the most cost effective way for me to go about arranging a balance transfer.

    I am being charged interest for purchases and cash from my existing bank's CC (had to take some money out with my CC in the first couple of months this year and can't seem to pay back enough at the moment :confused:) but at 1.6-ish% interest (per month) and 1.27-ish% interest (per month) for cash and purchases, it's becoming far too expensive as I pay more on interest than paying back the original debt!

    Originally I planned to transfer the entire £1500 over from my existing bank account CC to the Tesco CC, but I know I won't be able to pay off all £1500 in 6 months, which is when the interest starts to kick in (I think my rate is a little bit higher than the advertised 16.9% APR) so was wondering if it would be more cost effective for me to either:

    • Still move the entire £1500 over to Tesco CC and just try and pay it off as much as I can.
    • Move only 2/3 so that I have a more realistic stab at paying of the CC debt, and just owe my bank's CC £500.
    Any suggestions would be much appreciated, thanks! :)


    EDIT 22th December 2008: Just to let everyone know that I also posted this question on Stoozing Forums and NickX suggested it would be for me to move the entire amount over and when the 6 months comes along, to apply for another 0% card.
  • I'm new on the site and need some advice. I asked Barclaycard for a balance transfer yesterday on line. Two hours later I decided that I no longer wanted it. I called them and they said to call back today, which I did. Today they have said that it has been approved and they cannot cancel it. Is this correct? Is there anything I can do about it?

    Sorry if I've posted this wrong:confused:
  • How does this work, because if interest is being charged each month, then the balance transfer fee is never going to be truly interest free, due to the way in which the payments are allocated to the lowest rate balances ie the interest free one.

  • I am due to transfer by balance soon as my Virgin 0% is going to run out. I pay £120.00 a month on a £5000.00 balance. Should I keep transferring to 0% cards incurring a 3% charge each time or transfer to Capital One 8.9% for life. (I can't transfer to Barclaycard low interest for life as I already have a card with them with no balance on it)
  • Is this possible? Say Baker5 has UK bank accounts and UK credit card accounts but also Mastercard or Visa credit cards through foreign banks bearing debits in a foreign currency. Can these debits be transferred to the UK-based credit cards?
    .
    I should add, not euro.
    .
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards