Questions about Balance Transfers

Moggles_2

Baker14 wrote: »

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?

Unfortunately, not. UK credit card providers will only consider applicants who are UK residents and UK card companies can only accept balance transfers in £pounds sterling from other British lenders.

mmilhofer

HI

I have looked around the site and the forums but I can't see if I would be able to apply for a credit card and then transfer a balance from a debit card. I'm trying to clear an overdraft.

Thanks

Moggles_2

mmilhofer wrote: »

I have looked around the site and the forums but I can't see if I would be able to apply for a credit card and then transfer a balance from a debit card. I'm trying to clear an overdraft.

A small number of exceptional credit cards 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.

To maximise the 0% period, 16 months is currently available to new customers from Virgin. A 2.98% fee applies, but there are no other charges during the introductory 0% period.

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

On receipt of your new card, you can request the transfer of funds to your bank account. I would do this when you call to activate your card. (There's a dedicated, Freefone number). Virgin will allow you to transfer up to 95% of your credit limit. The money arrives in your bank account in about 6 days.

Baker14

Moggles wrote: »

Unfortunately, not. UK credit card providers will only consider applicants who are UK residents and UK card companies can only accept balance transfers in £pounds sterling from other British lenders.

Thank you for clearing that up for me. Difficult to get a straight answer from the banks sometimes.

Sorry, just seen the thanks button now. Have used that.

wn5

please excuse if this as been asked before but am new to all this.

I need a new range cooker which is £695 with 5 years insurance so is there a credit card i could apply for which would give me 6/9 months free intrest on new purchases and would you get any money back

any help appreciated, thanks

LouBlue

Hi there, after a bit of advice.

OH has some debt on 2 cards, M&S and MBNA. He hasn't used the cards for a while now and has been paying them off but the interest rates have just gone right up again. So he is after applying for a balance transfer with another card. He applied for a Barclaycard a couple of months ago and was refused. He then waited til now, and applied for a Tesco card and was refused. He is being charged 23% and 29% on the two cards and obviously is only paying off the interest at the moment. What can he do?

He knows that applying for too many is not a good thing. What other cards are not linked to M&S and MBNA that he could try at intervals?

He got an Experian report about a year ago and he has a decent credit rating, but perhaps because of the credit crunch, they are being stricter, but its frustrating, he was doing so well paying them off but he is now stuck. Should he apply for another Experian report?

LouBlue

Could anyone help please?

Moggles_2

LouBlue wrote: »

OH has some debt on 2 cards, M&S and MBNA. He hasn't used the cards for a while now and has been paying them off but the interest rates have just gone right up again. So he is after applying for a balance transfer with another card. He applied for a Barclaycard a couple of months ago and was refused. He then waited till now and applied for a Tesco card and was refused. He is being charged 23% and 29% on the two cards and obviously is only paying off the interest at the moment. What can he do? He got an Experian report about a year ago and he has a decent credit rating, but perhaps because of the credit crunch, they are being stricter, but its frustrating, he was doing so well paying them off but he is now stuck. Should he apply for another Experian report?

Yes, definitely. Mistakes happen. If he uses the links provided on page 1 of the *How to obtain credit reports* sticky, he'll be able to see at first hand the data UK lenders search, each time he applies for a new credit card. You may remember, Experian sends explanatory notes as well, which are a real help.

For tips to improve his 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

LouBlue

Thank you very much Moggles.

Buf_3

Is it possible to do a 0% Balance Transfer from a card that is in the wife's name to a new card in the husband's name?