Questions about Balance Transfers

YorkshireBoy

Winchester wrote: »

Can I apply for a card in both names and transfer his debt that way?

You can apply in your own name and transfer his debt to your card.

Of course it then becomes your debt.

Don't apply for a card provided by the same group as your partner's though. Check who owns who here first...

http://www.stoozing.com/cards.htm

Stingy_Sid

Novice here, so bear with me.

If I have two 0% cards with differing end dates, which should I pay first?

Say one 0% rate expires in January and one in June, should I pay the minimum amount to the June one, and concentrate on reducing the January one first, hopefully paying it off, then make the large payment to the June one, transferring it at the end if necessary?

Cheers

Sid

neilydone

Dear Moneysavers!

i have a quesiton about timescales for BTs in and out of an CC.

I have an MBNA balance of £2.1k with a credit limit of 13k. I've transferred a balance into this of £2.4k from my partner's HSBC card, which has just come off her 0% and is now 19.9%. This has cost 3% in a BT fee (£70) that MBNA charged.

This makes a total of £4.5k that I would like to transfer out. I would like to transfer it out to a Barclaycard Platinum with a 6.3% BT for 3yrs deal.

Obviously, I would now like to (as quickly as possible) transfer the new, MBNA balance of £4.5k out of MBNA into the Barclaycard.

My question is thus: is there anything likely to stop this? is there any low profile T&C that I may have missed which will throw a spanner in the works to our plan?

Cheers and thanks!

neilydone

Moggles_2

neilydone wrote: »

I have an MBNA balance of £2.1k with a credit limit of 13k. I've transferred a balance into this of £2.4k from my partner's HSBC card, which has just come off her 0% and is now 19.9%. This has cost 3% in a BT fee (£70) that MBNA charged. This makes a total of £4.5k that I would like to transfer out. I would like to transfer it out to a Barclaycard Platinum with a 6.3% BT for 3yrs deal. Obviously, I would now like to (as quickly as possible) transfer the new, MBNA balance of £4.5k out of MBNA into the Barclaycard. Is there anything likely to stop this? is there any low profile T&C that I may have missed which will throw a spanner in the works to our plan?

You don't mention the credit limit on your Barclaycard.

Normally, you can transfer any amount from £250 up to £5000 or 90% of your credit limit, whichever is lower.

Note: if you have a balance on your B'card, it would be advisable to clear that first, before you take up the 6.3% APR offer

neilydone

Hi Moggles,

The credit limit on my Barclaycard is 6040, and they tell me I can BT a max of 5000. I of course dont have a balance on the Barclaycard, having not used it yet.

thx!

Moggles_2

neilydone wrote: »

The credit limit on my Barclaycard is 6040, and they tell me I can BT a max of 5000. I of course don't have a balance on the Barclaycard, having not used it yet.

In that case, you'll be fine.

Very best
M

neilydone

Dear Moggles!

Thanks!

neilydone

Stingy_Sid

Stingy_Sid wrote: »

Novice here, so bear with me.

If I have two 0% cards with differing end dates, which should I pay first?

Say one 0% rate expires in January and one in June, should I pay the minimum amount to the June one, and concentrate on reducing the January one first, hopefully paying it off, then make the large payment to the June one, transferring it at the end if necessary?

Cheers

Sid

No advice anyone?

cheers

Sid

dameedna_2

Hello- does anyone have an answer to this query from Tommarsden as it's the same question that I was going to ask? - Thanks in advance:

"Does anybody know how cash balances on a credit card will be treated when balance transferring to a new card with cheaper interest? I currently have a Halifax Mastercard on a 0% on purchases deal for 10 months, this is due to expire soon so I'll be looking to shift it. I have a small cash balance on the card for which I am charged interest.

If I were to transfer this balance onto a new card would the cash balance be treated differently from the balance incurred through normal purchases or would I get the cheap/0% interest on the whole balance when transferred?

Do the deals vary between different cards?

I know there are a quite a few questions there but I have never done a BT before.

Many thanks for any advice.

Regards
Tom"

Moggles_2

dameedna wrote: »

I currently have a Halifax Mastercard on a 0% on purchases deal for 10 months. This is due to expire soon, so I'll be looking to shift it. I have a small cash balance on the card for which I am charged interest. If I were to transfer this balance onto a new card, would the cash balance be treated differently from the balance incurred through normal purchases or would I get the 0% interest on the whole balance when transferred?

Absolutely. The type of transaction on the old card has no bearing on the new card's balance transfer terms, so the 0% rate would apply to the whole balance