Questions about Balance Transfers

NickX

SaintMark wrote: »

Presumably, I'll need to do a 0% balance transfer to another card if I've still got no money in March.

Absolutely. I would start applying around 6 weeks before your current promotion is due to expire. You don't want to risk not sorting it in time and paying extortionate interest.

SaintMark wrote: »

Do I need to apply for 2 credit cards, so I've got another one for 0% interest on purchases aswell

Generally you should not mix Balance Transfer deals and Purchases deals, so if you want to go on spending you may need to get a separate Purchases card. There is an exception to this where the length of the Balance Transfer promotion and the Purchases promotion are the same thereby avoiding the "allocation of payments" trick. The Sainsbury card currently offers 10 months on both Purchases and Balance Transfers (with a 3% Balance Transfer fee) for instance.

SaintMark wrote: »

what are the chances of getting 0% interest on a balance tranfer and no fee?

Personally I think your chances are very slim. There are no known such deals on the market at present, although they are not unheard of (Virgin Money offered a temporary deal during the summer but it was oversubscribed and pulled very quickly).

If you do spot one, please let us know on here so we can apply aswell

Robin_Davies

Can I transfer a balance to my credit card from a credit card which is in someone else's name?

Moggles_2

Robin_Davies wrote: »

Can I transfer a balance to my credit card from a credit card which is in someone else's name?

Yes, you can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card the balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge the other person for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Caution: you cannot transfer balances between cards underwritten by the same bank (this would be like trying to pay 'em off with their own money.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:;)
http://www.stoozing.com/cards.htm card issuers

Robin_Davies

My bank has given me the 16-digit number of a card I took a balance transfer from 6 years ago. I need to find the cardholder name, but my bank doesn't know it. I know it's a Lloyds Bank card but they won't tell me as it's not in my name. The card will have expired years ago so there is no atttempt at fraud here. Is there any way I can find out whose card it was?

kenken_2

Allocation of payments for virgin credit card

''If you do not pay your balance in full we will use your payments:

* to reduce lower rate balances before higher rate balances.

If introductory rate balances are the same we will repay them as follows:

* the one which expires first; then
* if expiry dates are the same - the one which started first; then
* if the expiry dates, and start dates are the same - the one with the lowest standard rate.''

from [FONT=&quot]virginmoney.com[/FONT]

does it mean virgin credit card can be used for purchases in the first three months after balance transferring to it without costing a fortune?

they will pay off the balance at the promotional offer rate which expires first, so I think I can do both purchases and a balance transfer during the first 3 months and pay off the balance for purchases before the end of the first 3 months and there will no any interest for purchases after the end of the first 16 month period.

do you think I am right?

Moggles_2

kenken wrote: »

Allocation of payments for virgin credit card:
does it mean virgin credit card can be used for purchases in the first three months after balance transferring to it? I think I can do both purchases and a balance transfer during the first 3 months and pay off the balance for purchases before the end of the first 3 months and there will be no interest for purchases after the end of the first 16 month period. Do you think I am right?

Yes.
(Btw, I've just answered this question more fully on the *Best Balance Transfer* sticky, where I happened to see your post first

simonhunter87

For the 0% 12months Santander Zero balance transfer with no fee - what about existing Santander Zero cardholders - can we do it?

CannyJock

mrmadcat wrote: »

For the 0% 12months Santander Zero balance transfer with no fee - what about existing Santander Zero cardholders - can we do it?

Doesn't specifically say you can't at a glance, but I'm assuming if you apply they'd decline you because you already have the card? http://www.santander-products.co.uk/credit-cards/abbey-ebank.html

EDIT: Just confirmed on stoozing site that someone there was told they can only have one Santander card. So they're taking a gamble, cancelling their old Santander Zero card and reapplying. Not sure on the outcome of that yet.

racmun

Hi everyone
i wondered if anyone could give advice on what to do as i know nothing about credit cards and transfering balances.
I have quite a substantial overdraft (9K)at halifax and would like to know if i could transfer the balance or some of the balance onto a credit card with 0% interest and then pay back min payment each month without overdraft charges.
I know halifax have just changed there policy and its alot cheaper than it was, but how do i go about finding out if its cheaper and indeed possible
thanks

CannyJock

racmun wrote: »

Hi everyone
i wondered if anyone could give advice on what to do as i know nothing about credit cards and transfering balances.

Read this first http://www.moneysavingexpert.com/cards/best-0-credit-cards

racmun wrote: »

I have quite a substantial overdraft (9K)at halifax and would like to know if i could transfer the balance or some of the balance onto a credit card with 0% interest and then pay back min payment each month without overdraft charges.

You can, but only if you're accepted for a card that allows "super balance transfer" - like the Virgin card. Your problem is that you may not have enough of a credit history and with a 9k overdraft showing on your credit report you'll be lucky to be accepted.

Have you looked at your credit report? If not, read this http://www.moneysavingexpert.com/loans/credit-rating-credit-score

And then apply for a copy of your credit report.