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Questions about Balance Transfers

edited 30 November -1 at 12:00AM in Credit Cards
478 replies 103.9K views
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  • heppy23heppy23 Forumite
    478 posts
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    Does anyone have a list of common balance transfers that normally work?
    Also ones that don't.

    As an example I have used a Halifax to pay off a capital one and a mint card.
    BUT (if I remember rightly) I couldn't pay off a virgin money card with a Halifax.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K posts
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    heppy23 wrote: »
    Does anyone have a list of common balance transfers that normally work?
    Also ones that don't.

    As an example I have used a Halifax to pay off a capital one and a mint card.
    BUT (if I remember rightly) I couldn't pay off a virgin money card with a Halifax.
    As far as I know no such list exists. However, from posts made on here, Barclaycard seem to be particularly awkward with BT's from BOI (Ulster Rugby & Post Office?) and Santander.

    Re your Halifax troubles, HBoS have a 'glitch' in their online BT system which refuses BT's from MBNA and Egg cards. However, no such 'glitch' exists with the same requests made via telephone.
  • When balance transferring, what's the general rule for keeping the 'old' card? I've got 2 or 3 credit cards that I never use after having used up their 0% rate and transferring away.

    Should I cancel them? What effect does keeping or cancelling have on my credit score?

    TIA
  • I have a a bank loan with Lloyds bank. It is possible to do a balance transfer to a 0% credit card from the Lloyds loan?
  • solfer wrote: »
    When balance transferring, what's the general rule for keeping the 'old' card? I've got 2 or 3 credit cards that I never use after having used up their 0% rate and transferring away.

    Should I cancel them? What effect does keeping or cancelling have on my credit score?

    TIA
    Cancelling a card ends up with it being marked as settled on your credit file, which should in theory give your score a teensy boost.

    Keeping it increases your available credit and decreases the percentage of available credit used, which might decrease your score.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • ryan52ryan52 Forumite
    9 posts
    Part of the Furniture Combo Breaker
    MoneySaving Newbie
    i recently transferred £800 from barclaycard to virgin. The full amount owed to barclaycard was transferred before the due date given, yet i have received a statement form barclaycard saying i owe them £10.19 in interest. Is this right? And do i have to pay the interest, even though the balance was payed in full, and i haven't used my card for purchases for months? i know its only a tenner, but im confused as to why i have to still pay them interest, even though the balance is now zero!
    Thanks in advance.
  • Hi

    I have an M&S Credit card which I opened about a year ago and transferred the balance of a different card onto. The card advertised a life of balance interest rate of 3.9% but today I received a letter stating that from 1st April the interest rate on the card is going to be 22.9%.

    There is a note that 'This will not affect any promotional introductory rate you may have.'. Does this mean that the 3.9% life of balance rate will still apply, or should I be looking to move the debt onto a different card?

    Many thanks (and sorry if this is a stupid question!)
    Mat
  • YorkshireBoyYorkshireBoy Forumite
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    There is a note that 'This will not affect any promotional introductory rate you may have.'. Does this mean that the 3.9% life of balance rate will still apply...
    The 22.9% rate relates to any new purchases (and any existing purchase balance, which I hope there isn't any!) placed on the card. It would also apply to any new BT's made to the card, but I believe M&S are withdrawing from the BT market.

    Your 3.9% APR LOB rate is unaffected.
  • I'm prepared to be corrected but they're referring to new purchases...just keep your card locked away and you should be fine....there would be uproar if the CC providers were backtrack like that on LOB transfers....
    For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 2007
  • PS...not a stupid question....I can imagine how worried it would make a lot of people!
    You came to the right place...
    For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 2007
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