Questions about Balance Transfers

Ace59

Hi all,

Has anyone come accross allowing their credit card to expire without being renewed i.e you don't have a new one. A friend of mine is trying to transfer his balance from BT but they have frozen his account on the basis of a phone call when they thought he was going into bankruptcy, they then hiked up the interest to 25%. He has no card and apparently no way of transferring the balance because other providers want an expirey date from the existing card .....anyone know the way out of this given that he is in a fair amount of debt ...Are BT palying fair?

pink1234_2

I have a 0% balance transfer on my Barclayard of £3000.
I have recently started to spend also on this card but pay off the purchase balance in full and on time.(leavig only the bit that is 0%) However Barcalycard have charged interest on my last two statements however when i query it they agree its incorrect and have refunded. Nobody at barclaycard can tell me why this hapens and will not guarrentee it wont happen agan. Ater the second refund they emailed me to say that they would not refund any further interest (although they agree its incorrect).
Help - anyone any ideas why this happens and how can i avoid t happening in the future.
Thanks

bruce456

Hi, I hope someone is able to help me with regards to an AMEX (American Express) transfer.

I applied for a Lloyds platinum card last week and was accepted. I called them today because they were unable to transfer my balance. It turns out that they cannot transfer from an AMEX card, thanks a bunch! I have now cancelled the card already as its no good to me if a can't transfer the balance. Guess thats no help to my credit rating?

My main question is this - Which cards can and which cards cannot be used to transfer from an AMEX card? I couldn't find any information on here. Not sure if anybody else has come accross this problem.

Might be an idea to add some info to the main websites 'best balance transfer' page?

Thanks

Lewis

vixenhixen

I am trying to pay off my credit card and i'm paying around 30% interest a month so wanted to transfer my balance onto a 0% card however my application has been declined - is it possible for me to transfer my balance onto a card in my husband's name, maybe if i am an additional card holder? any advice welcome - thanks

f_parkinson

If I have an overdraft facility at a bank and paying interest and usage charges on the debt – can I transfer this debt to an interest free credit card?

katieks

Hello

I wanted to ask whether anyone had thought of the following and whether I am missing something:

I pay the full balance on my credit card every month to avoid interest charges. I had to buy airline tickets for almost £3k this month which I'll need to pay off in my monthly payment late-August. Is it worth me applying for a balance transfer for this amount, pay the fee then save the £3k over the 0% period? I suspect it'll all be down to rates, but there are some savings accounts that pay more than the balance transfer fee?

Is it worth the hassle?

Thanks in advance.

expressmart

Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards. I'm looking to make a purchase of just over 2k, and the 0% balance transfer option, including a handling fee seems to be the far cheaper option to finance the purchase, by comparison to a small loan.

I was intending to make a purchase using my current account (its a private sale) and then tranfer the amount to a credit card.

Thanks.

stephane_2

expressmart wrote: »

Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards. I'm looking to make a purchase of just over 2k, and the 0% balance transfer option, including a handling fee seems to be the far cheaper option to finance the purchase, by comparison to a small loan.

I was intending to make a purchase using my current account (its a private sale) and then tranfer the amount to a credit card.

Thanks.

No you cannot transfer your overdraft onto a credit card. However you could apply for a credit card which allow Super Balance Transfer like MBNA where they will allow you to transfer fund to your current account at the promotional rate.

thenudeone

katieks wrote: »

I had to buy airline tickets for almost £3k this month which I'll need to pay off in my monthly payment late-August. Is it worth me applying for a balance transfer for this amount, pay the fee then save the £3k over the 0% period? I suspect it'll all be down to rates, but there are some savings accounts that pay more than the balance transfer fee?

If the BT period is long enough it could be worthwhile. I'd say 12 months as an absolute minimum.

Remember you are not getting 12 months free credit on the full balance. You will have to pay 1-3% of the balance off every month, so by the end of the BT period you will already have paid some off.

thenudeone

pink1234 wrote: »

I have a 0% balance transfer on my Barclayard of £3000.
I have recently started to spend also on this card but pay off the purchase balance in full and on time.(leavig only the bit that is 0%) However Barcalycard have charged interest on my last two statements however when i query it they agree its incorrect and have refunded. Nobody at barclaycard can tell me why this hapens and will not guarrentee it wont happen agan. Ater the second refund they emailed me to say that they would not refund any further interest (although they agree its incorrect).
Help - anyone any ideas why this happens and how can i avoid t happening in the future.
Thanks

Well you are lucky to have had the refunds because the interest charge is correct. look at the Ts and Cs carefully. Purchases are only interest free if you pay off the FULL statement balance on time (not just the purchases) and you also paid the previous statement balance in full and on time.
Get another card to put all your purchases on; pay it in full and you won't have any interest to pay.