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Questions about Balance Transfers

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  • During University I ended up with a couple of overdrafts which I haven't been able to fully clear for years. For a few years, at the end of every month, I am paying £31 on one card and just less on another for being overdrawn. I am in full time employment now with a stable salary.

    Would a balance transfer on the Barclay card work? I wouldn't use the transfer card. Only pay a set amount each month in.

    Could someone help as soon as possible so I can apply before the deadline.

    Thanks!
  • Hi, I have seen this sort of question asked a few times but don't seem to have seen the answer. I have various credit card balances that really need to be transfered to 0% cards but my applications are declined as my credit rating is currently poor. However my wife has an excellent rating on Experian so is it possible to balance transfer my cards into her name to benefit? Any guidance would be much appreciated.:)
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi, I have seen this sort of question asked a few times but don't seem to have seen the answer. I have various credit card balances that really need to be transfered to 0% cards but my applications are declined as my credit rating is currently poor. However my wife has an excellent rating on Experian so is it possible to balance transfer my cards into her name to benefit? Any guidance would be much appreciated.:)

    This question is asked every few days on this forum.

    The answer is:
    -some banks will without a problem
    -some will do so as long as the balance is being transferred from an account in the name of an additional cardholder, or from someone who is the main cardholder's spouse
    -some won't at all.

    Best advise is to try to do the transfer online, check the terms and any questions carefully and take screen prints. If they don't ask or say you can't, you should be okay; but do not lie - that would be fraud and create a huge black mark if discovered.
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Oliver45 wrote: »
    During University I ended up with a couple of overdrafts which I haven't been able to fully clear for years. For a few years, at the end of every month, I am paying £31 on one card and just less on another for being overdrawn.

    You message is confusing - is the balance an overdraft or a credit card balance?
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
  • THanks for the info. I have a card with Virgin - can my wife apply for a Virgin card (she can't do Barclaycard as she doesn't earn £20k) and then transfer from my Virgin or do we need to look at another lender. I'm assuming the latter.
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    THanks for the info. I have a card with Virgin - can my wife apply for a Virgin card (she can't do Barclaycard as she doesn't earn £20k) and then transfer from my Virgin or do we need to look at another lender. I'm assuming the latter.

    You can't transfer the balance from a card to another card issued by the same card issuer. mbna issue many cards (AA, Virgin, amazon, play.com) and you can't transfer between any of them.

    But if you have another card with free credit, you could transfer the balance to that card; then after a few days, transfer it to the card with the 0% offer. There will be two sets of BT fees but it's worth it if you are paying high interest rates at the moment.
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
  • Bingers
    Bingers Posts: 19 Forumite
    Can anyone tell me if I would have to transfer the FULL balance of my credit card to another card or can I just transfer part of it? Odd question but it makes sense in my head...!

    Many thanks.
  • chexum
    chexum Posts: 546 Forumite
    Part of the Furniture
    Bingers wrote: »
    Can anyone tell me if I would have to transfer the FULL balance of my credit card to another card or can I just transfer part of it? Odd question but it makes sense in my head...!

    The amount can be anything you like - the new card issuer have no way of determining what's the old balance, and the old one cannot tell it was a another card issuer paying them, it's a BACS payment to them.

    If you are prepared to fight to get the money back via cheque, you can even transfer more than what was on the old card. Overpaying by a small amount might make sense to anticipate the rolling interest, though.
    Enjoy the silence...
  • chexum wrote: »
    The amount can be anything you like - the new card issuer have no way of determining what's the old balance, and the old one cannot tell it was a another card issuer paying them, it's a BACS payment to them.

    If you are prepared to fight to get the money back via cheque, you can even transfer more than what was on the old card. Overpaying by a small amount might make sense to anticipate the rolling interest, though.

    Brilliant, thanks for your help Chexum
  • Esmondo
    Esmondo Posts: 54 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hi, does anyone know if there is a list anywhere that tells you which credit cards are issued by the same banking group, and therefore likely to reject a BT from within its group? For example, I know MBNA and Virgin are the same group so you wouldn't count as a new customer of one if you had a card with the other, are there other groups like this?

    Thank you
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