Questions about Balance Transfers

scootw1

Rachylou1981 wrote: »

Not sure it is that quick. I did mine on Tuesday, balance was gone from original card yesterday but is not showing on other card yet (although the credit limit is showing it has).

I was just implying that you need to wait until the amounts are showing on statements before you can do anything with them i.e. pay them or transfer them.

Barclaycard do the transfer next working day and the other cc company get the money next day. I already did one for Tesco and that is what happened. I think my scenario above would apply in that case. Thanks for your reply.

kezspot

The last few days I have been trying to balance transfer from virgin credit card to halifax all in one.
After lots of calls, and annoyance from me, I am really fed up with them both!

Halifax say Virgin haven't updated their system and sent a headed letter to them with Virgins new system information!!!!!!

Virgin say they have updated their systems months ago.

Both say I can transfer between as people have done so.
However I read online people say you can't!

I have spent hours back and forth on the phone, when i'm sure as a customer it is not my place to sort this out, why can they not ring themselves!

It is now in Halifax office hands somewhere where they only correspond to staff by email, no phones! Within 3 days!

The whole thing is unbeliveable, and I have wasted hrs and not got anywhere, and meanwhile my 0% transfer is about to run out with Virgin, and i'm stuck!

Anyone else had this???????

Kimberley

Hi, I'm not sure if this has already been asked but can you tell me what gets paid first when making payments to a Credit Card, balance transfers or purchases?

Fruit_and_Nut_Case

Kimberley wrote: »

Hi, I'm not sure if this has already been asked but can you tell me what gets paid first when making payments to a Credit Card, balance transfers or purchases?

It's supposed to be the item which has the higher rate of interest.

YorkshireBoy

Kimberley wrote: »

Hi, I'm not sure if this has already been asked but can you tell me what gets paid first when making payments to a Credit Card, balance transfers or purchases?

There's no 'one size fits all' answer to your question.


You need to check your T&Cs (or possibly the summary box), looking for 'allocation of payments' or some such similar wording.


If you're still unsure, post the card details and whether or not you have promotional rates on there.

Kimberley

Thanks, it's the Natwest Platinum 0% balance transfers for 28 months and 0% purchases for 6 months

Nesticle

Looking at doing my first balance transfer but need some advice:

I have a Halifax credit card with a balance of £5000

- if I apply for a new balance transfer deal, is it best to apply for the card first and then transfer or transfer during the application process?

- can I transfer all £5000 to the new card?

Any advice welcomed

grumbler

1. I don't see much difference, but my personal choice is the latter.
2. Yes, if the limit is big enough. Normally you are allowed to transfer no more than ~90% of the limit.

Nesticle

Thanks for your reply, bear with me:

So if I applied to transfer £5000 during the application process, would they only transfer 90% of credit limit they set?

What would happen to the remaining balance?

When is the credit limit set?

grumbler

Nesticle wrote: »

So if I applied to transfer £5000 during the application process, would they only transfer 90% of credit limit they set?

Yes, you might need ~£5.5K new limit to be able to transfer £5K to the new card, although I think this can vary from card to card. Read the T&C for BT.
E.g. for Barclaycard: http://www.barclaycard.co.uk/personal/balancetransfer-terms-conditions

What would happen to the remaining balance?

A BT is in fact just a money transfer (payment) from the new card to the old one. If the amount is smaller than the old balance, then the old card will have some balance remaining on it and you will have to take care of it.

When is the credit limit set?

After your application has been considered and (if) you are accepted.