Questions about Balance Transfers

eacesar

Not sure if this has been asked before but here I go...

I've got two cards last year (Lloyds and Halifax) with a 0% deal on balance transfers. Back then I've transfered old debts to both and their 0% deal will end this June. I don't think I will be able to pay off all the debt on both of them by June, though. Their interest rates will then jump to 25.95% each. My plan was to apply for a new bal transf card nearer June and shift part of the debt again. My credit history isn't that great so my plan can go downhill if I'm rejected.
However, Lloyds has sent me a letter with an offer of 0% on balance transfers for 15 months on this card I already have. This offer is valid for a few weeks only so I would need to make the balance transfer soon to take advantage of the deal.
My question is, if I transfer the balance from Halifax to Lloyds now (which would pay off Halifax entirely), what will happen after June (when the initial 0% deal ends) if I am still unable to pay off the old balance (old = original debt, prior to this transfer) to Lloyds? Will I be charged interest on the whole 'new' balance or only on the old/initial balance left?

If I do make this balance transfer now I should be able to pay off the initial balance on Lloyds by June but it might also not happen due to car insurance renew approaching and others expenses. That's why I'm a bit uneasy.

Thank you in anticipation for the replies.

bigadaj

You d only get charged higher interest rates on the old debt on that card.

suedegambit

I've just taken out my first 0% transfer card. The Fluid card with MBNA which has a 0.75% transfer fee (!).

I have a limit of £17,800.00 and I've transferred in a total of £16,860.19. The fees for this come to £126.46 for a total balance of £16,986.65.

What worries me, is that only after my last transfer did I notice the condition that I may only transfer in 95% of my balance, which is £16,910.00 - a difference of £76.65.

I'm worried that I maybe have breached the terms of the offer and will lose my 0% rate immediately.

I see that post #95 in this thread says that

NickX wrote: »

As long as you don't exceed your Credit Limit you should be fine.

The 95% refers to a limit on the amount Balance Transferred of 95% of the "available credit" not the "credit limit".

The reason for this is to allow room for a Balance Transfer fee without exceeding your Credit Limit.

Hope this helps.

But I'm still a bit worried as the MNBA text says that:

You can transfer up to 95% of your available credit limit including all fees. Consider all recent transactions, transfer requests, interest and fees

I've yet to receive my first statement (should be within the next 10 days) but I paid in £300 from my debit card right away in a bit of a panic in case that makes up for the difference.

Should I be worried? Or calling MBNA for clarification?

Thanks,
Evan King.

grumbler

Have you transferred already or just requested the transfer?
I think they can decline the transfer or reduce the amount, but if they didn't you are fine.

suedegambit

grumbler wrote: »

Have you transferred already or just requested the transfer?
I think they can decline the transfer or reduce the amount, but if they didn't you are fine.

I've just requested the last two transfers last night. Thanks for your quick reply :-)

Smart77

I think you will be ok, if the BT takes you over the 95% it will not be processed. Keep an eye on it and if you need to do it again just do it for less

benmurray

Hi

does anyone know if there is any issue with transferring american express balances as part of a balance transfer promotion?

Thanks

grumbler

benmurray wrote: »

does anyone know if there is any issue with transferring american express balances as part of a balance transfer promotion?

"Issues" aren't uncommon, e.g. Balance transfer from Amex to Santander

Fruit_and_Nut_Case

benmurray wrote: »

Hi

does anyone know if there is any issue with transferring american express balances as part of a balance transfer promotion?

Thanks

I've had problems too with a dual Amex/Visa card account. Give them the Amex number and it grinds to a halt; give them the Visa number and it sails through. Possibly something to do with the 15-digit Amex number.

HeatherRM

Hi, am I able to transfer a personal loan onto a 0% balance transfer credit card?

Also, if I am accepted for the credit card am I guaranteed to get the 0% or is it a 'representative rate' that only a small % of people get?

Thanks