Questions about Balance Transfers

grumbler

AFAIK this is possible only if both cards are issued by Amex.

Otherwise you need a card offering Money Transfers, but with no credit history in UK you are unlikely to get any CC except Credit Cards for Bad Credit

See also: Build Your Credit History

delabole

I already have a credit card with Post Office; will they let me open a new card that gives a good BT offer?

saver861

delabole wrote: »

I already have a credit card with Post Office; will they let me open a new card that gives a good BT offer?

No. Internal transfers don't apply. The reason cc companies put on these offers is to attract business from their competitors.

chalkie99

Hi,

Not done a balance transfer before but just applied online with Virgin to transfer £3300.

They accepted immediately with a limit of £2700.

Does that mean we are left with the rest on the old card or have I misunderstood and it actually does the whole transfer and leaves an extra £2700 on the new card?

Sorry if this is covered elsewhere and I have missed it and thank you for any assistance.

Candyapple

chalkie99 wrote: »

Hi,

Not done a balance transfer before but just applied online with Virgin to transfer £3300.

They accepted immediately with a limit of £2700.

Does that mean we are left with the rest on the old card or have I misunderstood and it actually does the whole transfer and leaves an extra £2700 on the new card?

Sorry if this is covered elsewhere and I have missed it and thank you for any assistance.

Virgin have given you a credit limit of £2,700. You may have requested £3,300, however they decided to give you a limit of £2,700.

You are allowed to transfer up to 95% of your limit (in your case, £2,565) so if you owe £3,300 on one card, you would do a balance transfer of £2,565 over to Virgin and would be left with £735 balance on your old card which you would have to clear by other means.

ruthie6

HI

IM new here so hope ive done this right
tried the eligibility checker on MSE for a balance transfer got a great 95% result
went on to apply exactly same info on MBNA own eligibility and got a great big NO
please help

Candyapple

ruthie6 wrote: »

HI

IM new here so hope ive done this right
tried the eligibility checker on MSE for a balance transfer got a great 95% result
went on to apply exactly same info on MBNA own eligibility and got a great big NO
please help

What do you mean by you got a 'great big no'? Do you mean you did the eligibility checker on MBNA's site directly and they said they can't offer you a card? Or did you actually apply, a credit search was carried out and they declined you?

The MSE eligibility checker is not a one size fits all predictor tool, it has been known to be very hit and miss and to take its results with a pinch of salt.

With regards to the MSE checker and MBNA, it appears from reading a few threads on here recently that there may be some sort of programming bug as it is reporting 95-100% success rates for people and when they apply they are being declined outright.

matthewg156

I have been through a few balance transfer cards. Most of the deals are for new card holders, so here's my question:

Can I cancel my cards and become a 'new' applicant again to take advantage of the new cardholder only deals? Is there some sort of period after which the banks consider you a new applicant?

chrisha7

i have applied for one of the credit cards with zero percent on balance transfers but they only given me the minimum limit £1200, do i have to wait for them to approve more credit as i have over £7k to transfer but will only let me do £650.

can anyone advise.

grumbler

chrisha7 wrote: »

i have applied for one of the credit cards with zero percent on balance transfers but they only given me the minimum limit £1200, do i have to wait for them to approve more credit as i have over £7k to transfer

You can wait forever. They are unlikely to approve a higher limit. Transfer as much as possible and try applying for another card.

but will only let me do £650.

Sure? Usually it's 90-95% of the credit limit.