Questions about Balance Transfers

grumbler

Yes - if your available credit is really big compared to your income. As a rule of thumb it has to be <50%.

However, this can increase used/available ratio at the same time, that is believed to be worth keeping under 50% too.

keiran

Hi

I'm carrying a large number of good balance transfers at the moment, totalling £60k. This, along with my opening multiple bank accounts for their incentives, has led to a very large drop in my Experian score

Whilst I understand that this score is somewhat meaningless, and whilst I will not be applying for any meaningful credit soon, I have read that paying more then the minimum every month can be helpful.

It's been suggested that £1 extra paid every month would result in the minimum payment marker not appearing on the credit file

But the usual options for repayment by direct debit are minimum, full or a stated percentage. How do people pay £1 more than the minimum?

grumbler

Some CCs have less 'usual' option like 'fixed amount'.
Alternatively people make (extra) payments manually or by a SO. As simple as that.

keiran

Thanks
I'll continue with minimum payments then ....making extra £1 payments on 9 credit cards manually every month seems excessive work!

enyrb

would it be possible to list the cards that accept a balance transfer from a current account. i.e. to pay off an overdraft.. thanks

[Deleted User]

No, but I'll give you a link.

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Blinky2010s

Hi All


Historically I've had no problems transferring balances to 0% interest, 0% fee cards. I spend on Amex gaining air miles and transfer to BT cards to pay off over x months at 0%.


However, I have just received my new Halifax card and can't seem to transfer the balance from my Amex to the new Halifax card (even though sufficient credit etc). The customer services team said it's because they won't accept the British Airways American Express card transfers.


I've also applied to Post office, but again it wants a 16 digit card number rather than the Amex 15 digit card number


Does anyone have any knowledge of cards which do accept transfers from Amex at 0% interest, 0% fee?


Tesco did a few months ago, so I'm not sure if this is a new rule change?


I can't transfer anymore to Tesco,so any other card recommendations would be great


Thanks

AnniePea_2

Hi there, hopefully this is a fairly simple thing to help with...

I have two credit cards which I'd like to tranfer the balances of to a 0% card/s.

1. Is this possible?
2. Is this the best option? Or is it better to transfer each one to a separate 0% card?
3. If I transfer both balances to one card, how do I do this? Do I go through the same route as I would for transferring just one card?

Any help very much appreciated, thank you.

ErolGirl

Hi, I was wondering if someone could just clear this up for me please I currently have £1,200 on my MBNA credit card. I pay this off in full each month, but I am living on a cycle where I have no cash which I want to break as I am looking to start saving.

I intend on transferring this £1,200 before it comes out of my account onto a no fee 0% card. I was thinking the Virgin one? I'm new to transfers though and want to make sure that in doing so I will not incur any additional costs for myself....It wont take me long to pay off the £1,200 so the length of the 0% period doesn't need to be too long.

Will this work out or is there a better way to do it?

Thank you ^_^

Candyapple

ErolGirl wrote: »

Hi, I was wondering if someone could just clear this up for me please I currently have £1,200 on my MBNA credit card. I pay this off in full each month, but I am living on a cycle where I have no cash which I want to break as I am looking to start saving.

I intend on transferring this £1,200 before it comes out of my account onto a no fee 0% card. I was thinking the Virgin one? I'm new to transfers though and want to make sure that in doing so I will not incur any additional costs for myself....It wont take me long to pay off the £1,200 so the length of the 0% period doesn't need to be too long.

Will this work out or is there a better way to do it?

Thank you ^_^

Your post is confusing - are you paying off £1200 each and every month from your credit card?

Why put your monthly spends on your credit card if you are just going to clear it every month - do you earn some rewards/points/other scheme for doing this?

Do you mean you want to apply for a 0% purchases card?