Questions about Balance Transfers

ErolGirl

Candyapple wrote: »

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?

Hi sorry yes I started using the MBNA card for all purchases as it was a rewards card and I got vouchers almost every other month from it. But I ended up spending above my means and now I have no cash and have to use the card each month for my monthly spends. As soon as I get paid it all goes out to pay the CC and so I have to use the CC as I have no cash!

I don't want to use a card at all, I just want to eliminate a card and use my cash account for all purchases instead

Coldred

Im sure this has been asked loads of times but....

I have a Lloyds CC that usually doesnt go above 200 ish but at the moment its about 500 on it, i use this just to buy my fuel each month and then pay off the balance when i reclaim my petrol costs.
Recently i had to make some repairs on the car and so is a little but more than i would normally see on it. the cards 0% has expired so i am paying interest on the debt. I want to move to another 0% card with a balance transfer.

Is this just a direct transfer of the debt from one card to another?

On some of the info on martins pages its saying that do not spend on these cards, can i ask why is the rate you pay excessive? I want to continue with putting my fuel on my credit card.

am i miss understanding the balance transfer cards can someone please clear up my confusion?

Thanks

Superscrooge

If you successfully apply for a 0% BT card and transfer your balance from your Lloyds CC. This won't close your Lloyds card. So you could still spend on your Lloyds CC.

The info on Martins pages warns of the danger of spending on a 0% BT card. Many CC's will only give you an interest free period on purchases if you clear your balance in full. So if you spend on a BT card you might end up paying interest from the date of purchase.

The general advice is not to spend on a BT card.

SHill

I agree with previous post.

You may want to look at 0% purchase CC or CC's that can give cash back or points rewards.
Note when the promotions start and end & budget paying you card off in full each month as you may get stung by the interest rate.
Read the terms and conditions you sign upto.

SHill

Oh my you need to reduce your out goings then & budget.

It may mean revising certain standing orders saying no to going out and making & taking lunch from home.

You cannot keep living like this... So you need advice go to Citizens Advice Bureau they can assist you.

justinsrival

Has anybody taken out an MBNA balance transfer to take up their 43 month offer?

I was 100% pre-approved, given a £6k limit so transferred balances to it and then thought to pay off an expensive loan while I was at it with their 0% money transfer offer too.

Did this last week, had nothing since - balances haven't yet transferred, money transfer not in my account. Haven't yet received my card (though not expecting that yet anyway) and can't create an account to monitor the progress: they need a card to create an account.

How long did it take for you to transfer with MBNA? Just wondering if it's usual to take over a week to process.

Other transfers I've had in the past seemed to go through in 2 days (sometimes the morning after) so a little edgy about this one.

Tonkaaaa

I have an excellent credit rating, what sort of credit limit can i expect to gain from a balance transfer?

[Deleted User]

One that reflects your credit history, income, debts, available limits and risk.

The lender will decide whether your credit rating is excellent, or otherwise.

Tonkaaaa

Thanks for your reply.

This is the only thing stopping me applying, I don't want to apply and the limit not be enough as I would like to transfer a small loan and a cc balance over to a 36 month card which would total about 8k. I've checked out my score via the usual sites and they all come back as excellent and I earn circa 45k p.a. Do you know if an 8k credit limit would be viable off the bat?

[Deleted User]

What are your limits and balances?

What is on your credit files - not the score - what data is on there? Any missed payments etc? No one will ever see or care about your score.

If you apply and get less than you want, don't reject it. You should look to make the savings you can get, not work to a certain all or nothing figure.