Questions about Balance Transfers

[Deleted User]

To get money into your bank account, you need a money transfer option.

Alternatively, you get a purchases card, put your regular shopping on that and free up cash to use elsewhere.

However, if you've heavily in your OD, you may not be able to get any decent offer.

Try the eligibility checker but you may need to do this the old fashioned way, and cut costs to free up cash.

Raxiel

Hi, I currently have a Natwest Reward Credit Card which I pay off in full every month.
Unsuprisingly, December's bill (due mid January) is a bit bigger than usual at around £2k. January's bill will also be larger than usual due to a couple of one off purchases last Friday and Sunday that are yet to show up (around 2.5k).
I can afford to clear both, but I figured it would be better to apply for a card that offers 0% on balance transfers and transfer it over, then pay it off over a couple of years rather than make a withdrawal from my savings. (Both months idealy, but definitely January at least if I can't complete the transfer before December's bill comes due.

Assuming the application is successful, how soon after the application do they usualy transfer the balance? Does it have to be done at the time of application? Do I have to give an exact figure to transfer, or do they just take the whole balance on the day (or up to the credit limit, whichever is lower)?
I have a good credit history, is there any way to be sure i'll get a big enough limit on a card I apply for?

TIA

kevandkeira

Hi, I currently have a capital one cc (£2000 limit £600 balance) & a barclaycard (£1700 limit £1000 balance), the 0% is due to end on both soon. I have been approved for a 2nd barclaycard, £2500 limit, 0% for 28 months.
When I applied online they accepted the capital one balance transfer but not the barclaycard one, is it possible to transfer barclays debt to cap1 (once thats cleared), then do a 2nd balance transfer from the cap1 card again? Hope that makes sense!
TIA

MallyGirl

you can but you will be hit with fees for each transfer.

Kentishphotographer

Hello,
I'll try to keep a long story short.
In March 2016 I fell very ill following a virus with a health condition which has left me virtually housebound and unable to work since. I've been on ESA since October 2016 and lowest rate of PIP for daily care since December 2017. I am really struggling to make ends meet. I have had a credit card since 2014 which due to my health and some other things has a balance of £2, 600. I currently pay it back at the minimum rate of £60/month - £51.28 of which is interest (22.44%). This is crippling me and the balance is just not going down.
Is there any way I could transfer my balance to a 0% card, or even one with lower interest, for a period to help me try to reduce the balance even a little. I assume there will be more stringent rules for those in receipt of benefit payments as income. Could I also risk ending up on higher interest than my current level after a period on lower interest?
My income is below £500/month - but I do have an excellent credit rating.

Thanks for any advice and suggestions

jelly_tot

Hi there

Is it better to apply for a balance transfer online or go into a branch? Is that possible?

I'm wondering because my husband has recently launched his own business, which complicates filling in the online application form. Giving details of his income is not straightforward. Maybe it's easier to talk to someone in branch? Or does that put me at a disadvantage?

Many thanks

[Deleted User]

It makes no difference to the outcome but will be less painful online.

Hitman_Hart

Hi, i'm wanting to transfer a balance of £6000 from barclaycard to MBNA, the MSE eligibility checker says im 100% pre-approved for a 0% transfer for up to 36 months.

Is there any way to know if the MBNA credit limit will be high enough to cover the transfer amount?

I don't want to apply and get to the end only to find out i can't transfer the whole amount.

Many Thanks, HH

[Deleted User]

You'll only know the limit once you are accepted.

Take whatever they give you and BT what you can. You can always try for an additional card elsewhere.

AndyPoll

Will this work - get a free money transfer

Hi, I've just got a new card with an £8600 limit. It's got a free BT for 27months.

I need to transfer £3500 onto it.

However I plan to ask for a £6000 BT leaving a positive balance on the card I'm transferring from. I will then have the £2500 put into my ISA.

Therefore this should work like a free money transfer.

Will the banks allow this or will the BT not go through into a positive balance?

Any opinions welcome.

Thanks!