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Questions about Balance Transfers

edited 30 November -1 at 1:00AM in Credit Cards
478 replies 103.9K views
1246748

Replies

  • I had a letter today saying mbna were putting my interest rate up to 29.9% at the end of may!! so i applied for another credit card to transfer a balance!! However it wasnt until id been accepted i realised that they were also part of mbna!! virgin then went on to tell me that because they were both linked i couldnt transfer my balance!! mbna ta mbna and all that!! So i was thinking can i use my hsbc credit card to pay off my mbna card then transfer the hsbc balance to the new virgin(mbna) card!! that way i havnt directly transferred mbna to mbna have i!! can you do that????? please help!!
  • NickXNickX Forumite
    3K posts
    tiswas08 wrote: »
    I had a letter today saying mbna were putting my interest rate up to 29.9% at the end of may!! so i applied for another credit card to transfer a balance!! However it wasnt until id been accepted i realised that they were also part of mbna!! virgin then went on to tell me that because they were both linked i couldnt transfer my balance!! mbna ta mbna and all that!! So i was thinking can i use my hsbc credit card to pay off my mbna card then transfer the hsbc balance to the new virgin(mbna) card!! that way i havnt directly transferred mbna to mbna have i!! can you do that????? please help!!

    Virgin is a SBT (Super Balance Transfer) card which means you can Balance Transfer to your Bank Account.

    If you ask them to do this, once the funds are in your Bank Account, you can then pay off the other MBNA card.

    This gets round the problem of Balance Transferring 2 MBNA cards.

    Your idea of using a HSBC card would work, but I think you would incurr 2 Balance Transfer fees which you would avoid by doing a SBT (Super Balance Transfer)
  • Any ideas how my husband who doesnt work (house husband , and very good at it!:rotfl: ) can transfer his remaining balance from his horrendous interest rate barclaycard to a long term life of the balance credit card. I,ve followed the links to suggested cards but they all require a minimum 10,000 income?
  • the2ksthe2ks Forumite
    1 posts
    Hi

    Have offset mortgage with First Direct at 4.99% fixed.
    Watched Martin on GMTV last week and he mentioned doing balance transfer from 0% (Virgin card) and putting in savings account to offset with mortgage.
    This will cost me £150 (for £5000) fee - how much am I likely to save? 0% deal ends in April 2009.

    PS Martin is god - lost count of the amount of money he has saved us!!!!!
  • CannyJockCannyJock Forumite
    3.8K posts
    Stoozing calculator is at the top, also one on www.stoozing.com.

    You've got a fairly competite mortgage interest rate by my reckoning but will still save you money. Curiously highest interest savings account is Kaupthing Edge at 6.5% if you're a basic rate tax payer, that's 5.2% net. Technically you'd be better putting it in there earning 5.2% than in your offset at 4.99%. If you're a higher rate tax payer then the offset would be the one to go for.

    Course, if your partner is a basic rate tax payer then it's back to the savings but in their name. Just a thought.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • YorkshireBoyYorkshireBoy Forumite
    31.4K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    the2ks wrote: »
    ...how much am I likely to save?
    Run your figures through this calculator...

    http://www.stoozing.com/calc.htm
  • sha2112sha2112 Forumite
    4 posts
    I have been 'tarting' for a while and each time I get a new card I close the old ones down. If the old card, later becomes a better deal, how long should I wait before I apply to go back to them or will they not let me do that?
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    sha2112 wrote: »
    I have been 'tarting' for a while and each time I get a new card I close the old ones down. If the old card, later becomes a better deal, how long should I wait before I apply to go back to them or will they not let me do that?

    Lenders vary in this respect, as with everything else.

    Some (eg. Barclaycard) will not consider applications from former cardholders in the 6 months following closure. The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself) makes former customers wait 8 months and in the case of Egg, it's 12 months.

    Former cardholders are free to re-apply for another Nationwide credit card, but do not qualify for the 0% introductory rate the second time round. (I know of no others where these 0% rates are strictly limited to one per customer.)

    At the other extreme are Capital One, HBOS, Marks & Spencer and MBNA. They accept applicants a month or so after closure.

    In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply ;)
    People who don't know their rights, don't actually have those rights.
  • Can anyone please list for me the limits of £'s that can be transferred to credit cards, I notice that onr ints t & c's mentioned that you could only transfer up £5000 are there cards with higher limits.
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    Most allow customers to borrow up to 90-95% of their credit limit, whatever that
    happens to be.

    Abbey and Barclaycard restrict BTs to £5000 or less.
    People who don't know their rights, don't actually have those rights.
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