Questions about Balance Transfers

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Comments

  • Hello all,

    Brand new member with £1600 cc debt with NBS and looking to clear it ASAP. Can I balance transfer the debt balance and continue making payments that are not the whole ammount?

    Also, could I transfer if I had a stop order on the acc?

    Regards,

    Matt
  • You will need to make at least minimum payments on any account.

    What are you classifying as a 'stop order'? It's not a term we use in the UK.

    Do you mean your card is blocked? If so, that doesn't impact payments to the account.
  • Do any cards have a penalty for paying off the whole amount before the end of the deal?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    No. .
  • My interest free is coming to an end in around 4/5 Months with my Nationwide Credit Card. I have £969 still left on the card to pay off, I have never missed a payment and my credit score has been built up very well.


    My question is, I always pay way over the minimum payment (£25 min but actually pay £175 every month) so I am planning to reduce the credit that is still left to pay on the card before I transfer, so when would be the best to balance transfer?


    Would it be to pay off as much as I can now and then transfer? I was looking at reducing this amount that I actually pay to near/around £100 for the next few months due to a trip to Japan coming up in March 2019 which I need to put away money for. Or would it be to just do the balance transfer asap and reduce my payments slightly as planned?


    Any help and advice would be greatly appreciated!
  • Apply at least a couple of months before your current deal expires.

    There is no need to overpay while the debt is at 0%, but be prepared to throw as much as you can at it in case you cannot get another BT offer.
  • Thanks for replying so quick!


    So I should be prepared to start applying around 2/3 months before? I know, I just like to pay off as much as I can while I can! I will definitely be prepared to pay as much as I can on the card while I will be reducing my payments.


    This will be my first Balance Transfer to a card that will be in my name. (I've BT before but that was to my partners card to spread the cost of our trip)
  • As zx81 mentioned, apply for a new card a couple of months before your current offer expire.

    When you are accepted for a new card with an introductory BT offer, they normally give you 90 days for you to actually complete the BT from other cards.
  • Hi there, I was hunting around for a 0% credit card and had an offer from Sainsburys for a card. The issue was, I put in the wrong card number (typo) and so didn't want to accept the balance transfer card with the wrong details inputted. I thought if I rejected the offer, I could immediately re-apply and fill in the correct details. It wouldn't let me, so I then rang the supplier and was advised against multiple applications in a short space of time as they could not guarantee accepting me twice in a row. I want to get this sorted out, however, don't want to have a 'rejection' on my record. If I apply with another supplier, would they be able to see my application with sainsburys (even though, I turned them down, not the other way around) and if so, will it effect my chances of being accepted elsewhere? Thanks, Stu
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Hi and welcome to the forum hartleystu1986 :)

    A second card provider may see a record of a credit search. They will not know who from and what the outcome was though...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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