Credit Card Balance Transfer Discussion Area 3

zcaprd7

Err, its what we've all been doing!

Some people have £000s in the bank earning interest...or off-setting their mortgages...or just maintaining cheap debt.

isasmurf

OK, here's the stupid question of the day...

I applied and was accepted for a credit card with 0% BTs for 6 months at the beginning of May. On which months statement should they start giving me an estimated interest of more than £0.00? I've just got this months statement and still they're saying I'll pay no interest for the next month. By my reckoning 6 months is up.

Gotabiscuit

Not MBNA by any chance is it (or a card run by them)?

If so, have a look at travel_freak's post on here

isasmurf

Hmmm, very interesting. Thanks.

No, not an MBNA one, it's from a HSBC subsidiary. Perhaps this could be a warning to those taking advantage of HSBC's current promotion.

Fortunately I have already transferred all but a few pounds off the card, but it was just bugging me that perhaps I'd made a mistake by misunderstanding when a 6 month introductory period was up and got my new card a few weeks too early.

Unbelievable_2

Could it be showing zero interest because estimated interest is calculated on the assumption that the interest rate doesn't change before the next statement. If your intro period runs out shortly after the statement date it won't be reflected in the estimated interest. ???

gollum_2

I started doing doing super balance transfers about a year ago, amassing about £18.000.

Since then, I have been transferring balances where necessary to new credit cards. A couple of existing cards are up for renewal, so the other day I applied for the 12 month Lloyds TSB card. I got a letter today turning me down, with a long explanation which was no explanation really.

Before I apply for other cards, does this decision mean I am likely to be turned down for other cards, and will it affect other financial products I buy (eg mortgage)? Is there anything I can do to find out why I was turned down?

Any assistance would be greatly appreciated.

darran77

sory if i have hopped on your post (can't find the new thread post bit)
can any one tell me why there is a vast diference in the credit limit on my cards (yorkshire bank visa and barclaycard) got a new BC to take the strain of my YB and with the 18 month intrest free thought it was a good idea ? . Yes if you only want to transfer a little bit this is where the question (on balance transfers)comes in i thought this would mean all of the balance and not just a bit as BC will only give me a credit limit of £750. and i can only transfer £350. onto it and thats my lot cant understand as mt YB has a limit of over£12,000. and i have a great credit rating .are all card companys the same ? ???

Raising_the_Dough

:'(I have recently applied for the HSBC 9 months 0% Card on both purchases and Balance transfers, they have written to me advising my credit limit would be £1,000 this would be reviewed in 6 months time ! problem is I wanted to balance transfer £4,000 I have good credit rating and all previous cards have a credit limit of circa £8,000 I dont think it is such a good deal?

Gotabiscuit

.are all card companys the same ? ???

Far from it!

The biggest gamble you take when moving your debt around is whether you'll get a big enough credit limit from the new lender.

The setting of credit limits varies wildly from company to company and it's anyone's guess what criteria they use for setting it. However, there is often room for negotiation but, again, this varies from company to company.

From experience, Egg and MBNA are the most generous but Barclaycard are notoriously stingy with their credit limits when they are offering 0% deals.

mda160

Do all the CC companies expect you to pay a minimum amount every month? 3 % of total amount borrowed or do some companies charge a minimum amount £5.00
I’ve seen some people borrow large amounts from different CC companies, do they pay £5 or 3 % of total amount borrowed?