Credit Card Balance Transfer Discussion Area 3

Telbell

Just tried to get a BT credit card with Virgin but the only options relate to transferring a balance from other credit cards. How do i transfer a balance INTO my current accout eg to "clear an overdraft" so as to take advantage of the "Super" BT??

smartsaver

You can do this online when you have ur card. Or ask via the phone - but also ask if they will charge for this :-/

iainbs

About to do a BT and am considering Abbey. They offer four cards, firstly Pink or Blue presumably girl or boy :-/ and then visa or mastercard.
As the card will be chopped up on receipt, is there a benefit to either or does it not matter?
???

smartsaver

You need to read the T&C's this will tell you if there is a difference between pink and blue cards. This is essential for any new card you take out.

Beware as they may charge for balance transfer. Ask the date the 0% deal ends and write it down. Make sure the full balance is paid off or transferred to another card well before then. Good luck

peterbaker

In a call to MBNA this afternoon described in a new Topic I started (hope I did right thing!) called "***LATEST***Is the MBNA Party over?" I asked MBNA if they did not surely realise that some of their customers exploited their habitual 0% promotions and their SBT facility (ability to pay a balance transfer direct into a current account) and so paid large sums into their bank accounts and thence into offset mortgages for example. I had already warned them that I was a contributor to this website.

The reply I got was along the lines of "MBNA wishes to give its customers flexibility to pay their bills direct from their bank accounts" which is not a complete answer but which reflects the sentiment I think.

As a previous poster said, the card companies know exactly "what goes on" and they have condoned it and indeed encouraged it.  Frankly I think we should be more worried about the money laundering implications of SBTs than anything else.

Any suggestion that taking a cheap unsecured loan using a promotional SBT is "obtaining pecuniary advantage by deception" is both ludicrous and unhelpful.  The words in quotes are dangerous and accusative words and instead of using them mischievously, those insisting on adding their wit to the overall UK credit card debate should I believe first a bit think harder about what they are trying to achieve by their contribution.

smartsaver

Any suggestion that taking a cheap unsecured loan using a promotional SBT is "obtaining pecuniary advantage by deception" is both ludicrous and unhelpful.  The words in quotes are dangerous and accusative words and instead of using them mischievously, those insisting on adding their wit to the overall UK credit card debate should I believe first a bit think harder about what they are trying to achieve by their contribution.

Very well put Peter. Well said. ;D

Robert_Sterling_3

With my application form I always enclose a note saying:-

"I would like to take advantage of your most generous offer." [ Thinks "The 18 month one "]

needmoney

I applied for an egg card and was accepted but because I have a very low income my credit limit was very low too. (£750) I know this is because of my income because the past credit was for mortgages and was excellent.
I currently bank with Barclays and have done for the last 30 years. I know there are Banks paying better interest on c/accs but so little goes thro my bank acc that I haven’t bothered.

I will never be able to play the game and make big money but in my position ‘little’ bits count so now my question is if I should apply for say- 3 cards and each of them has a piddling credit limit put them together and they make a bit bigger, then change to a high interest c/acc and transfer the lot to that.

As long as I am sensible I get a little bit more interest never have to worry about going overdrawn when the bills get paid and just set up Direct debits to pay minimum amount back to cards and transfer the lump sums back at the end of the 0% period.

I am mainly thinking of trying to prolong the amount of savings which are now subsidising my weekly shortfall in income.

If the three card lent me the same it would still only be £2,250 so to probably answer my own question I am deluding myself by thinking that it’s worth the effort. I probably spund like an idiot to the high flying card experts but I am sure there are people of my age in the same position and perhaps won’t ask so I will be th fool who does.

Huge gratitude to anyone who take the bother to read and even more to anyone who replies.


If this is in the way of this important thread please would you move it, thanks.

peterbaker

Course it's not in the way nm! Yours is as typical a plan as any other stoozer or would be stoozer. But you have probably conlcuded right. An extra two grand on deposit isn't going to set the world on fire. To be honest, neither is the £20000 which the Daily Mail sensationalised in yesterday's issue. £20000 on deposit at 5% Gross for six months is not rich pickings.

I guess there would be more interesting things to try with £20000 than you could try with your £2000 but to be honest, I have been messing around with opportunistic balance switching on cards for well over six years now and I havent spent a penny of it on anything riskier than Premium Bonds! When I started, I had a rough rule of thumb that I could long term invest approximately one third of my aggregated total of all card credit limits without having to cash in/disturb Premium Bonds to pay off promotional deals at the end of the promotions. Actually I was taking advantage of typical 45 day up to 56 day interest free periods between statement dates on many accounts rather than 6 month initial low rate deals. Things have changed a lot since then and it is definitely getting harder to make money out of this hobby. If I had won the £MILLION on the bonds then I would be laughing, but I didn't.

I would recommend that newbies stick to rationalising existing debt, and only pick one or two new cards to apply for with the aim of doing transfers that facilitate reducing the longer term interest rates incurred in paying off existing debt. Don't borrow more just because you still can. Chances are the shutters are coming down soon anyway so watch your fingers!

Tharweb

Just tried to get a BT credit card with Virgin but the only options relate to transferring a balance from other credit cards. How do i transfer a balance INTO my current accout eg to "clear an overdraft" so as to take advantage of the "Super" BT??

I asked the very same question a week or so ago when I applied for the Virgin card. As you say, there is no option to SBT on the application. When you get the agreement through the post to sign, there is a tear-off on the reply envelope on which you can do BT to a credit card or SBT by giving your bank account details. I used this and am now awaiting their reply.

I must say though, it is very unclear as to whether I am likely to be charged for the SBT, "we may charge for this" very non-commital! Also, I only realised after reading further on here that I can't transfer the full credit limit, only 98% it seems, oh well, too late.

It seems the Egg card does SBT's without charging, I wish I had gone for that now.

Wonder if I can cancel the agreement if I do get charged for the SBT?