Credit Card Balance Transfer Discussion Area 3

imported_Moneymaker

Re Lloyds TSB Credit Cards, for those of you who have an existing account don't forget to negotiate with them on the rates. I have just transferred £12000 after discussing their competitiveness. It started at 6.9% for the life of the balance and ended up at 1.9% for 12 months.

Also hiked the limit from £8500 to £12500!

As a novice at this game I'm pleased.

Now off to do a SBT with the cards that are freed up to assist in paying off the debt!

Figment

All the many MBNA cards allow SBTs but you will be charged a fee up to £35 if you don't do the transfer at the same time as applying for your card.

£50.00 from 1st November 2004

VP

Have just been reading Martin's updated SBT article, and am thinking of using the abbey card to clear my overdraft.

I say this because my current 0% card is Halifax BOS, and I don't think you can do SBTs on it. Also, the other SBT providers are good for purchases, whereas abbey charges 15.9%, so I won't be using it in future.

The only thing is (and I know you've had this discussion re the Virgin card) the T&Cs say I "may" be charged for a balance transfer, and will be charged to write credit card cheques.

If I do the SBT when I apply for the card, what are the chances of being charged? Will the SBT always be done by credit card cheque?

Thank you!

FelixTCat

Excuse me if this has already been asked and answered, but I haven't seen it.

I have done a SBT from egg to my savings account and am making the minimum repayments which, because it is 0% interest, are repayments of the original capital debt.

Is there anything to prevent me immediately doing a SBT of that repayment to my savings and retaining the maximum loan?

sly_dog_jonah

Depends if you are still within the period during which you can make promotional transfers at 0%.

Anniversary 0% transfers can only be made within the anniversary month. Think it is different if you are on your initial 0% offer, best to check with egg via secure message, just ask them if you can make a further 0% balance transfer!

Unbelievable_2

Is there anything to prevent me immediately doing a SBT of that repayment to my savings and retaining the maximum loan?

No - SBT away ;D

dave_dph

Having closed all my credit card accounts last year I decided to apply for new ones in the last few weeks to try out these SBT's.

Capital One gave me £6500
Egg gave me £6000
Mint gave me £3000
Virgin gave me £2500.

Not bad for starters!

I currently have £14900 earning me betwen 4.28 & 5.25%, just waiting for the Virgin transfer to hit my Egg card.

I'm loving it!

ikkleosu

I am looking for a card with a nice long 0% balance transfer, but to do this I need to get a relatively high credit limit (in realtion to my income). My debt is currently on a Lloyds TSB Classic (who have given me a really high credit limit) and a Barclay card (0% interest but the credit limit is very low so I can't put all my debt onto it). I like the look of LloydsTSB Advance and I hope that because I have hgih credit limits with my other Lloyds' card they'd give me a generous limit, but the balance needs to come from a non TSB card. Do you think it's worth transfering the balance from my Lloyds' Classic, to a 3rd card, so I can then transfer it to the Advance. This of course assumes they give me the card and a high limit, what if they don't?

I am new to all this lark, so plesae forgive me if I seem dimmer than a 10 watt blub.

Reaper

They might not give you a very high limit because they have already lent you so much. It would be easier if you transfered it elsewhere for now (another 0% credit card if you can get one). Once you have cleared your existing Lloyds card you can phone them up and ask if you can swop it for an Advance card keeping your existing credit limit. The chances of this working are much improved if you have cleared the debt first. Then you can switch it back if you want.

thefirs

From today's Grauniad Money: http://money.guardian.co.uk/creditanddebt/creditcards/story/0,1456,1340874,00.html