New Top Balance Transfer Card – Get a sneaky extra month of 0%

susocan

Have applied on line - does anyone know how long it takes for a reply to come through, or what kind of credit limit they offer??

mary

YorkshireBoy wrote:

I'd strongly advise against doing this.

If you set up a direct debit with a card provider, it is their responsibility to take the money from your account when they say they are going to. If the DD fails (and obviously providing you have the funds available in your current account) then you have some comeback for the removal of fees and reinstatement of 0% offer etc.

Obviously you need to check your statement when it arrives to ensure the words "your minimum payment of £xx.xx will be collected from your nominated bank by direct debit on or after xx/xx/xx." appear on it.

If you decide to pay by standing order, you and your bank are taking the responsibility for ensuring the payments are made - and made on time. The CC company will not be as forthcoming in removing fines and reinstating fines if you pay this way. If it's your bank's fault they will just say "sorry". You will have no comeback on the bank, and they will certainly not reimburse you for any penalties incurred with your CC provider.

Perhaps most importantly - if you are late with a payment, this will be recorded on your credit file. If you're late with a payment because it was the CC providers DD payment that failed then you have a chance of getting them to correct your credit file to remove the late payment notice.

Standing orders are useful for depositing money into regular savings accounts, but for credit cards - DD is the only way to go in my opinion.

I am very meticulous and so far haven't had a problem with standing orders. I hadn't appreciated that the ball was in the court of the banks if there was an error on the side of a direct debit. I had seen on several of these threads that people had had problems with the initial DD not being done in time and ending up with charges, that's why I decided to make sure and do it myself.

YorkshireBoy

mary wrote:

I had seen on several of these threads that people had had problems with the initial DD not being done in time and ending up with charges, that's why I decided to make sure and do it myself.

I think a lot of this is down to the time period between activating the card/setting up the DD, and the "statement date". I've obtained several cards this year and the "time to first payment" has been as little as 5 weeks, although IF did seem to give me a couple of months.

My own personal method is...

1. Set up the DD when you activate the card (although I'm sure I've done some this year before I've even activated the card).

2. If the DD letter (with confirmation details) doesn't arrive within 2 weeks, chase them for it.

3. Check the DD is showing when the first statement arrives. If not, make a manual payment, ring them to make sure it'll be on the second statement, and check it does in fact appear on the second statement.

In my experience, providing you have sufficient funds in your current account, you only ever have to worry about the first DD - the rest run like clockwork once they've taken the first.

doodle_bug

Applied in a branch on friday, took 2 minutes, they say it'll take 2 weeks to go through.

I have just applied for an amex card for the cashback, I hope I'm not wrecking my credit rating.

BoltonMinx

Has anyone received any confirmations of any sort from the website application ? Have heard nothing at all Would have thought an email or letter to confirm they have received my application would be in order...

charlie12

Nothing here either, applied a few days ago. I'm not expecting anything until the letter arrives saying accepted or declined

If you have any concerns maybe you should call them...

Also there may be delays since this offer was in the weekly tips email so I imagine they've had more applications than usual recently.

BoltonMinx

Guess so, just impatient - Halifax are offering me a deal but I don't want to appy for two cards. Will sit tight and give em 2 weeks.

trickster

Got my acceptance through post this morning. £6900 Limit, but I'll only be transferring arounf £4500, to keep under the £5000 0% limit. Took about a week (at most).

SamC_4

Got rejected, due to amount of credit available from other lenders. Seems to be due to Accucard/LTSB who have still not updated Experian with my cancelled card details despite repeated prodding, so available credit was about 100% of my income. Hey ho.

Troubleatmill_2

Woo Hooo!

Barclaycard arrived today £10K limit - and managed to put £5K from other cards on it. at 0% for 10 months.

Nice one Martin!