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  • Moggles
    Originally Posted by JML45
    I've got an offer from Citibank to transfer balances to my credit card @ 5.9% pa for life with a 3% transfer fee. I have a couple of other cards I'd like to pay off (amounting to about 5000) and I have plenty of available credit on the Citibank card. I've spent ages pouring over this site, but I'm still not convinced about how good 5.9% pa for life is. By the way, I have a balance of 2000 on the Citibank @ 4.9% APR for life.
    For a life-of-balance deal, it's pretty good. If you're forking out loads of interest on a couple of your cards, it's worth serious consideration.

    Much depends on the time needed to pay off these debts. HSBC is offering new customers 2.9 % APR on balances shifted for 2 years plus a one-off fee of 2.5 % of the balance(s) transferred. If you're able to repay in two years or under, this may be a better option.

    If you can clear the balance in just over a year (or you're prepared to switch to another new card in X months time), you could save even more money with a 0% balance transfer deal. 0% for 15 months is currently available to new customers from Egg, Halifax and Virgin. A 3% transfer fee applies.
    People who don't know their rights, don't actually have those rights.
    • wallofbeans
    • By wallofbeans 21st Jan 08, 7:13 PM
    • 1,013 Posts
    • 42 Thanks
    wallofbeans
    ive done a balance transfer from one credit card to my new mint card with 0% etc etc... im now worried though, i just checked the balance of both cards online and the money has gone from my mint but nothing has happened on my other credit card... is it normal that it shows up in one before the other like this..? or should i be worried that someone else has just got a chunk of money from me!?
  • Moggles
    Originally Posted by wallofbeans
    I've done a balance transfer from one credit card to my new Mint card with 0% etc etc. I'm now worried though. I've just checked the balance of both cards online and the money has gone from my Mint but nothing has happened on my other credit card. Is it normal that it shows up in one before the other like this or should I be worried that someone else has just got a chunk of money from me?
    'Nothing to worry about. This is perfectly normal.
    The money will be credited to your other card within 2-3 working days.
    People who don't know their rights, don't actually have those rights.
    • wallofbeans
    • By wallofbeans 21st Jan 08, 7:58 PM
    • 1,013 Posts
    • 42 Thanks
    wallofbeans
    'Nothing to worry about. This is perfectly normal.
    The money will be credited to your other card within 2-3 working days.
    Originally posted by Moggles
    phew! thanks!
  • Ian.2
    I've just transferred 10,600 from my Virgin card to Egg as my interest free period with Virgin is at an end.My minimum payment with Virgin has been 5 per month.My first Egg statement informs me my minimum payment is 218........they have a 2% minimum payment rule.Why is it so different? I feel I've been duped.My fault for not reading the T&C's I guess.
  • CannyJock
    I've just transferred £10,600 from my Virgin card to Egg as my interest free period with Virgin is at an end.My minimum payment with Virgin has been £5 per month.My first Egg statement informs me my minimum payment is £218........they have a 2% minimum payment rule.Why is it so different? I feel I've been duped.My fault for not reading the T&C's I guess.
    Originally posted by Ian.2
    £ 218 is 2.0566% of £ 10,600. That all sounds in order with a little bit of rounding.

    You'll have had a balance transfer fee from Egg I'm guessing so that'll be added to the £ 10,600.

    Thing now is to check with Egg (phone their customer services dept, they don't bite much) what the interest rate is you'll be paying on that debt now.

    If you kept up a good payment history on the Virgin card, even if it's only the minimum amount then you'll have green lights on your credit report. Why not find a balance transfer deal on another card, switch the balance to that. Okay, you'll get another balance transfer fee, but it should still work out less than the interest Egg will charge you going forward.

    Paying the minimum on a £ 10,600 debt at 16.9% is madness. Switch it to a 0% balance transfer deal elsewhere.

    Oh yeah, and cancel the Virgin card if you've now cleared the balance or it'll sit on your credit file and maybe stop you getting other cards.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
    • ryan52
    • By ryan52 22nd Jan 08, 2:33 PM
    • 8 Posts
    • 0 Thanks
    ryan52
    Another newbie here.

    I have literally just signed up to a virgin card, transferring my balance from my barclaycard. Im a very, very, cautious person and am just worried that i have made a bad decision? i was previously paying 15 per month on interest for my barclaycard, so i transfered to Virgin because of its 0% interest rate for 15months. I work with pounds and pennies so im not really sure when it comes to percentages!!! i owed 800 to barclaycard, so do people think i have made the right decision? and what is the minimum repayments to virgin per month if i have an 800 balance?
    thanks
  • Ian.2
    218 is 2.0566% of 10,600. That all sounds in order with a little bit of rounding.

    You'll have had a balance transfer fee from Egg I'm guessing so that'll be added to the 10,600.

    Thing now is to check with Egg (phone their customer services dept, they don't bite much) what the interest rate is you'll be paying on that debt now.

    If you kept up a good payment history on the Virgin card, even if it's only the minimum amount then you'll have green lights on your credit report. Why not find a balance transfer deal on another card, switch the balance to that. Okay, you'll get another balance transfer fee, but it should still work out less than the interest Egg will charge you going forward.

    Paying the minimum on a 10,600 debt at 16.9% is madness. Switch it to a 0% balance transfer deal elsewhere.

    Oh yeah, and cancel the Virgin card if you've now cleared the balance or it'll sit on your credit file and maybe stop you getting other cards.
    Originally posted by JohnDocherty

    Thanks John.........I'm paying 0% interest with Egg.My point is that I was paying 0% with Virgin and their minimum payment was only 5 per month.Egg have a minimum monthly payment of 2% of balance,in this instance 218.I had hoped still to get away with paying 5 per month minmum for the interest free period then pay it off with a lump sum at the end.Is 2% minimum payment the norm or are Virgin particularly generous with their terms?
    • DebJack
    • By DebJack 22nd Jan 08, 6:39 PM
    • 6 Posts
    • 1 Thanks
    DebJack
    Barclaycard refusal
    I read Martin's advice about balance transfers and applied to Barclaycard using the link on this site. I went through the application process on line and got a response to say that couldn't approve me online but would write. Needless to say I have received a letter saying that my application has been refused. I use Experian to keep an eye on my credit report and am confused as to why I wasn't accepted as I am rated as "Excellent". Reason given was the amount of credit debt I already have. My point is that I know I have a lot of credit debt which is the reason why I want to balance transfer to 0%! At no point in the process are you given an opportunity to say that you don't want the card for spending (although I don't know if they would consider that a negative or a positive). Help! What do I do now as I am reluctant to try another card provider in case I get the same response.
  • Moggles
    Originally Posted by ryan52
    I have literally just signed up to a Virgin card, transferring my balance from my Barclaycard. I'm a very, very, cautious person and am worried that I have made a bad decision. I was previously paying 15 per month on interest for my Barclaycard, so I transferred to Virgin because of its 0% interest rate for 15 months. I work with pounds and pennies, so I'm not really sure when it comes to percentages!!! I owed 800 to Barclaycard, so do people think I have made the right decision?
    IMO, this was the right decision. In just two months, you'll have saved money by transferring your balance.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by ryan52
    What is the minimum repayment to Virgin per month, if I have an £800 balance?
    Cards issued by MBNA, such as Virgin, have the lowest minimum payments available during the introductory 0% period. These range from £5 to £25 depending on the agreement (Please check your paperwork).

    Note: a one-off balance transfer fee is collected with the first minimum payment, so your first repayment will be 2.98% of your balance (around £24) but you'll pay £5, £10 or £25 per month from there on.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by Ian.2
    I've just transferred £10,600 from my Virgin card to Egg as my interest free period with Virgin is at an end. My minimum payment with Virgin has been £5 per month. My first Egg statement informs me my minimum payment is £218. They have a 2% minimum payment rule.Why is it so different? I feel I've been duped. My fault for not reading the T&C's I guess.
    Exactly. Your post, like the previous one, underlines the importance of reading and understanding the terms & conditions before you sign up for a credit card. Egg is not at fault here. The 2% minimum monthly payment is clearly stated in the summary box as well as the Ts & Cs.

    Is a 2% minimum payment the norm or are Virgin particularly generous with their terms?
    Virgin/MBNA's minimum payments are the lowest available in the UK.

    All credit cards, aside from those issued by MBNA, require a minimum monthly payment of between 2% and 3% and most charge handling fees of 2.5-3% for BTs.
    On payment of the fee, you have a 0% balance transfer for 15 months, the longest interest-free period currently available. If you budget for the 2% monthly payments, you'll save lots of money.

    Originally Posted by JohnDocherty
    .. cancel the Virgin card if you've now cleared the balance or it'll sit on your credit file and maybe stop you getting other cards.
    It won't prevent you from getting cards, IMO, though it could affect the credit limits you're handed.

    Personally, I'd keep your Virgin card. Once your balance is zero, good existing-customer offers are almost always available from Virgin
    Last edited by Moggles; 22-01-2008 at 9:26 PM.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by DebJack
    I read Martin's advice about balance transfers and applied to Barclaycard using the link on this site. I went through the application process on line and got a response to say that couldn't approve me online but would write. Needless to say I have received a letter saying that my application has been refused... Reason given was the amount of credit I already have.
    Barclaycard has become rather stringent about available credit in relation to income. Currently, this lender turns down some 50% of applicants.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by DebJack
    I use Experian to keep an eye on my credit report and am confused as to why I wasn't accepted as I am rated as "Excellent".
    Judging from the posts on here, it's easy to be lulled into a false sense of security by these ratings. Then it comes as a shock, when your application is turned down.
    The credit reports themselves are valuable. That said, additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical use to most people.

    It's important to realise, there is NO universal credit rating applicable to all lenders and all products. None of us - including the agencies - knows how individual credit card companies view our applications. Lenders do not divulge this information.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by DebJack
    At no point in the process are you given an opportunity to say that you don't want the card for spending (although I don't know if they would consider that a negative or a positive)
    Neither do I, but I suspect it's a negative so perhaps it's as well (for most of us on this thread) that lenders don't ask.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by DebJack
    What do I do now as I am reluctant to try another card provider in case I get the same response?
    Fortunately, there are ways to improve your chances of success next time. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *How to Manage and Improve your Credit Score* article, before you submit your next credit card application

    Access to too much credit, even if not used, can be a problem. See Martin's *Cancel Old Cards* article for what to close when.
    People who don't know their rights, don't actually have those rights.
    • beckah
    • By beckah 23rd Jan 08, 8:44 AM
    • 51 Posts
    • 1 Thanks
    beckah
    Balance transfers
    Hi all
    Wondered if some one could give me a bit of advise?! I had laser eye surgery on Monday went to pay for it on my 0 % interest card for purchases and had forgoton my pin was due to have surgery any minute. The only other card i had on me was my joint account debit card so had to pay for it on that but the money in that account is for morgage and bills. So now im in a bit of a pickle!
    Can i get another card 0% for balance transfers and transfer the balance from my debit card or have i got to transfer the money to another credit card then get the balance transferd to a 0% card? Hope i haven't confused anyone i have confused myself!
  • HannahGreen
    Barclaycard 0% Balance Transfers - Charges
    I have been looking into getting this new credit card with 0% balance transfers for 14 months but whilst studying the terms and conditions it says this:

    We will charge you:
    5.00 for each copy of transaction details (unless the copy shows a transaction which has been wrongly put on your account); and
    3.00 for each copy of a statement

    What I am wondering is ... will I get charged for each monthly statement or will I just be charged for duplicate statements? It seems ridiculous that they can charge you for statements which is you only way of knowing the details of your balance.

    I would appreciate some help with this as I don't want to get caught out with another dodgy credit card deal.
  • Moggles
    Originally Posted by beckah
    Wondered if someone could give me a bit of advice? I had laser eye surgery on Monday.Went to pay for it on my 0 % interest card for purchases and had forgottenmy pin Was due to have surgery any minute. The only other card I had on me was my joint account debit card so had to pay for it on that,but the money in that account is for mortgage and bills. So now I'min a bit of a pickle!
    Can I get another 0% for balance transfers card and transfer the balance from my debit card?
    A few rather special cards will allow you to transfer an overdraft to them, in other words, transfer cash from the credit card to your current account:

    A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) Egg card or the Post Office card.

    Alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

    Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as you cannot be sure when the next cheques will arrive.

    Which is best depends, to some extent, on which cards you have at the mo.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by HannahGreen
    I have been looking into getting this new credit card [Barclaycard], with 0% balance transfers for 14 months but whilst studying the terms and conditions it says this:

    We will charge you:
    5.00 for each copy of transaction details (unless the copy shows a transaction which has been wrongly put on your account); and
    3.00 for each copy of a statement

    Will I get charged for each monthly statement or will I just be charged for duplicate statements?
    You'll be charged 5 if you request a duplicate statement.
    People who don't know their rights, don't actually have those rights.
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