Best Balance Transfers Discussion Area

Inspector_Sams wrote: »

After transferring my credit card balance on to a Virgin CC with no interest payable for 16 months, I left well alone. Only now have I spotted that I should have paid £25 into my account by 15th August. Have I now ruined the deal for the money I already transferred?

Virgin is underwritten by MBNA which, in common with most lenders, reserves the right to withdraw special rates if you breach Ts & Cs.

If I were you, I'd phone Virgin Card Services on 01244 673700 (to avoid the perishing 0870 numbers) and explain your oversight. From feedback here, Virgin will normally reinstate your special rate, provided that it's a "first offence" and you ask nicely.

Might be an idea to set up a direct debit to pay the minimum amount. That way, it's
Virgin's responsibility, not yours, to make sure the monthly repayments get there at the right time

jj707070 wrote: »

What is the best alternative to Virgin?

Best in what respect?

Also, your options depend, to some extent, on which cards you have at the mo or have held recently.

Billathome wrote: »

Is my planned BT transfer to the new card screwed?

Not necessarily, but it may cost you more.

MBNA cards allow you to transfer funds to your bank account. You can then pay off the old card from there. However I think the fee to do this is 4% which is probably more than you were going to pay for a standard Balance Transfer.

Hope this helps.

Moggles wrote: »

I'm not familiar with the British Telecom card. Does it allow you to transfer an overdraft, (in other words, transfer cash from the credit card to your current account) at balance transfer rates?

According to my intelligence sources, yes it does.

A 4% handling fee applies, but there are no other charges during the introductory 0% period.

IMO, it's best to request your money transfer by phone (as opposed to online), so you can make certain the 0% interest rate will apply. You can do this when you call to activate your card. (There's a dedicated, Freefone number.)

You can borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days

georgenzo wrote: »

I already have a Virgin card and wanted to transfer the balance. I applied for a Santander 0% card and was declined. As an existing Barclaycard holder I could not apply for the 0% platinum, so I applied to upgrade to the "Breathe" card, which offers 0% on balance transfers for 6 months. I was also declined for that. I earn over 50K p/a and I have never missed a credit card payment. Just what do you have to do in order to get one of these cards? By the way, I am no longer a Barclaycard customer thanks to this episode.

I don't know whether it's any consolation, but Barclaycard has figured quite prominently on this thread recently and rarely for the right reasons. This lender currently turns away 50% of its applicants. Of those accepted, roughly a third do not get the card they applied for. Credit limits tend to be lowish too.

That said, Santander is not known to score particularly harshly.

Have you looked at your credit reports lately to see what's on there? Mistakes happen. For help, see page 1 of the *How to obtain credit reports* sticky.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
IME (and from feedback here), credit limits are generous and the minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp