The Best Balance Transfers article discussion area
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Former_MSE_Dan
Posts: 1,593 Forumite
in Credit cards
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I applied to the Post Office 0% - No Fee card, online, last week before they changed their terms. Do they have to or are they likely to honour the previous terms and transfer my balance fee free?0
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If you applied when the terms were 0% for 6 months fees-free, thats what you should get. Which doesn't mean its what you will get!
Keep us informed if you have any problems and we'll look into it.Former MSE team member0 -
Have any MSEs signed up for the Ulster Bank card, which is part of the Royal Bank of Scotland group?People who don't know their rights, don't actually have those rights.0
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Moggles wrote:Have any MSEs signed up for the Ulster Bank card, which is part of the Royal Bank of Scotland group?
Yes I have the Gold card which offered me six months 0% BT. The card also offers many other features such as Free purchase protection, Free Extended Warranty, Free Travel Accident insurance up to £250,000 and Free Legal and Medical helpline. As you can see this card is worth using for day to day purchases. May not get cashback but extended warrany and purchase protection maks up for it.0 -
I have recently applied for a low interest life-of-balance card to do a balance transfer but was turned down.
I now want to know, if a friend/family member applied for a balance-transfer card would I then (with the card-holders agreement of course) be able to transfer my balance onto their card? 0 -
Hi missmeerkat
Welcome to MSE & the credit card board!
Please bear in mind, the person whose card the balance is switched to, becomes soley liable for the debt. If you were to fall out, they couldn't ask the card company to charge you for any remaining balance.
From the lender's perspective, it's not a problem. Customer services may ask them for the name on your card, but this is purely an additional verification check.
At the end of the day, the card company is after your relative's business. They're not really interested in knowing who ran up the debt, as long as their customer, your relative, pays up on time each month!People who don't know their rights, don't actually have those rights.0 -
Hi there,
First ever post on here as well!
My boyfriend has a store card with a balance of around £500 on it and the interest is extortionate. He wants to transfer to a credit card with low or no interest to help him pay it off more easily, however his credit is probably terrible as he used to not pay the bills on it. He's recently learned his lesson about paying your debts on time etc from a utilities bill he had against his name and has been getting his finances in order, paying his bills on time. However he's just been paying the minimum amount usually as the interest is so high!
Do any of you know how he could do this, given that his credit rating is probably poor at present? I had assumed it wouldn't be a problem as the new company would just be buying his existing debt- not like he's asking for new debt. But from the last few posts this doesn't seem to be the case.
Any ideas?
Sorry for the lengthy post everyone, and any suggestions would be great! Thanks.x0 -
Hi Karmak
Welcome to MSE & the credit card board!
Presumably your boyfriend has a bank account and he's registered on the electoral roll.
There are no shortcuts to building a credit history. For tips to improve his chances, click on *Credit Rating* in the black box at the top of this board. Also, select Martin's *Check and Improve your credit score* article near the top of the page.
Very best
MPeople who don't know their rights, don't actually have those rights.0 -
Is it only possible to do a balance transfer with good credit then? I had thought it wouldn't be as difficult to transfer existing debt (becuase you already have it) as it would be to get a new card with new credit
He's trying to build his credit rating back up just now, but he had thought he could transfer his store card balance without too much difficulty.
Surely with balance transfers companies are willing to accept you even without a perfect credit rating, as they are getting your debt, and therefore you are payin them?
Are there any low interest cards that he could do a balance transfer on?0 -
Lenders launch these 0% and life-of balance promotions, which are often heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. If this would be your boyfriend's first credit card, your best bet is to approach his own bank.
Meanwhile, concentrate on building a good credit rating. Above all, he simply cannot afford any more late payments.People who don't know their rights, don't actually have those rights.0
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