Best Balance Transfers Discussion Area

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  • bingwatt
    bingwatt Posts: 1 Newbie
    i have proplem, that i have a creadit card which 0 ./' has expired with virgin who gave me 3000, i used this to balance transfer from mnba which is owend by same company. i am finding it hard to find card company to give so genoroulsly any one know a company that does? all others only give up to 1500 or should i use 2 would that work out? please help
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    bingwatt wrote: »
    I have a credit card which 0% has expired with Virgin who gave me £3000. I used this to balance transfer from MBNA which is owned by same company. I am finding it hard to find a card company to give so generously. All others only give up to £1500 or should I use 2? Would that work out?
    None of us knows in advance the limit we'll be handed.

    If the worst happens, Martin's advice is to transfer what you can. Don't leave offers unused out of exasperation. They're on your credit files, so you may as well use 'em. You'll still save money. (See Martin's *Credit Card Limit: didn't get what you wanted?* article.) ;)

    http://www.moneysavingexpert.com/cards/bad-credit-rating
    People who don't know their rights, don't actually have those rights.
  • pukkamum
    pukkamum Posts: 3,942 Forumite
    First Post First Anniversary Combo Breaker
    Hi i have a credit card with £500 on it which 0% on new purchases runs out in a couple of months this is my first credit card and is a rBS mastercard platinum.

    I am a housewife so have no independant income however i have a joint barclays account with my husband (who has a good income).

    My question is if my husband and i apply for a joint cc with a 12 mth interest Free BT will they accept the BT from a card purely in my name?
    Or should i try and get a CC with the 12 mth interest free BT just in my own name?
    I don't get nearly enough credit for not being a violent psychopath.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    pukkamum wrote: »
    I have a credit card with £500 on it which 0% on new purchases runs out in a couple of months. This is my first credit card and is a RBS mastercard platinum. I am a housewife so have no independant income, however i have a joint Barclays account with my husband (who has a good income). If my husband and i apply for a joint cc with a 12 mth interest Free BT will they accept the BT from a card purely in my name?
    Credit cards cannot be held jointly, but there's nothing to stop your husband from applying for a 0% BT card.

    You can switch credit card balances to family, friends or Dave down the pub. You should be aware though, that the person whose card your balance is shifted to, becomes solely liable for the debt.

    From the lender's perspective, it's not a problem. He may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after his business. They're not really interested in knowing who ran up the debt, as long as he, their customer, pays up on time each month!

    Caution: you cannot transfer balances between cards underwritten by the same bank, in your case Royal Bank of Scotland. This table on the stoozing site (which is sponsored by Money Saving Expert) should help: ;)

    http://www.stoozing.com/cards.htm
    People who don't know their rights, don't actually have those rights.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    If you're looking for a flexible, short-term loan, MBNA has launched a credit card which offers 1.9% APR for 12 months on BTs and money transfers with no handling fee

    http://www.mbna.co.uk/ :T
    People who don't know their rights, don't actually have those rights.
  • PMcB
    PMcB Posts: 10 Forumite
    First Post First Anniversary Combo Breaker
    I have an existing £6k loan and am 9 months into a 36 month payback period. I have an existing credit card with Cahoot with no debt on it and a good credit rating. I was wondering if it is possible to take out a new credit card with 0% on balance transfers and somehow transfer this debt to it? Any ideas?
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    PMcB wrote: »
    I have an existing £6k loan and am 9 months into a 36 month payback period. I have an existing credit card with Cahoot with no debt on it and a good credit rating. Is it possible to take out a new credit card with 0% on balance transfers and somehow transfer this debt to it?
    In theory, yes.

    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), at balance transfer rates. A handling fee applies (typically 3-4%), but there are no other charges during the introductory 0% period. You then have funds in your current account with which to pay off the loan. You would need:

    a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card

    Which option is best depends, to some extent, on which cards - besides Cahoot - you have at the mo or have held recently.

    To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 4% handling charge.

    http://uk.virginmoney.com/credit-card-v3/

    Alternatively, you'd get until 1 October 2010 with Egg. A 3 % BT fee applies.

    http://new.egg.com/visitor/0,,3_84106--View_1763,00.html
    People who don't know their rights, don't actually have those rights.
  • sarahfenton
    sarahfenton Posts: 4 Newbie
    Hi is is possible to balance transfer a bank overdraft (or some of it) to a lifetime balance transfer card? Would be looking to transfer about 3000 from a current account. If not what is the best way to pay less interest on this debt?
  • CannyJock
    CannyJock Posts: 3,838 Forumite
    Combo Breaker First Post
    edited 3 September 2009 at 12:56PM
    sarahfenton wrote: »
    Hi is is possible to balance transfer a bank overdraft (or some of it) to a lifetime balance transfer card? Would be looking to transfer about 3000 from a current account. If not what is the best way to pay less interest on this debt?

    Covered a few times here: http://forums.moneysavingexpert.com/showthread.html?t=1899477

    Has links to other similiar questions. There's one LOB listed in this table but it's only for 12 months. You can get up to 16 months @ 0% with 4% fee with Virgin Money. You don't mention whether you already have any credit cards which could affect whether you'd be successful in applying for some of the cards discussed.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    PMcB wrote: »
    I have a £6k loan and am 9 months into a 36 month payback period. I have an existing credit card with Cahoot with no debt on it and a good credit rating. Is it possible to take out a new credit card with 0% on balance transfers and somehow transfer this debt to it?
    Have you estimated how long it will take to pay off this £6k debt in full? Will you have savings to fall back on if, after X months at 0%, a new BT card with a sufficient credlt limit does not materialise?

    If so, that's great. Just be aware that Virgin & others have a habit of raising the standard rate to anything up to 34.9% APR, when the promotion ends.

    Also, you'll need to factor the balance transfer fees into your calculations and check the loan Ts & Cs. Some providers charge an early repayment penalty if the loan is settled in full before the scheduled date.
    People who don't know their rights, don't actually have those rights.
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