Best Balance Transfers Discussion Area
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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!?0
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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.0 -
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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.0
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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.
£ 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 Marx0 -
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?
thanks0 -
JohnDocherty wrote: »£ 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.
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?0 -
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.0
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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.0 -
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).Originally Posted by ryan52
What is the minimum repayment to Virgin per month, if I have an £800 balance?
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.0
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