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  • soulstripper
    Barclaycard
    i had an abbey card with 0 %
    that ran out in jan
    i tried to transfer my balance to a new barclaycard but they refused because they said it was taken over by SANTADEIR "they're spannish" she said
    "if ther's any problems we can't get hold of them,"

    W.T.F.
  • Moggles
    Originally Posted by MaureenH
    Last month I transferred a balance from Barclaycard to Halifax because Halifax offered me a low fixed rate for the life of the balance. This month I have received a bill from Barclaycard. When I queried what it was for, I was told that their policy is, that if you have only made the minimum payment in the past and then clear your balance, they charge you the interest from the date of the statement to the date of payment.
    It sounds as though you have misunderstood the explanation you were given. The above has nothing to do with balance transfers per se. If you had settled the bill in full yourself, you would still incur some interest during this statement period, if you had made the minimum payment required or a partial payment the previous month.

    I suppose the answer is to leave a small balance on your credit card to be paid at a later date.
    This would have cost you more. The way to avoid interest is to settle your bill in full each month, unless of course you're offered a special 0% APR deal
    Last edited by Moggles; 14-01-2008 at 9:53 PM.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by soulstripper
    I had an Abbey card with 0 % that ran out in January.
    I tried to transfer my balance to a new Barclaycard, but they refused because they said it was taken over by SANTANDER "They're Spanish" she said
    "If there's any problems, we can't get hold of them."
    I transferred a balance from Abbey/Santander to my new Barclaycard Breathe card last month without a hitch, so you may have been given duff information. This happens to us all from time to time. If possible, I would phone back during normal business hours, when you're more likely to be put through to someone who knows what they're up to

    Of course I could be wrong. Things change over time, but nobody else has reported this particular problem on these boards, AFAIK.
    People who don't know their rights, don't actually have those rights.
    • sammy452
    • By sammy452 13th Jan 08, 4:00 PM
    • 80 Posts
    • 94 Thanks
    sammy452
    Thanks for the previous advice, am going to give the M & S card a go.
    However, one further question, how am I going to assure I get a credit limit of around 7000 to cover the balance transfer? I could go through the whole process and only receive a limit that is considerably lower, is this a chance I have to take?
  • Agaton Sax
    Have been sent an offer from Goldfish for 4.9% p.a. on balance transfers until January 2011. Is this a good deal ? The problem is I have a Virgin card with 3,000 on it and at it's max and the Goldfish promotion includes a 25 Virgin Voucher Gift which makes me suspicious that Goldfish & Virgin are of the same company and usually you can't transfer between 2 of the same; I discovered that with MBNA !
    Anyway, any advice would be appreciated.
  • Moggles
    Originally Posted by sammy452
    ..how am I going to be sure I get a credit limit of around 7000 to cover the balance transfer? I could go through the whole process and only receive a limit that is considerably lower. Is this a chance I have to take?
    Unfortunately, yes. None of us knows in advance the credit limit we will be given. On the plus side, you have healthy limits on your existing cards. That said, the so-called credit crunch may mean that, this time round, you're handed a lower limit.

    If the worst happens, transfer what you can. You'll still save money. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it (Please see Martin's *Credit Card Limit: Didn't get what you wanted?* article on the main site).
    People who don't know their rights, don't actually have those rights.
  • MaureenH
    It sounds as though you have misunderstood the explanation you were given over the phone. The above has nothing to do with balance transfers per se. If you had settled the bill in full yourself, you would still incur some interest during this statement period, if you had made the minimum payment required the previous month, followed by the balance due X days later.



    This would have cost you more. The way to avoid interest is to settle your bill in full each month, unless of course you're offered a special 0% APR deal
    Originally posted by Moggles

    Thanks for your reply.
    I actually got the explanation from the letter that Barclaycard sent me when I queried the bill.
    I quote, 'Recent changes made to interest application effects cardholders who choose to pay their statement balance in full, when they have previously only made minimim or partial payments. We now charge interest from the date of the statement, until the date the full payment is made. This change reflects the increasing costs of providing credit card account facilities.'
    Whilst this would seem to confirm what you are saying, it also appears to be a fairly recent change and I'm not sure that most people who clear their credit card balance, whether they pay in full or transfer to a 0%, are aware of it. In recent years I have made balance tranfers to 0% or a low rate card many times, but have never before encountered this charge. If, as some of the posters here have indicated, they are transferring several thousand pounds, the interest can be another 30-50.

    So, transfer your money to a credit card offering 0% by all means, good move....just be aware, that may not be the end of the interest charges!
    • Jo4
    • By Jo4 14th Jan 08, 2:10 PM
    • 6,697 Posts
    • 4,778 Thanks
    Jo4
    Barclaycard Promotional Balance Transfer Cheque
    A friend has a Barclaycard that you have to charge 1 to it every month and then your interest rate is approximately 5.9% apr. They got a letter offering them a rate of 6.9% apr with 2.5% handling fee. Should they do a balance transfer to this card or not, would they lose their existing rate?

    Can anyone please advise? Is this a good offer?
  • Moggles
    Originally Posted by Agaton Sax
    Have been sent an offer from Goldfish for 4.9% p.a. on balance transfers until January 2011. Is this a good deal ?
    Firstly, are you a potential new customer or an existing Goldfish cardholder?

    Secondly, is this offer addressed to you personally or is it a mailshot to "the occupier?"
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by Agaton Sax
    The problem is I have a Virgin card with 3,000 on it and at it's max and the Goldfish promotion includes a 25 Virgin Voucher Gift which makes me suspicious that Goldfish & Virgin are of the same company and usually you can't transfer between two of the same; I discovered that with MBNA!
    Goldfish Bank is an entirely separate operation. This lender will accept balance transfers from Virgin which, as you know, is underwritten by MBNA.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by Jo4
    A friend has a Barclaycard that you have to charge 1 to every month and then your interest rate is approximately 5.9% apr. They got a letter offering them a rate of 6.9% apr with 2.5% handling fee. Should they do a balance transfer to this card or not?
    On the face of it, it's hard to see why anyone would want to transfer a balance from a card which charges 5.9% APR to one that offers 6.9% APR and charges a 2.5% handling fee for the privilege :confused:

    Perhaps the requirement to spend 1 per month on this card has become more troublesome than it's worth. Are these purchases trapped on the card attracting interest, perhaps, at the standard rate?
    People who don't know their rights, don't actually have those rights.
    • Jo4
    • By Jo4 15th Jan 08, 12:24 AM
    • 6,697 Posts
    • 4,778 Thanks
    Jo4
    On the face of it, it's hard to see why anyone would want to transfer a balance from a card which charges 5.9% APR to one that offers 6.9% APR and charges a 2.5% handling fee for the privilege :confused:

    Perhaps the requirement to spend 1 per month on this card has become more troublesome than it's worth. Are these purchases trapped on the card attracting interest, perhaps, at the standard rate?
    Originally posted by Moggles
    There is exactly 1 being spent on the card every month. These purchases on the card are attracting interest at the standard rate, although what the interest rate is I am not sure and I cannot telephone friend at this time of the day to find out.

    Sorry for not making it clear that friend has an exisiting balance transfer on this card. The exisiting balance transfer requires 1 to be charged to it every month so that friend can maintain the balance transfer rate of 5.9% apr. The letter they received is offering them do complete another balance transfer with their remaining cash limit. The rate would be 6.9% apr with 2.5% handling fee.

    Should they do a balance transfer to this card or not?
  • Johnnyboy114
    Overdraft balances?
    Hiya

    I am new to this site and I am also looking to do a balance transfer. I am not sure which way I am going yet as I am still researching, but as part of that, I have looked into being able to transfer overdraft balances from a current account as well as other credit card balances? Is this possible? I was sure a few years ago I saw an advert for a card that would allow you to do this, but I am not sure if this is still about.

    Does anyone know if you can actually transfer overdraft balances as well?

    Thanks in advance!
    • Paul_J
    • By Paul_J 15th Jan 08, 12:51 PM
    • 101 Posts
    • 62 Thanks
    Paul_J
    Thanks for the previous advice, am going to give the M & S card a go.
    However, one further question, how am I going to assure I get a credit limit of around 7000 to cover the balance transfer? I could go through the whole process and only receive a limit that is considerably lower, is this a chance I have to take?
    Originally posted by sammy452
    Sammy, when you receive your card and notification of your credit limit, if its lower than you had hoped, simply ring them up and ask if it's possible for them to increase your limit.
    I did when I got my M&S card (to transfer a balance) and they upped it from 6k to 7k no problem.
    • wallofbeans
    • By wallofbeans 15th Jan 08, 1:40 PM
    • 1,009 Posts
    • 43 Thanks
    wallofbeans
    im wanting to transfer some money to my egg card that i got in december last year... i was worried that i only had a 6 week period to use the 0% offer but i called them and they said i have until september 2009 to use it which is a whole lot longer than i thought!

    my next question is, has anyone done a balance transfer with mint on their website? ive got all my log in details and everything set up and logged in, went to the balance transfer page and says something about entering a promo code if you have one... should i have one for this 0% deal im on? or will it just automatically be applied to any balance transfer i do? if so, then whats this promo code thing all about..?
  • Agaton Sax
    Firstly, are you a potential new customer or an existing Goldfish cardholder?

    Secondly, is this offer addressed to you personally or is it a mailshot to "the occupier?"
    Originally posted by Moggles
    Hi, I'm a potential new customer and it's addressed to me
  • Moggles
    Originally Posted by Jo4
    Sorry for not making it clear that friend has an existing balance transfer on this card. The existing balance transfer requires 1 to be charged to it every month so that friend can maintain the balance transfer rate of 5.9% apr. The letter they received is offering them another balance transfer with their remaining credit limit. The rate would be 6.9% apr with 2.5% handling fee. Should they do a balance transfer to this card or not?
    So the new balance transfer deal is from the same lender, Barclaycard. In that case, I would think very carefully before taking up this latest offer.

    Much depends on the time needed to clear this debt. 1 per month may not sound all that much, but these mounting purchases remain trapped on the card attracting interest at their standard rate (typically 14.9% APR) until the low-interest balance transfer(s) are fully paid off. Remember their standard rate, whatever it happens to be now, is not fixed like the balance transfer deals. It's variable. Barclaycard could decide to raise this rate higher still at any time

    Another point to consider is the possibility of a slip up. What happens if the retail transactions posted to their account arrive later than expected or Barclaycard changes the payment due date? If the 5.9% rate was withdrawn, that balance would also be charged at a variable standard rate and trapped on the card until the 6.9% balance was repaid.

    If your friends are forking out lots of interest on other borrowings, they may be better off with a new card. To help you further, we need to know which other credit cards they currently hold.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by Johnnyboy114
    I have looked into being able to transfer overdraft balances from a current account as well as other credit card balances? Is this possible? ... Does anyone know if you can actually transfer overdraft balances as well?
    A handful of 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 Visa or the Post Office card

    Alternatively, you can use Egg Money [not to be confused with the Egg Visa card] in conjunction with any low-rate balance transfer card.

    Mint periodically issues credit card cheques, which can be paid directly into your current account
    People who don't know their rights, don't actually have those rights.
  • peaceandlove
    Balance Transfer - Abbey
    I could really do with some advice! I've never done a BT before and I need to transfer £7500 on a 0% M and S card by 11.03.08. I read in the article on the main site that the MBNA card range (including Abbey) tend to offer higher credit limits whereas Barclaycard tend to offer less. I know the credit limit you are offered is down to individual factors, but can anyone tell me how they got on with a balance transfer to an Abbey card and if they got a credit limit much lower than they needed? Also, am I more likely to get a higher credit limit on the MBNA Platinum card as it is a platinum card?

    Thanks a million!
    Last edited by peaceandlove; 15-01-2008 at 6:44 PM. Reason: forgot to include a further question - sorry!
    Peace and love!
    • Arbie
    • By Arbie 16th Jan 08, 1:47 AM
    • 57 Posts
    • 14 Thanks
    Arbie
    Further to my previous posts, I applied for the Egg card (3% fee, 0% for up to 15 months) this evening...but didn't get an instant decision online. Hoping this isn't bad news - for the first time, I'm linked to the other half by a joint current account for bills; and she has considerably more debt (and a lower income) than I do; and I would suspect a poorer credit rating. I really hope this hasn't screwed me over, as the bills account wasn't even a necessity!!
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