Unoffical Existing Customer Balance Transfers

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  • Serial_Tart
    Serial_Tart Posts: 13 Forumite
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    As Moggles says, you have to be willing to close the card and as most people on here seem to agree, if your applying for new card one of their deciding factors is how much available credit you have on other cards, so losing one here and there is not a disaster.
  • keithboy40
    keithboy40 Posts: 303 Forumite
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    i got offered a LOB of 7.9% from tesco last week without any haggling
  • scott_lithgows
    scott_lithgows Posts: 1,424 Forumite
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    Just been told that I can BT from Tesco to RBS even though they are in the same group.6 months 0%,with a 3% fee.Might be useful info for someone
    I have a deep burning indifference
  • rita-rabbit
    rita-rabbit Posts: 1,505 Forumite
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    I have 7 credit cards currently - no I'm not boasting - I just started off with a few on the super balance transfer & then started shuffling. Circumstances were up/down for me financially. The `tart alert' has been very useful & prevented so much lost cash in interest charges however I think it can get addictive & now they apply fees to 0% bts it's not really `free' money but so much cheaper than my agreed NatWest overdraft - or any loans my bank has offered me thus far. I have reinstated standing orders on those cards that have a balance & some are @ zero - so that when the 0% period ends on those with balances I move the debt(s) to those. I did open another bank account that with an introductory free overdraft but Natwest made it difficult to transfer all my standing orders etc so I just have the additional account dormant & now effectively have 2 overdrafts. May as well get as much as I can cheaply from the banks after all the taxpayers money they have had recently!
  • Smiley_Mum
    Smiley_Mum Posts: 3,836 Forumite
    I've been Money Tipped!
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    My 0% rate expires in July with Virgin. I've been looking to transfer to another existing card. Called round all of them and they all say that new offers start at the beginning of the month and should call back next week.

    M&S card, currently no offers.
    Tesco, currently no offers.
    GE Money, couldn't access information and told to call back.
    Bank of Scotland, offered 6.25% for life of balance, valid for a few days.

    What do you think my chances are of getting a 0% rate for at least 6 months, my credit rating is in good shape.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • rita-rabbit
    rita-rabbit Posts: 1,505 Forumite
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    High - i always just contact the banks/orgs Martin recommends as best & it works out fine as long as u give yrself enough time for it to process/transfer - about 6 weeks.
  • udydudy
    udydudy Posts: 559 Forumite
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    Smiley_Mum wrote: »
    My 0% rate expires in July with Virgin. I've been looking to transfer to another existing card. Called round all of them and .....................
    Bank of Scotland, offered 6.25% for life of balance, valid for a few days.

    What do you think my chances are of getting a 0% rate for at least 6 months, my credit rating is in good shape.


    There are 2 ways of looking at it 6 months 0% balance transfer with a 3% fee(which most charge) is actually costing you 6% per annum.

    These deals are as such similar over a 6 month period:
    1) 0% 6 months with 3% BT fee
    2) 6% life of balance with no BT fee

    The first one has a front ended fee which means efectively you have paid upfront for the 6 months. The second one as you are paying only interest you are free to move as and when you get a better offer and would have only paid interest till the next BT date.

    Also you are not stuck with a problem if card companies do not have BT delas at the end of 6 months. IMHO I would go for the life of balance unlesss omeone offers 6 months 0% with 2% fee(but not many offer such deals)
    :beer::beer::beer:
  • Smiley_Mum
    Smiley_Mum Posts: 3,836 Forumite
    I've been Money Tipped!
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    Thanks for the info. The Virgin card deal ends at the beginning of July so hoping to pay it down as much as I can before transferring.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • lauhen
    lauhen Posts: 437 Forumite
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    Can anyone please advise me, I have a mastercard debt with lloyds tsb, I have been looking to transfer the debt to a 0% interest credit card, I looked on lloyds website and they have one for 14 months, can I transfer my debt through the same company just onto a different named card.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    lauhen wrote: »
    I have a mastercard debt with Lloyds Tsb. I have been looking to transfer the debt to a 0% interest credit card. I looked on Lloyds website and they have one for 14 months. Can I transfer my debt through the same company, just onto a different named card?

    No, you cannot transfer balances between cards underwritten by the same bank. In effect, you would be offering to pay them with their own money.

    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.
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