Super Balance Transfers discussion area

MallyGirl · 11 January 2017 at 12:03PM

is the interest rate on your Mum's mortgage much higher than the fee for the money transfer (MT)?
Will you be able to pay off the £9k (your guess) before the end of the 0% deal - many MT deals are shorter than balance transfer deals

if yes then it would be a reasonable thing to do.

campion94 · 11 January 2017 at 9:28PM

Hi Mallygirl
ThanQ for responding
The mortgage rate is 2.25% variable base rate

And yes we'd pay about 9k

ThanQ I will give it a couple nights sleep and probably make an application, see how much I can get for how long

Superscrooge · 12 January 2017 at 2:59AM

Make sure you can definitely pay off the CC before the end of the 0% deal.

There are many posts on the forum from those that assumed they would be able to roll over their debts onto another 0% deal and got caught out.

mgeraghty · 13 August 2017 at 4:51PM

Hi All, This is my first post, trying to get used to this site and understanding how it works, so apologies if this is a repeat question, or if it doesn't send properly.

So I need to clear a £4.5k debt.
Really keen to use the money transfer cards, seems like a good option that my current bank has to offer (hallifax, 9.9% APR).
I have been 90% approved for a Virgin card.

My question is, how do I know how much of a credit limit I will get, or will that just depend on when I go through with the application for the card?

Many Thanks in Advance

Nebulous2 · 13 August 2017 at 7:02PM

mgeraghty wrote: »

Hi All, This is my first post, trying to get used to this site and understanding how it works, so apologies if this is a repeat question, or if it doesn't send properly.

So I need to clear a £4.5k debt.
Really keen to use the money transfer cards, seems like a good option that my current bank has to offer (hallifax, 9.9% APR).
I have been 90% approved for a Virgin card.

My question is, how do I know how much of a credit limit I will get, or will that just depend on when I go through with the application for the card?

Many Thanks in Advance

It depends on how the lender rates you based on the information you provide and the history they get from the CRA. I found Virgin to be generous with limits, as were MBNA.

grizzler39 · 5 March 2018 at 4:31PM

Hi everyone.
I am looking for the best way to buy a motorcycle.
I need to raise £1500 before this Friday (9/3/2018) to buy it.
i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
I'm thinking of applying for a credit card that will allow me to transfer £1500 to my bank account immediately and to pay it off in full when i sell my bike.
So, is this a feasible idea?
If so who would offer a card that i could do this on?
or should i look at a loan instead and just pay it off when i get the money off my bike?
I would appreciate any advice on this matter.
Thanks in advance.

[Deleted User] · 5 March 2018 at 4:33PM

It's possible, with associated fees. However, you won't get a card by Friday.

You might get a loan in that timeframe.

Woodsy · 15 May 2018 at 11:14AM

Hi,

I bought a car about a year ago funding about £4k on a money transfer card for 32 months. Been paying off the right amount every month no problems but due to an increase in mileage am now looking to buy another car.

I've got about £2600 remaining on the card but need £5k again to buy another car (with another 32 month offer)
The plan was to sell my car and pay off the current card, close the account and then apply for another card as soon as possible with a different credit card company.

Is this the best way to do this? Is it best to leave the first card open with no balance or close it down before I apply for another one. Or leave the first one open with the remaining balance while applying for the second card?

I'm unsure what scenario would increase or reduce my chances of getting approved for a second card. I have a v good credit score if that counts for anything so don't think that would hamper anything.

Any help or advice appreciated. Many thanks.

moneysaving191 · 17 January 2019 at 12:44PM

New to the forum, if anyone can help it would be much appreciated.

I have a 9.1k debt split between a loan and overdraft (current APR approx 20%). I have no other debts. I am looking to transfer this to a money transfer credit card if possible to be paid off over 3 to 4 years, if possible at 0% or a lower rate than I am paying now.

I applied for an MBNA money transfer card at 0% for 18 months however they only offered me a limit of £2,000.

Can anyone recommend a card with a limit closer to 9.1k or will I need to get multiple 0% cards?

[Deleted User] · 17 January 2019 at 12:49PM

Take the MBNA offer and transfer what you can.

Then apply for another. You may not get to the total required due to your existing debts but you will still save money.

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