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  • Moggles
    Most allow customers to borrow up to 90-95% of their credit limit, whatever that
    happens to be.

    Abbey and Barclaycard restrict BTs to £5000 or less.
    People who don't know their rights, don't actually have those rights.
  • mooseballs
    balance transfers from other cardholder's cards
    Hi there

    as a general rule, do the deals on balance transfers apply if you wish to transfer a partner's balance on to a new card? e.g my partner has a poor credit rating and i was wondering whether i could take out a card in my name and then transfer his balances

    Many thanks for any help you can offer
  • Moggles
    As a general rule, do the deals on balance transfers apply if you wish to transfer a partner's balance on to a new card? e.g my partner has a poor credit rating and I was wondering whether I could take out a card in my name and then transfer his balances
    Originally posted by mooseballs
    You can switch credit card balances from family, friends or Dave down the pub.
    Please bear in mind though, the person whose card the balance is shifted to, becomes soley liable for the debt. If you were to fall out, you couldn't ask the card company to charge him for any remaining balance.

    From the lender's perspective, it's not a problem. If you request the transfer by phone, Customer Services may ask you 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 your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pays up on time each month!
    People who don't know their rights, don't actually have those rights.
  • gary_ingham
    Cheapest way to pay off an overdraft charging interest
    HSBC have suddenly changed their terms and conditions on my graduate account, and where previously promising to reduce the interest free portion of my overdraft by 500 each year, they have now said they are removing it all and charging 18.8%.

    To make it worse they have given me 21 days notice. What is the cheapest way for me to pay off my overdraft, so that I can close all my accounts with HSBC for screwing me over.

    I read about 0% super balance transfers (Virgin etc)?? Does this mean I basically pay money into my bank account from this new 0% card? If so do I look for card providers that say they allow cheque transfers?

    Or, would it be best for me to pay off my HSBC overdraft with my HSBC credit card and then do a balance transfer from my HSBC credit card to this new 0% card?
  • Moggles
    I read about 0% super balance transfers (Virgin etc) Does this mean I basically pay money into my bank account from this new 0% card?
    Originally posted by gary_ingham
    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 card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card.

    alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

    Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as cheques cannot be ordered and you never know when the next ones will turn up in the post.
    Note: other lenders (eg. Barclaycard, Halifax) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn

    Which of the above is best depends, to some extent, on which cards you have at the mo. To maximise the 0% period, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge. Alternatively, you'd get about 14 months with Egg. A 3 % BT fee applies.
    People who don't know their rights, don't actually have those rights.
  • smilesimon
    me too
    I have a loan that I was wondering if I could shift some or all of it onto a 0% card. Does anyone know if this is possible? From loan to card transfers?


    Hi, my Son who is a Student in his final year has got himself into financial difficulty. He went over his overdraft facility, not by much to which they charged him 90 not just once. Apparently Lloyds almost forced him to take a loan out for about 1300. I'm sure I haven't got all the facts out of him yet. I hate the thought of him paying interest and would be happy to put it onto an interest free visa card, is this possible?
    I am going to look into the bank charges, he says he is going to go and see the CAB, not sure how much help they will be.
    Thanks,
    Catherine
    Originally posted by clbanks
  • Moggles
    I have a loan that I was wondering if I could shift some or all of it onto a 0% card. Does anyone know if this is possible?
    Originally posted by smilesimon
    Not directly. What you can do is ask the 0% BT card to transfer an overdraft to the card, in other words shift cash from the credit card to your bank account. A BT fee applies, but there are no other charges during the 0% period. You then have funds in your current account with which to pay off the loan

    Caution: you cannot use any old 0% BT card. A handful will do this at BT rates (Please see #45 above)
    People who don't know their rights, don't actually have those rights.
  • suj123
    BT and Minimum payments
    Hi

    I understand what a balance transfer is, but i am unsure about how the minimum payments work with these.... Do you pay say the nominal 5 every month and not incur any interest on the BT or do you pay 2.5% (whatever the rate may be) of the balance remaining every month.

    Can anyone shed any light on what you should be paying each month on a balance transfer? For example say 10,000 is transferred to another card.... what should monthly minimum payments be in order to avoid any interest payments?

    Thanks
  • NickX
    I understand what a balance transfer is, but i am unsure about how the minimum payments work with these.... Do you pay say the nominal 5 every month and not incur any interest on the BT or do you pay 2.5% (whatever the rate may be) of the balance remaining every month.

    Can anyone shed any light on what you should be paying each month on a balance transfer? For example say 10,000 is transferred to another card.... what should monthly minimum payments be in order to avoid any interest payments?
    Originally posted by suj123
    The minimum payments vary according to which card you actually have.

    Cards adminstered by MBNA (including the Virgin range of cards) are somewhat unique in that the minimum payment during a promotional period is usually fixed at somewhere between 5 and 25. I think this is the nominal 5 that you have referred to. Abbey Zero also works in this way.

    However, virtually all other cards will request a minimum payment of between 2% and 3% of the outstanding balance. This will be detailed in your Terms and Conditions.

    It is important to make sure you make the minimum payments on time because if you pay late or fail to make the minimum you will not only incurr a penalty but you will also probably lose the 0% promotional rate.
  • rob81
    Can anybody answer this question?

    Is it technically a balance transfer if I pay off a car finance with a credit card?

    I was wondering if I could transfer the balance of my finance to a credit card to make the most of 0% offers.
    Any help would be gratefully received
  • NickX
    Is it technically a balance transfer if I pay off a car finance with a credit card?
    Originally posted by rob81
    Does the finance company take Credit Cards ? If they do (which I doubt actually) then I would think this would be treated as a Purchase rather than a Balance Transfer.

    If you have a card with SBT (Super Balance Transfer) capability then you can transfer the funds from this card direct to your Bank Account and pay off the car loan from there.

    Cards with this facility include Egg, Egg Money, Post Office Card and any card administered by MBNA (including the Virgin range of cards).

    In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates, however this is the least satisfactory option because these cheques cannot usually be requested and you never know when they are likely to drop through your letterbox.
  • rob81
    Does the finance company take Credit Cards ? If they do (which I doubt actually) then I would think this would be treated as a Purchase rather than a Balance Transfer.

    If you have a card with SBT (Super Balance Transfer) capability then you can transfer the funds from this card direct to your Bank Account and pay off the car loan from there.

    Cards with this facility include Egg, Egg Money, Post Office Card and any card administered by MBNA (including the Virgin range of cards).

    In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates, however this is the least satisfactory option because these cheques cannot usually be requested and you never know when they are likely to drop through your letterbox.
    Originally posted by NickX
    I was looking at a Virgin card, simply because the 0% period was 15 months.

    Sorry to be particularly slow around this topic, but I'm new to all this moving credit around. The balance of the car finance is 7500, so would Virgin transfer that amount into my current account for me to pay off the car finance, then I just pay Virgin as I would any credit card debt?
  • NickX
    The balance of the car finance is £7500, so would Virgin transfer that amount into my current account for me to pay off the car finance, then I just pay Virgin as I would any credit card debt?
    Originally posted by rob81
    Pretty much yes. Just a couple of points to note :

    (a) They usually only allow you to transfer up to 95% of the Credit Limit which means you really need a limit of around £7900, which is by no means guaranteed.

    (b) You will have to specifically request that they transfer the funds to your Bank Account

    (c) There will be a fee for the Balance Transfer - usually 2.98% of the Balance and this is added to your total debt, but is collected along with the first monthly repayment.

    (d) The minimum payments with Virgin is usually set at a fixed amount of between £5 and £25 during the promotion period. Due to this the debt will not decrease by very much, so you need to get a plan in place to handle the debt in 15 months time, either by paying it off before the 0% promotion expires, or by transferring it on to another promotional deal.
    • MABLE
    • By MABLE 21st Jul 08, 6:53 PM
    • 3,917 Posts
    • 2,061 Thanks
    MABLE
    I did a balance transfer from Morgan Stanley card to Egg money on line on the 17th July. I phoned up to see if the transfer was succesful to be told there was no trace. The helpful advisor said he would do it manually.

    Checked on line on Sunday 19.7 to find that the 17th transfer had gone through as well as the one done by the advisor. Because of this I am over 3,000 over my credit limit, overlimit fee of 12.00.

    Brilliant!
  • NickX
    Checked on line on Sunday 19.7 to find that the 17th transfer had gone through as well as the one done by the advisor. Because of this I am over 3,000 over my credit limit, overlimit fee of 12.00.
    Originally posted by MABLE
    I think you have a good case to get this overlimit fee and any interest charged revoked. This was clearly their mistake. If they do not agree to this straight away there is always the formal complaints procedure.
    • MABLE
    • By MABLE 22nd Jul 08, 8:10 AM
    • 3,917 Posts
    • 2,061 Thanks
    MABLE
    I did a balance transfer from Morgan Stanley card to Egg money on line on the 17th July. I phoned up to see if the transfer was succesful to be told there was no trace. The helpful advisor said he would do it manually.

    Checked on line on Sunday 19.7 to find that the 17th transfer had gone through as well as the one done by the advisor. Because of this I am over 3,000 over my credit limit, overlimit fee of 12.00.

    Brilliant!
    Originally posted by MABLE
    Well checked today on line a further bt went through to EGG on 19.07 which now puts me over 5,000 over my credit limit. Despite of being assured the transfers had not been processed on line.

    What I do not understand how their system will authorise transfers thousands of pounds over my credit limit.
  • NickX
    Well checked today on line a further bt went through to EGG on 19.07 which now puts me over 5,000 over my credit limit. Despite of being assured the transfers had not been processed on line.
    Originally posted by MABLE
    I take you are transferring the Debt from Egg Money to Morgan Stanley, hence your Egg Money card is ending up in credit and Morgan Stanley is ending up over your limit.

    As I indicated above, this does not appear to be your fault and Morgan Stanley have processed Balance Transfers that they have informed you have been cancelled\not processed.

    Morgan Stanley should be sorting this for you - what have they had to say about the matter ?
    • MABLE
    • By MABLE 22nd Jul 08, 10:11 AM
    • 3,917 Posts
    • 2,061 Thanks
    MABLE
    I take you are transferring the Debt from Egg Money to Morgan Stanley, hence your Egg Money card is ending up in credit and Morgan Stanley is ending up over your limit.

    As I indicated above, this does not appear to be your fault and Morgan Stanley have processed Balance Transfers that they have informed you have been cancelled\not processed.

    Morgan Stanley should be sorting this for you - what have they had to say about the matter ?
    Originally posted by NickX
    I appreciate your reply. They are going to recall the transfers and when back on the account all fees will be credited back. They advise me to make the min payment of over 2500 by 4 August.

    However the correct transfer was for only 2400 and min payment is only 48.00. They are asking for min payment now of 114.00. Heavens know why.

    I also said how could you put me 5,000 over my limit and they blamed the marketing dept at just pushing the transfers through without checking the account.

    When all this is sorted out I will ask the bt fee back on the correct transfer of 2400 for compensation for the stress this has caused.
  • NickX
    When all this is sorted out I will ask the bt fee back on the correct transfer of £2400 for compensation for the stress this has caused.
    Originally posted by MABLE
    Sounds like you are getting there, although I can't see its fair that they expect you to pay a Minimum Payment on a balance that is over-inflated due to their mistakes.

    Good idea asking for the BT fee to be refunded, at least that would mean you should be financially better off than you would have been if they had put the BT through correctly.
    • daz9643
    • By daz9643 22nd Jul 08, 2:16 PM
    • 71 Posts
    • 22 Thanks
    daz9643
    Can anybody answer this question?
    Can anybody answer this question?

    Is it technically a balance transfer if I pay off a car finance with a credit card?

    I was wondering if I could transfer the balance of my finance to a credit card to make the most of 0% offers.
    Any help would be gratefully received
    Originally posted by rob81
    Not sure theres any point Rob81, when i took out my ford finance deal i specifically asked if i could pay off lump sums of the loan to which the answer was yes. What the salesman didn't tell me was that it wouldn't make any difference to the amount of interest i would pay as all the interest for the term of the loan is loaded on when you take out the finance.
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