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  • FIRST POST
    • PUFC86
    • By PUFC86 5th Mar 18, 12:31 PM
    • 5Posts
    • 0Thanks
    PUFC86
    Managing transfers from a few cards
    • #1
    • 5th Mar 18, 12:31 PM
    Managing transfers from a few cards 5th Mar 18 at 12:31 PM
    Hi all, had a good look around the forum but couldnít quite get the info I needed so thought itís best to just join and ask, apologies already for the post.

    Here goes...

    I currently have the following credit card deals all on 0% which end in the next 6 months or so

    Halifax with £3.6k (4K limit) 0% ends in August 2018

    MBNA with £2k, (2k limit) 0% ends in September 2018

    Lloyds with £9.6k (9.8k limit) 0% ends in October 2018

    Tesco Bank £4.7k (4.9k limit) 0% ends in July 2019

    My income is 30k and I have a mortgage no kids or other loans

    I want to transfer as much onto new cards with 0% deals as possible but Iíve never applied for a BT transfer card so not sure realistically how much I can bank on getting? I know itís completely circumstantial but even a rough idea might help as with the 0% deals ending in the next 6 months or so itís starting to stress me out and just want to get it sorted.

    One thing I thought is I have a lot of credit currently so that may be a positive however I am using almost all of my available credit so thatís obviously going to go against me. Iím not a reckless spender or anything, most of the stuff on credit cards has been due to furnishing our first house which we bought, driving lessons and a car for the mrs and training for her to get herself a job. Iím also 30 years old if that matters?

    Thanks in advance for any advice itís greatly appreciated
Page 1
    • zx81
    • By zx81 5th Mar 18, 12:33 PM
    • 16,849 Posts
    • 17,861 Thanks
    zx81
    • #2
    • 5th Mar 18, 12:33 PM
    • #2
    • 5th Mar 18, 12:33 PM
    There's no way of predicting any limit you may get - but with such a large amount of debt to your name, and being maxed out on all lines, keep your expectations modest.

    If you are accepted, don't decline any limit you may be offered.
    • Nebulous2
    • By Nebulous2 5th Mar 18, 12:52 PM
    • 1,870 Posts
    • 1,126 Thanks
    Nebulous2
    • #3
    • 5th Mar 18, 12:52 PM
    • #3
    • 5th Mar 18, 12:52 PM
    You wont know until you try. It looks as though it could be a struggle to shift all of it.

    A couple of thoughts - I've a long-term 0% MBNA card and just paid off a chunk of it. They then bumped up my credit limit substantiallly. They also regularly offer 0% deals. Not very long ones, but its better than nothing. So a BT from MBNA might then allow you to move some more back on there at 0%

    Is your wife now working following her training? If she doesn't have any debt she might be able to get a card and BT some of your debt. It then becomes her responsibility, so there needs to be quite a degree of trust, but it sounds as though some of the debt was for her anyway.
    • PUFC86
    • By PUFC86 5th Mar 18, 1:10 PM
    • 5 Posts
    • 0 Thanks
    PUFC86
    • #4
    • 5th Mar 18, 1:10 PM
    • #4
    • 5th Mar 18, 1:10 PM
    Thanks so much for the replys, I might call snider the MBNA option although it runs out in September anyway so unless they extend a 0% deal (is that even something that they would do) it might not be worth it.

    Also I forgot to ask, when should I start applying for the BT cards? Unsure wether to do it now as still have 6 months left at 0% on some.

    Thanks again !!!55357;!!!56835;
    • zx81
    • By zx81 5th Mar 18, 1:14 PM
    • 16,849 Posts
    • 17,861 Thanks
    zx81
    • #5
    • 5th Mar 18, 1:14 PM
    • #5
    • 5th Mar 18, 1:14 PM
    I would start now. On the assumption you;re not going to get a huge limit, if at all, it would give you some breathing space while you further pay down some of the debt, which could in turn open up further options later in the year.

    And if you're declined now, you know that you have some work to do before reapplying.
    • PUFC86
    • By PUFC86 5th Mar 18, 8:48 PM
    • 5 Posts
    • 0 Thanks
    PUFC86
    • #6
    • 5th Mar 18, 8:48 PM
    • #6
    • 5th Mar 18, 8:48 PM
    Thanks for all the suggestions, I will look round and try some soft searches and elegantly checker to see what I can get.

    Will also get my Wife to see what is available to her as she doesnít have any credit cards.

    Hopefully will get some positive results

    Many thanks again
    • SuzieSue
    • By SuzieSue 5th Mar 18, 10:06 PM
    • 3,822 Posts
    • 4,044 Thanks
    SuzieSue
    • #7
    • 5th Mar 18, 10:06 PM
    • #7
    • 5th Mar 18, 10:06 PM
    Will also get my Wife to see what is available to her as she doesn!!!8217;t have any credit cards.

    Originally posted by PUFC86
    Tesco won't allow your wife to do a BT from your card but most other lenders will as long as you do it online as they don't ask for the name on the card.
    Last edited by SuzieSue; 06-03-2018 at 9:13 AM.
    • cjv
    • By cjv 5th Mar 18, 10:42 PM
    • 206 Posts
    • 107 Thanks
    cjv
    • #8
    • 5th Mar 18, 10:42 PM
    • #8
    • 5th Mar 18, 10:42 PM
    If you are not aware, you can hold 2 credit cards with Tesco.
    • SuzieSue
    • By SuzieSue 6th Mar 18, 8:43 AM
    • 3,822 Posts
    • 4,044 Thanks
    SuzieSue
    • #9
    • 6th Mar 18, 8:43 AM
    • #9
    • 6th Mar 18, 8:43 AM
    If you are not aware, you can hold 2 credit cards with Tesco.
    Originally posted by cjv
    Yes, you and/or your wife could apply for a 0% purchases card and do all your day to day spending on there and use the money saved to pay off your balance transfer cards. If your wife then applies for another Tesco cc then she should be able to transfer the credit limit between the cards to the one which is most useful.

    Or you could apply for a 0% BT card and transfer the balance of one of your other cards to Tesco. Tesco have been very generous with credit limits with me and my husband but we have had cards and current accounts with them for over a decade.
    Last edited by SuzieSue; 06-03-2018 at 9:17 AM.
    • PUFC86
    • By PUFC86 8th Apr 18, 11:19 AM
    • 5 Posts
    • 0 Thanks
    PUFC86
    So to update...

    Took the great advice from you guys and after using the eligibility checker, applied for a credit card with HSBC, didnt hear anything from them at all for a good 2-3 weeks and there didnt seem to be any searches on my credit file so I applied for another card with Tesco, which got accepted and then the next day the acceptance letter from HSBC dropped through my door!

    So I now have two cards I can use for balance transfers which is great, the limits i got were also good too. I couldnt believe it, I got £5200 on a 32 months 0% with HSBC and £3200 for 15 months 0% will th Tesco.

    On another note once I have done the BT and paid off some of my cards do I close them, lower my limit or just keep them?

    Thanks to all for the advice and I hope someone else reading this in a similar position to myself will get some benefit from it.
    • Nebulous2
    • By Nebulous2 8th Apr 18, 11:38 AM
    • 1,870 Posts
    • 1,126 Thanks
    Nebulous2

    On another note once I have done the BT and paid off some of my cards do I close them, lower my limit or just keep them?
    Originally posted by PUFC86
    Sounds like a good result for you.

    I'm not very good at closing cards and tend to keep dormant ones, but I'd potentially close some of these. Halifax have never made me any decent offers, it might be a candidate for closure.

    As I said before MBNA regularly make me good offers and may well increase your limit after you close it off. The offers they make are never as good as you can get on a new card, but could be useful as a reserve.

    I don't like messing around with limits and would never choose to reduce them.

    What do you use for day-to-day spending? It's preferable not to mix purchases with a 0% BT deal in most cases. A card without a balance used for expenditure you would make anyway (petrol groceries etc) and paid in full every month is a useful addition to your collection.
    • AndyPoll
    • By AndyPoll 8th Apr 18, 12:45 PM
    • 15 Posts
    • 7 Thanks
    AndyPoll
    As you got one with HSBC your credit rating must be quite good. You could therefore try Santander as well. They do a BT card with no fee at the moment which will obviously save you a little bit in the transfer process.
    • PUFC86
    • By PUFC86 17th Apr 18, 11:30 PM
    • 5 Posts
    • 0 Thanks
    PUFC86
    Many thanks for the replies and suggestions, I will look into the Santander one soon and also consider using one for everyday spending and clear each month.

    Thanks again everyone for all your help, I will update the thread in September/October and let you know how I got on with the rest.

    • Ben8282
    • By Ben8282 18th Apr 18, 5:42 AM
    • 2,283 Posts
    • 1,017 Thanks
    Ben8282
    Do not cancel or lower any limits.
    • Sharon87
    • By Sharon87 22nd Apr 18, 12:30 PM
    • 3,538 Posts
    • 3,014 Thanks
    Sharon87
    I wouldn't cancel, I would keep them open and see if they offer any 0% deals. Someone said Halifax don't offer good transfers, but they have for me in the past, usually between 12 and 18 months with a 3% fee. Remember you can't transfer balances between same providers.

    I am juggling a fair few 0% deals at the minute, I keep a spreadsheet to keep a track of expiry dates, I update it every month with the amounts.
    • maxximus75
    • By maxximus75 22nd Apr 18, 1:10 PM
    • 65 Posts
    • 18 Thanks
    maxximus75
    Keep the old cards but set up to be paid in full direct debits.

    Keep them in a drawer and rotate their use for something you would usually pay off (for example, a tank of petrol, food shop etc). This will keep the cards active and you pay them off each month.

    But...... if you think that you may use them to spend, cut them in half.

    Looking at the figures you have given by your current cards, you have only managed to pay off £800 from all of your cards during the 0% period so far?

    With the new cards, remember the 0% transfer window is usually for balances transferred in the first 90 days!
    • chattychappy
    • By chattychappy 22nd Apr 18, 7:14 PM
    • 6,764 Posts
    • 3,658 Thanks
    chattychappy
    You can keep the plates spinning quite some time this way. I regularly get BT offers from my dormant cards - so I don't think it's really necessary to put occasional spend through.

    Just one thing, though. All this does have to be paid off one day. If you lose your job or some other crisis hits, the plates could fall down. Ditto if there is some "nanny state" style intervention whereby BT deals become less common.

    Firstly, I would always pay £1 more than the minimums, to avoid minimum payment markers. Also, look at your monthly total minimum payment. If possible carry a buffer in savings so that if you did suffer an income loss, you could keep the payments up for at least a few months.
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