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  • FIRST POST
    • ThaReality
    • By ThaReality 5th Jul 18, 11:56 PM
    • 1Posts
    • 0Thanks
    ThaReality
    Balance Transfer from Vanquis
    • #1
    • 5th Jul 18, 11:56 PM
    Balance Transfer from Vanquis 5th Jul 18 at 11:56 PM
    Hi, I notice a similar thread has been closed with a similar title, however my question is slightly different.
    I've managed to improve my credit rating using Capital and Vanquis over the years, and today I decided to look into Balance transfers. I found out that Barclays is offering a good deal and lower interest than what I currently pay with Vanquis.

    My only problem is, Barclays didn't offer me the card I wanted but has offered a lower alternative which still comes with 0% or so on BALANCE TRANSFERS and still a vastly lower interest compared to Vanquis. Here's the problem now,

    I have a 2400 balance with Vanquis BUT, Barclays is proposing 1200. How does this affect me and how do I go about it, or better yet what's the best advice in this scenario. I thought CC companies take on the entire balance. Which is of course what a balance transfer is meant to mean, am I wrong?

    Any advice would be highly appreciated, please. I look forward to hearing from you

    Kind regards
Page 1
    • zx81
    • By zx81 6th Jul 18, 5:35 AM
    • 18,610 Posts
    • 19,861 Thanks
    zx81
    • #2
    • 6th Jul 18, 5:35 AM
    • #2
    • 6th Jul 18, 5:35 AM
    I thought CC companies take on the entire balance. Which is of course what a balance transfer is meant to mean, am I wrong?
    Originally posted by ThaReality
    Yes, you're wrong. You can only balance transfer up to the amount you are offered.

    If they offer you something, accept it and BT what you can. You can always then apply elsewhere.

    However, are you sure they have offered 1200 and you're not looking at the representative example?
    • Samsung_Note2
    • By Samsung_Note2 6th Jul 18, 8:35 AM
    • 556 Posts
    • 224 Thanks
    Samsung_Note2
    • #3
    • 6th Jul 18, 8:35 AM
    • #3
    • 6th Jul 18, 8:35 AM
    As ZX81 rightly says take what ever Barclaycard offers and transfer as much as they allow...still a whole lot cheaper than Vanquish,pay as much as you can off Barclaycard each month and they should review credit limit every few months (6 months i believe)...they seem pretty good at upping the limit.
    If my appalling spelling offends you that much...dont read my posts.
    • Nicola83
    • By Nicola83 6th Jul 18, 3:36 PM
    • 63 Posts
    • 38 Thanks
    Nicola83
    • #4
    • 6th Jul 18, 3:36 PM
    • #4
    • 6th Jul 18, 3:36 PM
    I've just done this with my vanquis card. I shopped around and even used the mse guide on best 0% balance transfer deals, Barclaycard came up as my top one.
    However, HSBC was also on the list but only with an 85% chance of approval but as I bank with them and have an advance account I tried applying with them, and it was the easiest application I've ever had to do.
    They've given me a credit limit that vastly exceeds what I want to balance transfer and 0% interest for 3 years on purchases and BT.

    Sometimes it's worth applying for 1 with your own bank as they know your spending history etc and how reliable at making payments you are.
    • liamfromleeds
    • By liamfromleeds 10th Jul 18, 4:29 AM
    • 12 Posts
    • 40 Thanks
    liamfromleeds
    • #5
    • 10th Jul 18, 4:29 AM
    • #5
    • 10th Jul 18, 4:29 AM
    Hi,

    Been in exact same position, had a aqua and vanquis after bankrupt, then chose to do a balance transfer. Their initial offering isn't always the max they will offer you, I was quoted prices with a 1200 balance transfer, but applied for a 2500 transfer and got a credit limit of 4000, way more than their initial 1500 limit offering on the first page or so, it depends on income and outgoings etc. and as I say, the first page or two are rather generic, once you go further into the application process a lot can/ does change if you've got a reasonable income and not too many outgoings on your credit file.

    Also, look at the interest free period barclays are offering, I did another transfer about a year back, and mbna was by far the best for length of period interest free, try uswitch. I've got 2000 interest free until 2022, 5 years 0%, mbna really are specialists in balance transfers and regularly send me emails offering me 4/5 years 0% on additional transfers. There's normally a fee but a fortune saved in interest payments.

    Hope this helps,

    Liam.
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