New Balance Transfer Discussion Area

A question about : New Balance Transfer Discussion Area

This discussion relates to the Best Balance Transfers article now on the site.

To ask a question or discuss click reply

Best answers:

• Hi,
  I have a Cahoots flexible loan which i currently owe Ј7300 and i'm paying Ј550 a month off. Is it possible to apply for say a virgin credit card and then transfer the loan onto the 0% for 9 months?
  thanks in advance
• One bit doesn't sound quite right:
  Quote:
• Quite right reaper - i'll change it. It was meant to be an example of how fees and caps work - but your right - readin it - it may confuse people
• One other thing Martin - you say
  Quote:
• Good question i was onto MBNA again this morning to infinite clarify and it comes from their product team this time (via the press office)
  Last time what they incorrectly told me was Virgin NEVER charges a BT fee. That was wrong.
  Now they are saying Virgin is the ONLY MBNA card which allows BT fee free transfers throughout the intro period (though it will charge after). I hope this makes sense.
  To be honest i can't go on any more than the 'official' MBNA answer. If anyone has info that differs I will put it too them. However press offices are (usually) substantially more reliable than the call centres.
• Thanks for the advice.
  I've just applied for a Virgin credit card
• Cam yes there's no reason that shouldn't work - though you may technically have to pay the money into your bank account and then pay off the loan - depending on the process, but as Virgin is a SBT card this is possible
  martin
• I just got a Barclaycard fee fee and interest free for BT's 12 months. Credit limit was Ј5400 but I am fairly new to stoozing and I just wanted a new home for Ј4800. I have to pay 2% of balance each month starting from mid March.
• When the Barclaycard 0% for life deal was on I got one and transferred Ј3000 to it, which I've been steadily paying off. The money went into a high rate savings account so I've done OK out of the deal.
  I've nearly finished paying it off. I'm wondering what to do now. I don't have any other debts or loans so there's no urgency to transfer any; my understanding is I can't do another balance transfer into Barclaycard at 0%.
  Should I close the Barclaycard account and try to do the same saving thing but in a year with another card?
• I've just applied for a Virgin card, although I wasn't able to apply for balance transfers during the online application. I was asked to provide the details of up to 4 cards to transfer balances from but there was no "cheque" option, just Visa/MC/DC/Amex.
  Am I right in thinking I can apply for an SBT from my (overdrawn) current account once my card account is opened?
  Thanks in advance for your help, and thanks to Martin and all the forum members for your advice so far
  T.
• Yes, Virgin don't do cheques but they let you balance transfer money direct to your bank account. Just make sure you ask for a balance transfer not a cash advance.
  You can't do a balance transfer for the full amount, I think they limit it to 95% of your credit limit.
  Give them a call once it is set up or fill in the form they give you when they send you the credit agreement.
• Good Morning,
  I have been offered a v.g bal transfer rate by a couple of my credit cards. I have cleared the accounts with a view to transferring balances from other cards with a higher interest rate. Do I need to wait for a statement showing the balance to be zero? I have confirmed over the telephone that the accounts now have nil balances so surely I should be able to go ahead and transfer the balances knowing that any payments made will not be clearing a cheaper balance first (because there is no other balance!). I hope I have explained myself clearly enough for people to understand.
  Hope to hear from someone shortly.
  Thanks
• Hi Martin,
  Can you tell me what the existing customer offer is for MBNA - as seen in your new CC table highlighted in yellow.
  OK, you have to ask, but do you know of any offer if i ask?
  I've checked their web site, and can't see anything to give me a clue. Maybe I missed something in the new atricle?
  Thx
• Presuming Martin is around of course....anyone else know anything???
• Hi
  I have taken advantage of Martin's words of wisdom and i have changed three of my cards onto a Barclaycard and HSBC 0% balance transfer cards. I will continue to changes them after 9 months. Will i run out of cards to apply for? How do i re-apply as a new customer on a previous card i have?
  Any advice appreciated
• After 6 months the credit card companies will normally treat you as a new customer again, although you often have to leave it a year before you are entitled to any promotions/freebies.
  I'd leave it a year unless you run short, which you are not likely to.
• thanks for the help Reaper.
• Thanks Reaper!