Credit card balance transfer

Questions and Answers

Lloyds TSB vs Mint - credit card balance transfer question.?

Q) Financial experts out there? I have a credit card with Lloyds TSB at 11.9%. I owe £2,500. There is a new card (Advance card) available with Lloyds with 5.5% on the life of the balance transfer. THE CATCH I cant transfer the balance from a Lloyds TSB card onto a new Lloyds TSB card. B*stards! HOWEVER I could transfer my balance to MINT (for example), then transfer it back to the new Lloyds card immediately. MEANING Id be charged 3% (£75) then 2% (£50) to transfer the balance to MINT then back to Lloyds, BUT I'd only be paying 5.5% for the life of the balance transfer (instead of 11.9%). Does this sound like a good long term idea, or a waste of time.

A) Isnt it worth looking into getting a loan? Alliance & Leicester do an online one for 5.9% i think. You could pay the card off with the loan and cut it up so you arent tempted and avoid the fees. This way you wont have the hassle of transfering balances and the transfer fees.

I done a credit card balance transfer one month ago and it has not been put into my other card. help!!!?

Q) Can this problem be sorted out if they have put the money into someone elses credit card by accident??? Very worried that they may say they can't get the money back from what card it went to! They told me to call back in the morninng

A) Call them straight away and yes it can be sorted they just need to trace the transaction. Don;t worry.

Need a new balance transfer credit card - Having problems?

Q) Transfer my balance every time expires - this time however i have applied for 2 and been turned down. Money supermarket gives my rating as GOOD but when i enquired on one card, my income is too low on paper(self-employed!!!). Obviously the 2 rejects will now be on my record...any ideas...never had this problem before. A couple of you seem to be missing the point...i am gradually paying it off by reducing the balance monthly but also keeping it on a bal transfer 0% interest card so can pay it off quicker!! Need to transfer as current cards offer expired!

A) Earlier, it was very easy to find credit cards which allowed to transfer balances without any fee what so ever. These credit cards came with 0% intro APR for a specified period like 6, 12, or 15 months. This was used as a goldmine by those with large outstanding balances. They would simply transfer their balances to such credit card and get rid of existing high APR's. The 0% intro offer would then be exploited by them. Just by paying the minimum balances they would stay in the good books of credit card companies, and when the 'golden period' of0% intro APR was nearing its end, voila they shifted their huge balances to another credit card with similar offer. So, this resulted in loss of revenue for credit card companies in terms of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts. A major issuer of such no fee balance transfer credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdrew all such offers. Now they decided to take a certain percentage on balance transfers. To counteract such measure the credit card companies now have a different APR for balance transfer, this includes credit card with 0% intro APR. Apply online for a best credit card at: http://www.credit-card-gallery.com/0_Intro_APR.html

How do I make a balance transfer from a store card to a credit card?

Q) Sorry, a new timer to balance transfers and credit cards. Have taken out a credit card with 0% interest on balance transfers and purchases for 12 months. I have £600 on a store card that I want to transfer to the credit card to avoid all the interest charges. I can easily pay this off in 12 months. Do I just go to the store and use my credit card to pay off the store card? Do I telephone the credit card company and ask for a transfer and give them all the details? or is there more involved, would just like to know what the process is. Thanks! Wahoo, let's all take advantage of the 0%'s out there. Thanks for your answers!

A) Eliminating high interest credit cards by transferring to a card with a lower rate can help you save a great deal of money, allowing you to regain control of your finances. However, it is important that you understand all of the terms and conditions of your new credit card before committing enrollment. You want to make certain that the card offer is fair and that you are truly going to benefit from it. Featured are tips that will help you choose and use the right credit card for transferring balances. Pre-determining interest rates Most balance transfer offers are good for only the first 6-9 months of enrollment. At the conclusion of the introductory rate, the card will convert to a more standard rate, typically between 14-20%. It is important that you determine what the interest rate is going to be once the intro rate is over. If you are not sure what interest rate the card is going to be charging at the conclusion of the intro offer, call the issuer and find out. Read more about balance transfer at: http://www.credit-card-gallery.com/article/173,Credit_Card_Balance_Transfer_Tips

where can i get low interest rate for transfer my credit card balance pls?

Q) hi there,pls help me..................i have credit card and balance is £5000.........!i m just paying now only minimum payment because i cant pay more then that :( and its with egg card,they charge 16% :( pluse my credit score is v down now because short of money :( pls tell me what shell i do or there anyway i can change my credit card with low rate rather then i pay 16% pls?or 0%................but if i apply some where they declined me.............pls help me? thanks

A) try www.moneysupermarket.co.uk or similar. your best bet is to go for a low interest for life balance at around 4.75% and try a couple rather than all in one go as that might put lenders off.. hope thats helps xx

Any one know of a 0% balance transfer credit card in the UK with out a transfer fee? (excluding Halifax)?

A) Ulster Bank’s card is the longest lasting deal, at 6 months. The only other fees-free deals are three months at 0% from ICICI.

increase credit card spends then balance transfer advice needed?

Q) i want to double my credit card limit so i can then balance transfer them to a interest free card for a few months and so on so i dont pay interest at about 15% but on the form it says reason for new limit, 1)balance transfer 2)holiday 3)new car. if i put down balance transfer they might refuse me thinking i am deserting them, has anyone got any ideas, thanks i need £10000 cash for part payment for something if i can loan £10000 from credit cards i will then switch to a 0%balance card and continue to do this every 6 months so i dont pay interest on the original £10000. its about getting a big loan paying for my item then repaying the money almost interest free or much less rates than a loan or cc fees

A) The option for 1) balance transfer, is if you are transferring a balance IN from elsewhere. They are likely to do a credit check before doing this and will see that you don't have a credit card elsewhere with that balance so will refuse anyway. Lying and choosing holiday or car is also risky because if your £10k is in anyway investment related you are breaking the terms and conditions of the card. Also Balance transferring is not as easy as it once was in avoiding charges as all banks now charge you a fee upfront. This was introduced to stop people doing exactly what you are doing now, and thus protect the banks massive profits!! The best advice is to try and get a loan. If you shop around you can often get decent rates of 7 or 8%. When you consider the charges and hassle of switching a credit card balance every 6 months, and all the credit checks you will amass, its probably the best option.

Can I use my Credit Card's 0% Balance Transfer offer to free credit on a Current Account?

Q) or can I only use it to transfer balance on store/credit cards? Thanks for the advice. Just called Egg. With their service Balance Transfers include transfers to current/bank accounts. The amount must be over £100 and can be no more than 95% of your credit limit. It is subject to a 2.5% service charge. So if you have a credit limit of £1000, you can move £950 to a current account for the duration of your 0% promotional period, for a fee of £23.75. If my maths serves me correctly. Happy days!

A) Read the fine print of your offer (they vary from card to card...) ...odds are that you can only do a balance transfer from other cards. If you get a new card, transfer your existing balance, and don't purchase anything new on that new card, you can get the 0% for however long the promotion lasts. Just make sure you've paid it off by then and put new purchases on your old card. That way you don't end up paying sky-high interest on items you thought you were paying off... it's "lowest interest first" on every credit card I've seen, which means that you don't make a dent in new purchases until the 0% is paid off.

can a credit card balance be transfered to a different cardholder?

Q) ive got an amount on a credit card, can i transfer this balance to my friends credit card (with his permission obviously) to take advantage of his 0% on balance transfers offer?

A) Yes, most credit card companies allow this. My friend and I did this once ($500 transfer).

can a credit card balance be transfered to a different cardholder?

Q) ive got an amount on a credit card, can i transfer this balance to my friends credit card (with his permission obviously) to take advantage of his 0% on balance transfers offer?

A) Of course you can . Your friend needs to call his creditor and ask for a balance transfer to your account.

Take loan against 401k or Balance Transfer to credit card?

Q) I have about $3500 between a credit card and a student loan (avg interest rate is 8%)...I am thinking about doing a balance transfer to a credit card at 3.9% for the life of the balance transfer or pulling money out of my 401k. Which makes more sense? Loans against 401k is with an interest rate of 5.25% for a term of up to 60 months (with about $150 in fees). Also, if I could do 0% for 15 months on a credit card balance transfer - would you recommend that?

A) 401K loans are almost always a bad idea. You get taxed twice, and depending on your age, you could lose out on a ton of $ when you retire. Once you're contributing enough to your 401K to get the maximum match from your employer (typically 6% of salary), open a Roth IRA and contribute some money each year. You can take a loan from your Roth IRA without penalty (it works great as an emergency money source). I would do the 0% balance transfer and work hard to pay off the debt in the next 15 months. If after 15 months you haven't paid it off, find another 0% balance transfer deal and do it again. When money was tight I used this method and it worked great, just be sure to read the fine print so that you don't get hit with transfer/cash advance fees.

Credit card Balance transfer?

Q) Hi,I am new to this credit card.I want 2 kn abt balance transfer. I want to do a balance transfer,to my excisting credit card from another new card which has some grace period . My question is after grace period can i transfer back again from that new card balance to old i.e viceversa? Can i do this so that i can avoid interest rates?Is it possible to avoid interest rates by switching b/w multiple cards?Pls guide me Thanks Deep

A) It will reflect negatively on your credit. Plus, most balance transfers have a fee associated with them. Also, the company does not have to honor your request to do the transfer. They could decline your request. Just pay your bill and do not buy things you cannot afford. Save your credit for an emergency.

Credit card balance transfer?

Q) My Fiance has a credit card in her name, I also have the same card, but I am not the primary card holder. Is it possible for me to sign up for a credit card and transfer the balance of the other card to it, or does she have to be the one who is the primary card holder on the new card for the balance transfer to work?

A) The person requesting the transfer is the one who has to be the account holder. You can transfer her balance to your card. She can transfer your balance to her card. But you can't transfer your balance to a card you do not sign on, which is to say, you can't put your balance on someone else's card without their permission/signature. Or else, I would put my balance on your card!

Fee for UK to Australia credit card balance transfer?

Q) What are the fees for doing a balance transfer from a UK credit card to an Australian credit card? Is the exchange rate good?

A) Eliminating high interest credit cards by transferring to a card with a lower rate can help you save a great deal of money, allowing you to regain control of your finances. However, it is important that you understand all of the terms and conditions of your new credit card before committing enrollment. You want to make certain that the card offer is fair and that you are truly going to benefit from it. Featured are tips that will help you choose and use the right credit card for transferring balances. Pre-determining interest rates Most balance transfer offers are good for only the first 6-9 months of enrollment. At the conclusion of the introductory rate, the card will convert to a more standard rate, typically between 14-20%. It is important that you determine what the interest rate is going to be once the intro rate is over. If you are not sure what interest rate the card is going to be charging at the conclusion of the intro offer, call the issuer and find out. Read more about it at: http://www.credit-card-gallery.com/article/173,Credit_Card_Balance_Transfer_Tips

Credit Card Balance Transfer?

Q) Can anyone out there recommend a good credit card that offers the best deal for balance transfers?

A) You can find a complete list of 'balance transfer' credit cards here: http://www.asapcreditcard.com/0-apr.html In the past, you'd be looking for a 0% APR credit card with 'no balance transfer fee'. But nowadays, every major credit card charges this fee in order to process your transfer. Since so many people were constantly transferring credit cards (and avoiding interest charges)-- the credit card companies took action to prevent abuse and limit their losses. But you can still save a lot of money-- even with a 'balance transfer fee'. Typically, credit card companies charge 2%-3% of your transfer amount. Try to find an offer with a CAP or LIMIT on this fee. Many issuers will limit balance transfer fees to a specific dollar amount (ie: $75 or $99). In particular, take a look at the Discover More, Chase Platinum, and Rewards Advantage Platinum. Very good balance transfer deals with a $75 CAP on the balance transfer fee. Hope this helps. GOOD LUCK!

credit card balance transfer?

Q) Is the existing creditcard account automatically closed when you transfer your balances to a new credit card

A) I don't think so. The existing card will carry zero outstanding balance after the transfer, and if you don't cancel it, on it's anniversary, you will still be charged the annual fee. If you are not going to use it, cut it into 2 and send it back to your banker with a letter to close the account.

How credit card balance transfer works?

Q) I was approved by american express to transfer 3 of my other balances to their credit card. My question is do they directly pay these companies or send me a check so that I can mail it myself?

A) Transferring your credit card balance from a higher interest rate card to one which offers a low or 0% introductory rate can make a lot of sense if you're trying to get a handle on your debt. There are plenty of credit card offers to choose from, but finding a good one takes some work, and you have to be disciplined in order to make balance transfers work for you. read more from: http://card-city.com

Credit Card Balance transfer to check card?

Q) I have a 0% balance transfer Visa card. I need about 10,000$ in cash from it quick. Would it be possible to ener the account number of my check card, and have the balance transfer go right into my bank account?

A) Actually, balance transfers work from account to account. What you would be doing is more of a cash advance which would not constitute a balance transfer and you could incur heavy interest by doing so.

what is the best low interest credit card with 0% balance transfer and no fees?

Q) I am trying to get out of debt and I want to transfer my credit card balance over and pay it off ASAP.

A) Try this link: http://www.bestcreditrates.net/

can I transfer a credit card balance from my husband's credit card to mine?

Q) Want to open a new credit card in my husband's name but then want to transfer a balance from my card to his, can that be done or can you only transfer balances to the same cardholder?

A) YOu need to find a credit card that let's you transfer balances. Some do some don't. If they do allow it they will say it plainly when you sign up.