Switching Credit Cards

[fcukcov]

I am looking at switching my credit card balance to a 0% one.

Anyone else do this regular and is there anything i should look out for?

The internet seems full of bad reviews for just about every card but as I always say people who have a bad experience will tell 10 people, people who have a good experience will tell their best mate.

Any recommendations/ones to avoid? Virgin seems to have the best deal on the face of it.

 

[enderby fox]

I am looking at switching my credit card balance to a 0% one.

Anyone else do this regular and is there anything i should look out for?

The internet seems full of bad reviews for just about every card but as I always say people who have a bad experience will tell 10 people, people who have a good experience will tell their best mate.

Any recommendations/ones to avoid? Virgin seems to have the best deal on the face of it.

I'd recommend not having 1 at all. Not really helpful but hey :icon_bigg

 

[fcukcov]

I'd recommend not having 1 at all. Not really helpful but hey :icon_bigg

Ive had mine for a few years now and the balance is a lot less than it used to be. The bank have recently put the interest up again though so I was thinking of starting to move it around to save on the interest, I know you pay around a 3 % balance transfer fee but even so over 12 months it could save me 200 quid in interest.

 

[enderby fox]

Ive had mine for a few years now and the balance is a lot less than it used to be. The bank have recently put the interest up again though so I was thinking of starting to move it around to save on the interest, I know you pay around a 3 % balance transfer fee but even so over 12 months it could save me 200 quid in interest.

I got into trouble with cards a few years back and switched all of them onto a virgin card and pretty much just paid it all off within 6 months. I still have the card but i very rarely use it nowadays, only for emergencies. Like Beer !!!

 

[homer]

I do it all the time (oo-err missus)

Watch out for the balance transfer fee, as well as the length of time for 0%

Virgin and Tesco are currently the best for the period of time on 0%, but you have to pay just under 3% on your balance transfer

Abbey Zero has no transfer fee at all, but you only get six months at 0% so you'll be switching again before you know it

Depends what you want

 

[muzzysgal]

Plenty of info here about "stoozing" and being a credit card tart :icon_wink

http://www.moneysavingexpert.com/cards/

 

[fcukcov]

I do it all the time (oo-err missus)

Watch out for the balance transfer fee, as well as the length of time for 0%

Virgin and Tesco are currently the best for the period of time on 0%, but you have to pay just under 3% on your balance transfer

Abbey Zero has no transfer fee at all, but you only get six months at 0% so you'll be switching again before you know it

Depends what you want

Cheers homeypants

Plenty of info here about "stoozing" and being a credit card tart :icon_wink

http://www.moneysavingexpert.com/cards/

i have looked on moneysupermarket as well. However i find it hard to take advice off Martin Lewis as i just want to smack him in the face. Im sure if it was my full time job then i would be able to do all of the "money saving" tips he bangs on about.

 

[Matt_B]

Cheers homeypants




i have looked on moneysupermarket as well. However i find it hard to take advice off Martin Lewis as i just want to smack him in the face. Im sure if it was my full time job then i would be able to do all of the "money saving" tips he bangs on about.

It's not difficult or time consuming to work out if you will pay more for the 3% transfer fee or pay 6 months interest on a low rate card.

I had a virgin card before, it is underwritten by MBNA who have in my opinion one of the worst customer service departments. I believe someone on here does or used to work for them. They also underwrite Abbey I think and have their own, so depending on who you are with currently you might not be able to move to Virgin, they won't let you move from one of theirs to another.

 

[FoxCovert]

Tesco and Virgin are ok, watch for the balance transfer fee. Beware of 0% purchase deal included that usually have a shorter period, typically 3 months. If you spend on the card, at the end of the period you will be paying this off first and not reducing your balance. I also usually cut up the card on receipt so i am not spending on it and thus reducing the balance each month. This more important than ever in the current climate.

 

[fcukcov]

It's not difficult or time consuming to work out if you will pay more for the 3% transfer fee or pay 6 months interest on a low rate card.

I had a virgin card before, it is underwritten by MBNA who have in my opinion one of the worst customer service departments. I believe someone on here does or used to work for them. They also underwrite Abbey I think and have their own, so depending on who you are with currently you might not be able to move to Virgin, they won't let you move from one of theirs to another.

Tesco and Virgin are ok, watch for the balance transfer fee. Beware of 0% purchase deal included that usually have a shorter period, typically 3 months. If you spend on the card, at the end of the period you will be paying this off first and not reducing your balance. I also usually cut up the card on receipt so i am not spending on it and thus reducing the balance each month. This more important than ever in the current climate.

Cheers again guys. Used to have an MBNA card and I seem to remember them being pretty shit at customer service.

I have already clocked the 0% purchase limit of 3 months.

 

[GazLCFC]

I transferred my balance to Virgin about 6 months ago. Being the idiot I am I didn't realise I hadn't set up a DD with them so on the second bill I noticed I was being charged interest. I called them and they explained it was because I missed a payment and was in breach of their T & Cs. I explained the issue and they removed the interest charge.
I now pay the minimum each month and have the required balance payment in a savings account collecting a bit of interest until September when the interest free Virgin deal finishes.

 

[Matt_B]

I transferred my balance to Virgin about 6 months ago. Being the idiot I am I didn't realise I hadn't set up a DD with them so on the second bill I noticed I was being charged interest. I called them and they explained it was because I missed a payment and was in breach of their T & Cs. I explained the issue and they removed the interest charge.
I now pay the minimum each month and have the required balance payment in a savings account collecting a bit of interest until September when the interest free Virgin deal finishes.

That was sort of my problem with them, except I noticed and phoned on the first day I had the card to set up the DD. Got a letter a month later saying I had missed a payment blah blah so phoned up and demanded to know where my personal bank details where that the guy had taken over the phone a month ago, obviously they denied all knowledge. Gave them the details again same thing happened the next month. They did set it up in time for the thrid month though bless them, but it did leave a mark on my credit record the bastards.

 

[highland fox]

I was offered a Credit Card yesterday..I very nearly fainted.I refused it

 

[fcukcov]

That was sort of my problem with them, except I noticed and phoned on the first day I had the card to set up the DD. Got a letter a month later saying I had missed a payment blah blah so phoned up and demanded to know where my personal bank details where that the guy had taken over the phone a month ago, obviously they denied all knowledge. Gave them the details again same thing happened the next month. They did set it up in time for the thrid month though bless them, but it did leave a mark on my credit record the bastards.

A few websites seem to suggest making the first payment at the same time as setting up your dd that way there is no chance of missing the first payment. However the current mrs fcukcov did have a similar problems when setting up her new capital one card. i.e. she set up the direct debit several times and they kept denying any knowledge of her doing it.

 

[GazLCFC]

That was sort of my problem with them, except I noticed and phoned on the first day I had the card to set up the DD. Got a letter a month later saying I had missed a payment blah blah so phoned up and demanded to know where my personal bank details where that the guy had taken over the phone a month ago, obviously they denied all knowledge. Gave them the details again same thing happened the next month. They did set it up in time for the thrid month though bless them, but it did leave a mark on my credit record the bastards.

I checked my credit report the other day and they hadn't noted it. I was surprised but not disappointed.