Super Balance Transfers discussion area

WARNING!!!

I followed the Super Balance Transfer example (MSE article), using the Virgin Money credit card to transfer £12000 to my bank account (instead of using a loan).

They charged the 4% on the Money Transfer as described, but also charge interest on Money Transfers :-(

I didn't spot this in the Key Facts or Terms & Conditions and have ended up paying over £1000 in interest :-((

I know it is my own fault for not reviewing the T&Cs, but the MSE articles are usually so well written I guess it made me lazy.

Looking to transfer to a regular loan or Balance Transfer

OK..

So in summary, I am in the process of trying to codify all my debt..

I have tranfered an egg card and natwest card to a new barclaycard which is great.

However, I have a bank loan and overdraft I also want to pay onto the barclaycard.

I've just stumbled across a potential way of achieving this without a balance transfer..

I paid more money into my natwest credit card by accident, and when I called them, they were about 1300 quid in credit..I asked to do a balance transfer between them and the egg card at the 0% promotion they just offered me..and they said there was no need - as the account was in credit - it was a straight payment with no 2.x% fee!

Now i'm just wondering how to pay the overdraft and bank loan - I need to check but it appears that I might be able to do another balance transfer to the natwest account from the barclaycard even the the natwest is at £0..is it will end up in £3000 credit - then I can simply make a cash transfer to my bank account for no fee.

Please please before I do this - can an expert on here sanity check this situation? Else I will have to rapidly apply for a virgin card just so i can get cash into my account and pay off the loans..its going to get very convoluted tho.

Many thanks

Re being in credit on a card as a result of having made a BT to that card if it is an Egg or one of the MBNA family cards can this just be paid straight into your bank account with no fees? I seem to recall having done this in the past is it still possible?

deutsch wrote: »

only 1 post by op, but i don't understand how interest can be charged on money transfers unless it was after their 60 day period? anyone verify this?

Hi,

Yes, it was my only post - I'm an MSE lurker, but thought I would notify folks about my experiences.

My money transfer was within the 60 day period, and contrary to my original post, the T&Cs do not charge interest on the transfer.

However, I was charged interest from the first month, and for every subsequent one.

In the third month I was also charged a "Late Default Sum", which should be impossible because I elected to overpay the Minimum Payment by Direct Debit at the start of each month!

On investigation, they took the Direct Debit twice in the second month, and then of course there was no payment in the third.

I have been so busy lately that I haven't pursued them for this overpaid interest. Your note, is a timely reminder to do so. I will let you know how I get on with getting my money back.

A couple of months ago I paid off this debt using a Barclarycard deal. I have opted for paper statements and manually set up the overpayment transfer each month to avoid this pitfall in the future.

Regards,

R.