Questions about Balance Transfers

Former_MSE_Dan
Former_MSE_Dan Posts: 1,593 Forumite
Combo Breaker First Post
in Credit cards
Hi folks,

In the updated Balance Transfers article, these is a new Q&A section where some of the most commonly asked questions are answered.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#qa

Hopefully this will be of use, especially to newcomers. But if you have any more questions you want answered, or think warrant a mention in the article, reply to this thread with them, and we will endeavour to include it

Cheers,

Dan
Former MSE team member
«134567…49

Comments

  • jjl22
    jjl22 Posts: 4 Newbie
    I am new to credit cards etc and want to know how I transfer a balance onto another card? I'm not familiar with the process and don't know where to start!:confused:
  • clbanks
    clbanks Posts: 18 Forumite
    Hi, my Son who is a Student in his final year has got himself into financial difficulty. He went over his overdraft facility, not by much to which they charged him £90 not just once. Apparently Lloyds almost forced him to take a loan out for about £1300. I'm sure I haven't got all the facts out of him yet. I hate the thought of him paying interest and would be happy to put it onto an interest free visa card, is this possible?
    I am going to look into the bank charges, he says he is going to go and see the CAB, not sure how much help they will be.
    Thanks,
    Catherine

    MSE_Dan wrote: »
    Hi folks,

    In the updated Balance Transfers article, these is a new Q&A section where some of the most commonly asked questions are answered.

    http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#qa

    Hopefully this will be of use, especially to newcomers. But if you have any more questions you want answered, or think warrant a mention in the article, reply to this thread with them, and we will endeavour to include it

    Cheers,

    Dan
  • katmar_2
    katmar_2 Posts: 15 Forumite
    Are there any cards now that allow you to transfer a % balance to your bank account.?
    I will soon have an account to settle that would carry an extra charge if I pay with a credit card but I would consider taking out a new card for it and spread the load if I could transfer the balance to my bank account then pay the account by debit card.

    Sorry if the question has already been answered elsewhere on the site, but I have looked and can't find a reference.

    Many thanks

    KP
    Named after my cat, picture coming shortly
  • soulstripper
    soulstripper Posts: 10 Forumite
    i had an abbey credit card for a year on 0% interest
    which ran out on jan 2008
    so ive got a barclaycard platinum (as recommended by :money: M.S.E.)
    I PHONE TO TRANSFER my balance and barclaycard tell me
    "OH THATS ABBEY, SORRY WE CANT TRANSFER THAT !"
    "why not " i ask
    "THEY'VE BEEN TAKEN OVER BY SANTANDIER, THEY'RE SPANNISH SO WE WONT DEAL WITH THEM, IF THERE'S ANY PROBLEMS WE CANT GET HOLD OF THEM"


    :eek: IM STUCK NOW PAYING 20 % OR MORE :eek:
    ANYONE succesfully moved from abbey credit card lately ?
  • dizzylisa
    dizzylisa Posts: 82 Forumite
    Oh no don't say that I was hoping to BT my Abbey to Mint. :-(
  • jdoc_3
    jdoc_3 Posts: 1 Newbie
    Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards. I'm looking to make a purchase of just over 2k, and the 0% balance transfer option, including a handling fee seems to be the far cheaper option to finance the purchase, by comparison to a small loan.

    I was intending to make a purchase using my current account (its a private sale) and then tranfer the amount to a credit card.

    Thanks.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    jdoc wrote: »
    Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards.
    http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards
  • charlatanuk
    charlatanuk Posts: 6 Forumite
    I've noticed from my statement that my CC company has decided to use my payments to pay off the most recent TB at 0% interest whilst leaving an older debt with a monthly rate of 0.639% untouched. I feel hard done by because I paid a handling charge. I had calculated that the move would be cheaper but hadn't taken into account that they would first deduct the card debt from thew new TB. Is this allowed? Is this common? Do I not have a say in which debt my money pays off?

    Thanks
    Chuk
  • BoGoF
    BoGoF Posts: 7,090 Forumite
    Name Dropper First Anniversary First Post
    This is standard practice Chuk and will be in your terms and conditions you agreed to. The money is allocated to the CC companies best advantage and not a lot you can do about it other than try and transfer to a 0% deal.
  • adeboz
    adeboz Posts: 1 Newbie
    Hi,

    I'm sure there used to be a section on whether the transfer fees were capped (most at £50 but some unlimited). Can you reinstate this for the ones that still are - makes a big difference to the AER of an up-front fee.

    Thanks
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