Advice re transferring balance from Argos card to 0% c/c

Nellie1977
Nellie1977 Posts: 4 Newbie
in Credit cards
I have a 40 month 0% deal on my c/c. I transferred a previous c/c to this and was hoping to transfer some of my Argos Card balance on to this c/c. However, I have spoken with my bank and Argos Card wont accept balance transfers, on looking closer Argos wont accept c/c payments either so I cant even take advantage of the lower APR I get for purchases on my c/c. Has anyone got any experience or advice on how I can transfer this balance or am I stuck with the 29.9% APR?

Comments

  • Marcio45
    Marcio45 Posts: 240 Forumite
    First Anniversary First Post
    The argos card is not a credit card but only a credit account. Note that you cant take your Argos card to Tesco to pay for your shopping. It only works at Argos.

    That is the reason why you cant balance transfer (BT) because BT's only work with credit cards (there might be exceptions, tough). If your new credit card has any offers of a money transfer that will be the only option.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    First Post First Anniversary Combo Breaker
    Nellie1977 wrote: »
    I have a 40 month 0% deal on my c/c. I transferred a previous c/c to this and was hoping to transfer some of my Argos Card balance on to this c/c. However, I have spoken with my bank and Argos Card wont accept balance transfers, on looking closer Argos wont accept c/c payments either so I cant even take advantage of the lower APR I get for purchases on my c/c. Has anyone got any experience or advice on how I can transfer this balance or am I stuck with the 29.9% APR?

    Go for a money transfer to your bank account but consider the fee, if any. Then pay off the Argos card with your bank account debit card or a bank transfer.
  • Nellie1977
    Nellie1977 Posts: 4 Newbie
    Thanks for the advice marcio45 & Anthorn. I will see if my c/c will allow a money transfer to my bank account.
  • Marcio45
    Marcio45 Posts: 240 Forumite
    First Anniversary First Post
    If not, any spending you need doing (supermarket, petrol and so on) put it on the new 0% credit card, and put the money aside to pay for the argos card.
    Does your new credit card offer 0% on balance transfer and purchases as well, as you normally get one or the other, unless it is an all-rounder card
  • Nellie1977
    Nellie1977 Posts: 4 Newbie
    Just wanted to check back in and say thanks again for the advice. I got a 0% money transfer card from Virgin, now able to pay all of interest attracting balance of Argos Card off and will be able to pay off the remainder before interest starts accruing on it. Thanks again Marcio45 and Anthorn :)
  • Marcio45
    Marcio45 Posts: 240 Forumite
    First Anniversary First Post
    Glad you got it sorted. It took me a few years to understand how to use credit products to my advantage and sure there is a lot more to learn.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    First Post First Anniversary Combo Breaker
    Nellie1977 wrote: »
    Just wanted to check back in and say thanks again for the advice. I got a 0% money transfer card from Virgin, now able to pay all of interest attracting balance of Argos Card off and will be able to pay off the remainder before interest starts accruing on it. Thanks again Marcio45 and Anthorn :)

    Good choice of card and I'm pleased to be able to help.
  • Nellie1977
    Nellie1977 Posts: 4 Newbie
    Many years ago I previously asked for advice on the forums and it wasn't really what I wanted to hear at that point so I didn't take it. Needless to say I should have!


    While my finances aren't out of control I have debt and I am not comfortable with that. I have taken a few approaches over the years to try to reduce/get rid of it and nothing has really worked.


    So this time I have decided to tackle one thing a month, better deal on gas, better interest rate on c/c etc. I have been using the resources of the site energy club / credit club etc and am listening to advice given on the forums.


    I didn't see how your advice would work for me initially but I thought about it for a week or two before doing anything and then I worked out how to make it happen.


    I hope that taking small steps regularly, using the resources on this site to save money, listening to the sound advice given on these forums and using YNAB I will finally get to a place where my debt will go and my finances will be on a sound footing for the future.


    On a good point our household income has recently reduced by at least £200 per month and the steps I have taken has meant that I have been able to balance the budget with this reduced income and have not had to increase our debt. I'm not getting to pay down our debt as quickly as I would like but we are living within our means and making small additional payments so we will get there. Not having to pay interest will get us there faster too :)


    Thanks again for taking the time to give me such good advice.
  • rodderz881
    rodderz881 Posts: 1 Newbie
    i struggled to have MBNA accept my Argos card balance as it kept saying the account number was invalid ,but then I read the back of my Argos statement and it said to omit the first digit of the Argos card number and it worked and MBNA accepted the 0% balance transfer only had handling fee to pay.
  • rockape34
    rockape34 Posts: 1 Newbie
    Many thanks rodderz881, had the same problem and having paperless billing could not read back of statement. Now all sorted
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