Unsure about balance transfer - pls advise

stevie_wonder

Hi,
1st time poster on stoozing board so go easy on me!
I'm going with the One Account for mortgage as of 1st September and having researched find that stoozing could help me increase my savings during the 0% period. I understand that I have to pay back at the end of the period, but what I wasn't sure about was how you got the money from the stoozing credit card to the One account? Alot of sites mention SBT and BT, but I always thought that you had to have a balance on another card to switch to the new card, or is that not the case? can you simply apply for a card (say Virgin Money Card) and then withdraw the max credit limit and put into stooze pot in One Account.

Sorry if this is really simple, but perhaps the terminology baffled me,

BTW - Not sure if you need to know but an idea of my credit history - I have mortgage of £125k, savings of £20k, no other debts, credit card with Tesco which use regularly for points, and Egg card (but not used for years - emergency card i guess), no bad credit or refusals at all. Salary £45/50k

Thanks, in advance,

Milarky

As the Virgin One account claims to be a current account/offset account you ought to be able to balance transfer to this from either Egg money or an MBNA card [beware fee] - so you need at least one of these types of card to do this unless the card you get a 0% offer with also offers balance transfer cheques (some do - someone may have a list of those) In that case a cheque is as good as cash and I would expect the One Account to take it.

see the stoozing.com list of BT cards with 'SBT' highlighted http://www.stoozing.com/0fees.php

stevie_wonder

Its actually RBS One account mortgage not Virgin, but I think what you say applies.

However, you've not really answered my query. What I want to know is if I get a stoozing card, say Virgin Money Card, can I take out the credit limit, say £5k, and pay that into my One account (current account)? If so, how do I do it? I have no credit card debt, or balance to transfer to the new stoozing card, and this was the bit I didnt understand.

Doh

with a virgin card you can BT straight to a current account, in this case the one account

with anyother card(except MBNA or Egg) you would BT to you One Account VISA card you will get with the account, (don't every use the VISA for anything else btw) this will then put your VISA into credit, every wednesday night it is "sweeped" and any positive balance will automatically be transfered in the account

its brilliant! almost as if they made it for stoozing

CannyJock

stevie_wonder wrote: »

Virgin Money Card, can I take out the credit limit, say £5k, and pay that into my One account

Yes, but only 95% of your credit limit. Some cards allow you to transfer direct to your current account, we've invented the term Super Balance Transfer (SBT) for it - credit card companies don't call it that. Was originally designed to help you clear overdrafts and non-credit card loans. There's a list of the cards that allow you to do this on the stoozing site: http://www.stoozing.com/sbt.php

This will be the quickest way for you to get the money into your One account on these cards.

For the rest, like Doh says, your One account VISA is the quickest way to go.

plzhelpmesave!

can i just quickly hijack pls?? thanks!

need some quick money at the moment (don't we all!). Could i apply for a virign card and SBT it to my egg money card, and then into my lloyds currnt account - or can it go straight into current account?
thanks

plzhelpmesave!

ok - just checked out the stoozing.com - great site guys so thanks to everyone involved!
have just applied, phoned up and been accepted for a virgin money card with £3.5k limit. When i get this through, from what i have read i can transfer the money into my current account... is this right?? do i need to do this as a BT or can i do it online???

thanks you guys!

YorkshireBoy

plzhelpmesave! wrote: »

do i need to do this as a BT or can i do it online???

Either, but perhaps the quickest/easiest way is to ask the CSA during the activation call.

Doomcow

im with stevie wonder - its amazing how simple it is, but complicated at feels (especially if you havent done it before/never had a CC before)