Balance transfers and accounts?

maranello168

Hiya, i'm relatively new to credit card and their 0% balance transfers.

I see a lot of people on these forums transferring balances to savings accounts, when I tried this with my recent halifax amazon card, I was told balance transfers could only be done on store/credit cards? ???

Any help and explanation would be appreciated.

THanks

Clariman

Hiya, i'm relatively new to credit card and their 0% balance transfers.

I see a lot of people on these forums transferring balances to savings accounts, when I tried this with my recent halifax amazon card, I was told balance transfers could only be done on store/credit cards?  ???

Any help and explanation would be appreciated.

THanks

Hi. Most credit cards only let you balance transfer from another credit card e.g. your Halifax card. However, there are one or two around that do let you balance transfer directly from a bank account (i.e. move money from your credit card into the bank account). MBNA and Egg allows you to do this and MINT allow you to write a credit card cheque into a bank account. N.B. Most card issuers will charge you for a credit card cheque, but MINT are a pleasant exception.

Once you have one card that can pay directly into a bank, then that card can be used to route money from other credit cards into a bank account. For a complete description of Stoozing take a look at https://www.stoozing.com

HTH
Clariman

maranello168

Ah...I understand now

Thanks for your help.