Balance transfer to an existing card

Moglex

I have a couple of thousand on a CC and would like to transfer it to a low or zero interest card.

I don't really want to get another card as I have three already with far more credit available than I would ever need to use.

I checked the HSBC page and it mentions 0% balance transfers, but tells people with existing cards to phone for information.

Does anyone have any idea what deals are available to existing customers as I don't want to be suckered into phoning them only to be told they'll offer a transfer rate of over 10%?

The_Boss

First up, if you dont need all the credit on your cards, then how about closing one or phoning up the card companies and reducing the level of credit available. That will at least help with future applications.

I reckon after Xmas there will be some great existing offers available. Can you wait till then?

Moglex

I'm quite happy with the high credit limits as it's useful when travelling abroad. I can wait indefinitely, it's not a large amount, after all. I just thought that it would be good to do if they offered a zero or very low rate.

What I don't want is to make the call only to be told they'll do it at some highish rate. It would be like being suckered into opening spam.

Just thought that someone here must know the answer.

The_Boss

If its any help, I called Morgan Stanley and they offered me a rate of 7.8% for 5 months. Not very competitive for a customer who has used them for nearly 5 years.

Who are your cards with? I find Llloyds tend to throw around existing offers but havent had anything from MBNA.

Angie8

I take it you're trying to transfer the balance from another card (not HSBC) onto your HSBC card?

I think the rate you get would very much depend on the company concerned and how much you haggle on the phone with them. Easiest way is to phone and see what they will offer you. I'd ask for a 0% transfer for 9 months (with no BT fee) in line with their offer on the internet.

If they say no then the best bet would be to say that you want to cancel the card and you'll apply for a new card and transfer the balance to that instead. Credit card companies are desperate to keep customers nowadays, and you'll find that they'll often bend over backwards if you threaten to leave.

Best thing is to write down exactly what you want before phoning. You'll often find that they'll give you a great offer without too much trouble.

Moglex

The_Boss wrote:

If its any help, I called Morgan Stanley and they offered me a rate of 7.8% for 5 months. Not very competitive for a customer who has used them for nearly 5 years.

Who are your cards with? I find Llloyds tend to throw around existing offers but havent had anything from MBNA.

I want to go from Amex Blue to HSBC Mastercard.