M&S And More,HSBC balance transfer.HELP?

Clariman

If you want to pay off £1000 then the HSBC card could help you. It has 0% on purchases. How would this work ? Well ... let's assume that your normal monthly spending is £500 on food, clothes etc etc etc. Instead of using cash or debit cards to pay for these, use the HSCB Credit Card. At the end of 1 month, you will have £500 on the HSBC card at 0%. When you get your HSBC statement, make the minimum monthly payment (about £10), then pay the M&S card £490. So you have effectively switched £490 of debt from 29% interest to 0% interest. After another month, you will have juts about moved it all across.

However, you must be very disciplined about this. Don't see the 0% on purchases on HSBC as free money. Whenever you make a purchase on the card, ensure that you make a mental note not to spend it again in cash !

Clariman

maniac886

Yeah I see what you are saying but all i want to do is just have the one card and i should be able to pay it off in six months.I want to close the card and never have a credit card again.I was pressured into opening the m&s card because i work at M&S myself.Big mistake!

YorkshireBoy

maniac886 wrote:

Yeah I see what you are saying but all i want to do is just have the one card and i should be able to pay it off in six months.I want to close the card and never have a credit card again.I was pressured into opening the m&s card because i work at M&S myself.Big mistake!

Do you have a friend, or family member, who would be willing to let you transfer your M&S balance to their card?

You could then transfer it back to your new HSBC card at 0% for 9 months. You may have to compensate the other party for their trouble (and possibly interest), but I would imagine this would still be considerably cheaper than your current rate.

maniac886

YES! Just spoke to HSBC and explained to them my dilemma and they said that if the credit check goes through ok they will accept a balance transfer from M&S to HSBC even thought they are both owned by HSBC.!!!

And thanks again for everyones help :T !

moneyuser

Fantastic! A bank being nice, whatever next

Clariman

maniac886 wrote:

YES! Just spoke to HSBC and explained to them my dilemma and they said that if the credit check goes through ok they will accept a balance transfer from M&S to HSBC even thought they are both owned by HSBC.!!!

And thanks again for everyones help :T !

Brilliant news ! Well done !

As a matter of interest, did they say (or did you get the impression) that they were making a huge exception to do this for you ... or did it come across that they were quite happy to take it on ? I ask because this is useful feedback for other people who may be interested in doing the same in the future.

Thanks
Clariman

maniac886

Well,the first time i called I had to give my case number and the person wasnt 100% sure so she asked a supervisor who said it was fine.The 2nd and 3rd time i called i just explained the same situation and they said they were 100% positive that it was allowed,this time they did not ask my name or anything,they just gave me the info.My application hasnt yet gone through as they have a backlog of 7days but I think that they do accept balance transfers from M&S---HSBC! P.S I have now rang 5 times just to make sure-on all occasions stating that they are both owned by hsbc and they have all said yes to the balance transfer being allowed(subject to credit check of course!)

pollap

I had a similar dilemma with a Halifax/BoS and Sainsbury card, I just phoned them and said that I felt that they had wasted my time and was going to cancel both cards and transfer to another company. They then told me that it wouldn't be a problem transferring from one to the other and I would get my interest free period.

I think this happens more often than you would think