Newbie needs help - Balance transfer from Egg - where to?

Grass_Roots_2

Hello - am sure you will be able to answer this for me.
My DH has a outstanding balance of £4000 :eek: on an Egg credit card. I want to transfer it to a 0% deal in my name (just because I want to administer it - make overpayments and get rid of it PDQ! - no issues about it being in my name - all of our finances are completely joint). I wanted to transfer it to the MBNA platinum deal @13 months 0% (2.9% handling fee) but as I understand they are both MBNA and I won't be able to do the transfer.

Can you advise me where else I could transfer it to? I already have a barclaycard in my name which has £700 outstanding - don't want to transfer it there as then the £700 will be at a higher rate and I don't have the funds to clear this at present.

Would be most grateful for any advice.

Thanks
GR x

NickX

Grass_Roots wrote: »

I wanted to transfer it to the MBNA platinum deal @13 months 0% (2.9% handling fee) but as I understand they are both MBNA and I won't be able to do the transfer.

Ask MBNA to transfer the funds direct to your Bank Account (known as a "Money Transfer" and pay off your other half's card from there. Works everytime.

Be aware that once the debt is on your card you are solely liable for repaying it. There is no such thing as a "joint" Credit Card.

YorkshireBoy

Egg & MBNA are separate companies.

Grass_Roots_2

Thanks for that - not sure where I got that idea from that they were the same - will go ahead with the transfer.

NickX - probably didn't explain myself properly about joint finances - I know I will have the liability of paying it off but we have a joint 'approach' to our finances so my debt is his and vice versa.

YorkshireBoy

Any particular reason why you don't want the extra 3 months (16 in total, and for not much more fee) with the Virgin Money card?

Grass_Roots_2

Well - I was a bit confused about the Egg and other companies link so think I had ruled it out on the MBNA front....

...also I hope to have the balance cleared in a year (ever the optimist) and also there was £8.50 cashback on quidco.

So a couple of not very particular reasons there - have done the MBNA application now and they are coming back to me in 7-10 days apparently. Not sure if thats standard - my DH was victim of identify theft so we are on the CIFAS file so this may prolong the application.

anotherpaul_2

I think it's pretty standard with MBNA. Certainly in my experience.