Balance transfer from catalogue?

Hi all!

I have a large Next catalogue balance & I want to clear it to stop paying the huge interest. I'm a bit confused with all the credit card things though as I only have 1 credit card (Barclays Platinum) which I rarely use & owe about £300 on.

Is it possible to get a 0% balance transfer card & then transfer the balance on my Next account to the credit card? Or is it only to transfer from 1 credit card to another?

Or, could I get a 0% on purchases card & pay off the balance like that? Or is that just for purchases made in stores?

Also, Just to add, I have a good credit rating.

Thanks in advance for your advice.
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Comments

  • You should be able to do it. Also transfer that £300 over as well so you now owe it all a 0%.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I'm not sure if a Next card can be BT'd to a credit card directly?...some storecards can't. Someone else will be able to confirm.

    However, all is not lost. You can use a super balance transfer (SBT) card such as MBNA, Egg, etc. These will allow you to BT a (ficticious) overdraft to the card, ie send cash at 0% to your current account from where you can settle the debt(s).
  • emweaver
    emweaver Posts: 8,419 Forumite
    i think youll have to use it as a purchase, as in all the cards ive had theyve never let me do a balance transfer on catalogues. Also itll mean you wont pay the balance charge handling fee
    Wins so far this year: Mum to be bath set, follow me Domino Dog, Vital baby feeding set, Spiderman goody bag, free pack of Kiplings cakes, £15 love to shop voucher, HTC Desire, Olive oil cooking spray, Original Source Strawberry Shower Gel, Garnier skin care hamper, Marc Jacobs fragrance.
  • dazza.mk
    dazza.mk Posts: 1,927 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Agree with Yorkshire Boy, can be done with Egg/MBNA.
  • Thanks Guys!
  • This is easy!

    Just clear your Next account with your current Barclaycard, all catalogues allow you to pay the balance off by making a credit/debit card payment. Assuming your Next balance was say £400 and you already owe £300 on your Barclaycard your Barclaycard Balance will now be £700 and you owe Next nothing.

    Apply for a 0% card, assuming you get accepted Balance transfer the Barclaycard Balance of £700 to it. Hey Presto £700 at 0% with your new card, you owe nothing to Barclaycard and nothing to Next.

    Even if you can't get accepted for a 0% card the Next balance is better off moved on the Barclaycard as catalogues usually charge 29.9% APR or above. Your Barclaycard will be nowhere near as high so you will save on interest.
  • NickX
    NickX Posts: 3,046 Forumite
    bargains83 wrote: »
    Even if you can't get accepted for a 0% card the Next balance is better off moved on the Barclaycard as catalogues usually charge 29.9% APR or above. Your Barclaycard will be nowhere near as high so you will save on interest.

    Do check the APRs on all the accounts though. There are many reports of mainstream cards (particularly MBNA cards) raising their standard rates to around 34.9%.
  • Thanks for that Bargains83! I think I pay about 24.9% on the next catalogue & 6.9% on the Barclaycard. I will do that I think.
  • Just applied for the Virgin card 0% for 16 months & I got accepted & given a £2400 credit limit!
  • TFD_2
    TFD_2 Posts: 907 Forumite
    Thanks for that Bargains83! I think I pay about 24.9% on the next catalogue & 6.9% on the Barclaycard. I will do that I think.

    26.49% I believe is the Next rate
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