Transfering from Off-Shore CC to UK Based Card

Zannie73

We currently live in the UAE and are arranging to pay off our current debts there before we move back to the UK. The average credit card APR is around 30%, and they don't have the offers for 0% transfers or low APR lifetime rates.

So, whilst being back in the UK for a trip home and seeing all the deals here for low interest and 0% transfer fees, I was wondering if it is possible to transfer amounts from offshore credit cards to a UK based credit card to maximise our saving on paying the high interest rates in the UAE.

The only down side to this if this is possible is the poor Pound and we will lose out on the transfer from UAE Dirhams to UK Stirling, however, overall it'll still be worth it and then makes it easier to leave the UAE when we choose to.

Alternatively, if there is a generic off-shore credit card that has the option of putting the amount in US $, then the exchange rate wouldn't be so much as a problem (the AED is tired tot he US $). However, I'm not aware of the options for these.

Our card is with HSBC (Middle East), so not with a local bank if this helps?

I would appreciate any help of either of these options.

Many thanks

Zannie

sdooley

If you are an HSBC Premier customer you might find they would do this for you. But arranging a sterling/US$ loan is more likely than a credit card - more sensible too if you intend to repay the debt over time.

A UK credit card company is not likely to give you a credit card if you are not currently resident at an address in the UK. If you are resident in the UK (on the electoral roll etc) you might take one which allows a transfer to your current account. Then you would be able to pay the balance from your current account to the credit card.

NickX

If you go for an MBNA run card (such as Virgin, Alliance & Leicester, Sony etc) you can request a Super Balance Transfer (SBT).

This means they will send the funds direct to a Bank Account. From there you can settle any debts in UAE Dirhams, however you are going to lose out on both the exchange rate and a conversion fee (unless you bank with Nationwide).

Moggles_2

UK credit card providers will only consider applicants who are UK residents.

Also, AFAIK, UK card companies only accept balance transfers in £pounds sterling from other British lenders.

Zannie73

Thanks very much guys. We do have a UK based Egg card which we've had since they almost started.

But will look into all the options suggested, and if anyone has anymore info, then I would appreciate it.