New to balance transfers

duff1983

Hi All,

I'm looking for a balance transfer at the end of June and it's the first time I've ever done it so have some fairly basic questions:

Do you have to know the exact sum of the balance or will the new card simply pay off whatever is owed? I ask this as I'm still using my 0% HSBC card to make purchases and have a few large ones to make before I make the transfer e.g. annual car insurance which is up for renewal at the start of june.

Do I have to ask for the balance transfer at the same time as applying for the card and know the amount I need transfered?

If I get a card from someone like Virgin, M&S, egg etc that don't have high street banks, where can I pick up my new card? I work on a large high security construction site so it is very difficult to arrange delivery of new cards and for me to know exactly where I will be throughout the day.

Thanks

Dan

Moggles_2

Do you have to know the exact sum of the balance or will the new card simply pay off whatever is owed?

The new card will pay off exactly what's requested and no more.

Do I have to ask for the balance transfer at the same time as applying for the card and know the amount I need transferred?

No, you either complete the balance transfer request section during the application process or wait until the new card arrives.

IMO, it's best to wait for the new card and request your BT over the phone. That way you retain some control over what happens when. An horrendous story involving LTSB and Capital One was posted on this board last year. This was an extreme case, but the frequency of slip-ups that crop up on this board has convinced me it's safer to wait until receipt of your new card and credit limit. BTs are not easy to reverse and, in attempting this, you could incur two BT fees. This is just my opinion of course.

Moggles_2

duff1983 wrote: »

If I get a card from someone like Virgin, M&S, Egg etc that don't have high street banks, where can I pick up my new card? I work on a large high security construction site, so it is very difficult to arrange delivery of new cards and for me to know exactly where I will be throughout the day.

They will post your new card to your home address.

duff1983

Thanks Moggles.

The only thing with having new cards posted to my address is that I am never home during the day to sign for them and the last 3-4 cards that I have had delivered the bank has used the "secure mail service" who then ask to re-arrange delivery. Previously I have always opted to have it delivered to a branch as I can't get it delivered at home (as I'm never there Mon-Fri 9-5) and I can't get it delivered at work because I work on the Olympic site and it's practically impossible to get deliveries as they aren't allowed in to the site (unless you give the security the exact numberplate and name of the driver 24hrs prior to the delivery- which in practise you aren't going to be able to get!)

So if I get a card from a non-high street bank I'm wondering how am I actually going to pick the card up!!

splatt30

My most recent card was from Virgin (for their long 0% BT rate). It was delivered to the house, through the mail box as normal.

With them you get the 0% BT on all transfers made in the first 60 days of opening the account, so if you need to transfer more because of any miscalculation as to what was owed on your other card you can. This worked out great for me as we ended up making several big purchases on original card just after Virgin card arrived so managed to transfer them too.