Balance transfer advice please...

LHM

Hi all, I'm new to this site but would really appreciate some advice on a potential balance transfer that could save me a fortune...

- I owe £7200 on an alliance & leicester credit card on 16.9% apr.
- I have a marbles credit card with a £0 blance with a £10000 limit.
- The A & L card is offering 0% for balance transfers for 9 months.

I have a plan...

Would I be able to transfer the £7200 from A & L to Marbles and then transfer it all back to A & L to get the 9 months 0%?

I realise I will probably be charged some sort of transfer fee but surely this is a small price to pay compared to the savings I'd make on the 0% for 9 months...I plan to pay about 75% of this particular debt off in the next 9 months.

Cheers in advance!

M_Thomson

LHM wrote:

Hi all, I'm new to this site but would really appreciate some advice on a potential balance transfer that could save me a fortune...

- I owe £7200 on an alliance & leicester credit card on 16.9% apr.
- I have a marbles credit card with a £0 blance with a £10000 limit.
- The A & L card is offering 0% for balance transfers for 9 months.

I have a plan...

Would I be able to transfer the £7200 from A & L to Marbles and then transfer it all back to A & L to get the 9 months 0%?

I realise I will probably be charged some sort of transfer fee but surely this is a small price to pay compared to the savings I'd make on the 0% for 9 months...I plan to pay about 75% of this particular debt off in the next 9 months.

Cheers in advance!

You say you already have an A &L card at 16.9%. You must have had an introductury rate already. Have you been offered a further extension at 0%? for nine months for balance transfers?

LHM

M_Thomson wrote:

You say you already have an A &L card at 16.9%. You must have had an introductury rate already. Have you been offered a further extension at 0%? for nine months for balance transfers?

It has been 16.9% since I started to run up debt on it. Not had any further offers from A&L to be honest.

I'm curious to know if I'll be able to transfer away then transfer back to get the 0% for 9 months or do you think they'll not let me do this?

M_Thomson

LHM wrote:

It has been 16.9% since I started to run up debt on it. Not had any further offers from A&L to be honest.

I'm curious to know if I'll be able to transfer away then transfer back to get the 0% for 9 months or do you think they'll not let me do this?

I doubt it very much as that is the deal for new customers opening the account. What you could do is transfer your balance to your Marbles card and then call MBNA and ask if they can do you a deal on your A @ L card. They may offer you a balance transfer at something like 0.9% for six months with a fee. This is risky though incase they don't have any offers for you.
You could also try and call MBNA and ask if they will lower your 16.9% rate. Another option is to apply for another 0% card for 9 months somewhere else. Check out the section Martin has on charity cards for 9 months interest free.

LHM

M_Thomson wrote:

I doubt it very much as that is the deal for new customers opening the account. What you could do is transfer your balance to your Marbles card and then call MBNA and ask if they can do you a deal on your A @ L card. They may offer you a balance transfer at something like 0.9% for six months with a fee. This is risky though incase they don't have any offers for you.
You could also try and call MBNA and ask if they will lower your 16.9% rate. Another option is to apply for another 0% card for 9 months somewhere else. Check out the section Martin has on charity cards for 9 months interest free.

Many thanks for thr advice!