Balance transfer question

VincentVega

Quickie question time:

If I apply for a credit card with a 0% (or reduced rate) balance transfer available, do I have to do the balance transfer at the time I apply for the new card or do I have to do it at any time?

I am planning on putting around £2900 on my Lloyds TSB gold card in the middle of next month. If I apply for a card with a balance transfer next week sometime, can I call the new card people up in a couple of weeks and get a balance transfer done then? I am not sure how long it takes to get a new credit card and get the balance transfer sorted out, so I was thinking of applying for it now, so it's ready to be used when the time comes.

All advice gratefully received.

KathrynPenguin

How long the card takes is a mystery. HSBC seem to be very slow - they were with me and others also complained about the delay. Mint did theirs really quickly when I applied, about 2 weeks from start to finish.

Best bet is to apply for the new card now and to try and get the maximum interest free period on the old one. Work out when the statement is due to be prepared/arrive with you and spend your money then if you can. That way it will be a good month before it comes on a statement and then another few weeks before payment is required. If you do that and apply for the new card now you should have the new one in time with no worries.

mad

In my experience you can list the amount to transfer at the time of application or after you have recieved your new card (I have cards that constantly offer me life of balance rates). I have probably swapped cards / balances about 4 times and this has been the case for me. Credit card suppliers may be different so you need to check out with the card issuer that you want to go with, preferably before you apply, so that you don't register a credit search.

Have you checked out the sites section on credit cards?
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102335753,51771,

VincentVega

Thanks for the link, mad. Having read Martin's articles, perhaps I should consider a card that offers 0% on new purchases over a certain number of months.

mad

You need to check out the latest deals. I have had a 1 year 0% on new purchases from Sainsbury's Bank (up in August). I think they still do this for 10 months but there may be better, go for it

VincentVega

I ended up applying for a Nationwide "Classic" card on-line last night. It has 0% on purchases for nine months, which is more than enough for me, as I'll only be putting a few grand on there and will be able to pay most of it off almost immediately and the remainder a month or two afterwards.

HGLTsuperstar

Hang onto the Nationwide card even when its cleared, it goes against the general rule of cancelling cleared cards owing to its overseas usage