Balance Transfer Help....

stephane_2

I am a bit new to balance transfer...just received my barclaycard with long term low interest on balance transfer. Basically I am about to transfer my Natwest CC balance onto my barclaycard but would also like to transfer balance from mail order company to barclays but because my natwest limit is low I cannot pay off mail order so my question is if it make sense to everyone: how many times can I transfer a balance from my natwest CC to my new barclays CC? can I do it only once or as many times as I want as long as I do it within the introductory offer?
Your help is appreciated.
Thanks

JimmyTheWig

So you want to use your NatWest card to pay off your mail order account then transfer the balance to Barclaycard?
I wouldn't have thought there was a limit on the number of transfers you can do. May be best to give Barclaycard a call just to check.

stephane_2

Thanks. Yes thats right, because balance transfer do not work on mail order accounts, my natwest CC limit wont be enough to cover the lot so was wondering if I could transfer my natwest cc balance each time to my barclaycard so could benefits from their low interest rate?

LeeSouthEast

You can transfer as many times as you like. You just need to pay the handling fee each time (usually 2-3%). Also check the expiry limit if there is one, on when transfers can be done. e.g. My barclaycard had 0% for 16 months (or something), but to take advantage of it transfers had to be completed within 3 months of opening the card.

YorkshireBoy

LeeSouthEast wrote: »

You can transfer as many times as you like.

However, do bear in mind...

"We reserve the right to refuse a credit card balance transfer..."

http://www.barclaycard.co.uk/personal-home/cards/simplicity/index.html

...and asking for BT's from the same credit card "many times" may ring alarm bells.

ziknik

stephane wrote: »

I am a bit new to balance transfer...just received my barclaycard with long term low interest on balance transfer. Basically I am about to transfer my Natwest CC balance onto my barclaycard but would also like to transfer balance from mail order company to barclays but because my natwest limit is low I cannot pay off mail order so my question is if it make sense to everyone: how many times can I transfer a balance from my natwest CC to my new barclays CC? can I do it only once or as many times as I want as long as I do it within the introductory offer?
Your help is appreciated.
Thanks

Hi stephane,

I don’t think Barclay card will mind you balance transferring twice from the same Natwest card as long as you are within your limits.

There a 2 ways you can avoid any potential issues.

1. Ask Barclays to transfer your mail order account directly. I told Barclays that I wanted to transfer several small credit card & overdrafts balances (£3k total). The guy at Barclays said, “No problem. I will balance transfer £3k in to your current account. You can use the money to pay off whatever you want”

2. Transfer in one lump. If your Natwest Card has say £2k on it and your mail order account has £3k on it. You can transfer £5k from Natwest to Barclays in one lump. This will put your Natwest account in £3k credit and allow you to pay off the mail order account.

I’d recommend that you balance transfer too much money to Natwest in either case and then phone them and ask for a refund. This is because Natwest will charge interest for the days between your last statement and the day your payment arrives.

Also think about cutting up the Natwest card and closing the account after your transfers.

Moggles_2

ziknik wrote: »

I told Barclays that I wanted to transfer several small credit card & overdrafts balances (£3k total). The guy at Barclays said, "No problem. I will balance transfer £3k in to your current account. You can use the money to pay off whatever you want."

I'm a longstanding Barclaycard customer and that's news to me. Are you sure the cc was Barclaycard?

B'card will accept a BT from credit cards (other than Barclaycard, obviously), but if you requested a transfer to your bank account then, unless otherwise stated (and I'd want written confirmation), you'd be charged standard rates.

That interest accrues from day one and the transaction would be trapped behind your 0% offers in the payment hierarchy, so not a good move, IMO.

Moggles_2

P.S. Barclaycard periodically issues credit card cheques, which can be paid directly into your current account.

Unfortunately, the cheques cannot be ordered and you never know when the next ones will turn up in the post.

Caution: check Ts & Cs carefully, as these vary with each promotion

abinanthanb

Moggles wrote: »

I'm a longstanding Barclaycard customer and that's news to me. Are you sure the cc was Barclaycard?

B'card will accept a BT from credit cards (other than Barclaycard, obviously), but if you requested a transfer to your bank account then, unless otherwise stated (and I'd want written confirmation), you'd be charged standard rates.

That interest accrues from day one and the transaction would be trapped behind your 0% offers in the payment hierarchy, so not a good move, IMO.

You got it wrong. Barclays will do BT to natwest credit card (full amount ie5k). This amount will lie in the Natwest as credit balance. Then OP can use this credit balance to payoff his other debt.

No bank is involved in BT from Barclays, its only to the NATWEST credit card.

Moggles_2

abinanthanb wrote: »

You got it wrong. Barclays will do BT to natwest credit card (full amount ie5k). This amount will lie in the Natwest as credit balance. Then OP can use this credit balance to pay off his other debt. No bank is involved in BT from Barclays, its only to the NATWEST credit card.

You misread my post.

As I said, Barclaycard will accept a transfer from other credit cards like NatWest, but if you requested a transfer to your bank account then, unless otherwise stated (and I'd want written confirmation), you'd be charged standard rates.

That interest accrues from day one and the transaction would be trapped behind your low-rate offers in the payment hierarchy, so not a good move, IMO.

Moggles_2

abinanthanb wrote: »

Barclays will do BT to natwest credit card (full amount ie5k). This amount will lie in the Natwest as credit balance.

You've got your terms muddled.

Barclaycard would consider a BT from NatWest, credit limit permitting. The money flows in the opposite direction

Alternatively, NatWest would transfer a balance from Barclaycard, if requested. Once again, the money flows the opposite way.