Should I balance Transfer?

darrenwis

Hi all.

I am in the process and moving all my money into one place so I can manage it better. I currently have a credit card with Lloyds TSB with nothing on it. And one with HSBC with £250 on it. What i want to do is clear the £250 and close the account with HSBC so all my finances are with LLoyds.

However, should I try and clear the £250 over the next few months with hsbc and close the account or do a balance transfer to my lloyds card, then try and pay the £250 0ff and get everything sorted...

Apart from the 3% of balance are there any other disadvantages and do it require a credit check?

Thanks,
Darren

LeeSouthEast

I'd be inclined to phone Lloyds and ask them for a BT deal (i.e. 0% with no fees) to keep your business. With a clear card, they'll probably say yes! That way you save money by not paying interest on it, and can close the HSBC card. There will be no credit check if your existing credit limit can absorb the transfer.

Know what you mean about keeping it under one roof. After the last £82 on my Egg card comes out, I'll be Barclays from top to bottom. Good luck!

(Hmm, this is apparently my 1,000th post.. go me lol)

CLAPTON

personally I wouldn't wish all my finances to be with one bank as if there is any dispute you are rather trapped.

also if you use CCs regularly there is always the possibilty of a card being rejected for some 'unknown' reason and then a second one can be very useful.