Can I balance transfer some of a card?

kindofagilr

I just got the Virgin card 0% balance transfer with no transfer fee, my limit is £2600 and I am transferring £1100 from Lloyds over.

I have £3800 on m+s which is 0% till Jan, I knwo I wont get that paid off in time before the 0% runs out, can I transfer £1500 from M+S to Virgin?

CannyJock

kindofagilr wrote: »

I just got the Virgin card 0% balance transfer with no transfer fee, my limit is £2600 and I am transferring £1100 from Lloyds over.

I have £3800 on m+s which is 0% till Jan, I knwo I wont get that paid off in time before the 0% runs out, can I transfer £1500 from M+S to Virgin?

Yup, sure can, might not get the full £1500 though.

You can make as many transfers as you like (was up to 95% of your credit limit when the 2.98% fee applied, may be different now) within 60 days of your account opening.

EDIT: So in theory, if you BT as much as you can now, and make any payments before the 60 days limit is up, you can actually call them back for a "topup" BT to get the maximum that you can. The other tip is to ask them to set your statement date to "yesterday" to give them extra time to setup the minimum repayment DD and to squeeze an extra month out of the deal because MBNA promotions normally run until a statement date (ask them to confirm the exact date your promotion ends to confirm this).

cse

Virgin might not let you transfer right up to your limit, but otherwise there is nothing stopping you transferring part of your M&S money balance across

kindofagilr

Ok thanks guys

One more question if OH got a CC could he take on some of the balance off my card and put it on his (the debt is both of ours btw lol) or does the original card he is transferring money from have to be in his name?

Any

CannyJock wrote: »

Yup, sure can, might not get the full £1500 though.

You can make as many transfers as you like (was up to 95% of your credit limit when the 2.98% fee applied, may be different now) within 60 days of your account opening.

EDIT: So in theory, if you BT as much as you can now, and make any payments before the 60 days limit is up, you can actually call them back for a "topup" BT to get the maximum that you can. The other tip is to ask them to set your statement date to "yesterday" so give them extra time to setup the minimum repayment DD and to squeeze an extra month out of the deal because MBNA promotions normally run until a statement date (ask them to confirm the exact date your promotion ends to confirm this).

It's the Virgin card with NO FEE. Does it make difference?

Moggles_2

FWIW, I doubt whether M&S can distinguish BACS payments made by other card companies, such as Virgin, from those of their customers

Any

kindofagilr wrote: »

Ok thanks guys

One more question if OH got a CC could he take on some of the balance off my card and put it on his (the debt is both of ours btw lol) or does the original card he is transferring money from have to be in his name?

Me and my OH transfer between our names. You can do it. Some of the cards don't even ask about the name on the card (I know the Virgin one did, but when I was doing MBNA & NatWest it didn't ask me. Just wanted the number).

kindofagilr

^^ Thank you very much, hmmm thats worth thinking about.

Moggles_2

kindofagilr wrote: »

If OH got a CC could he take on some of the balance off my card and put it on his (the debt is both of ours btw lol) or does the original card he is transferring money from have to be in his name?

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card your balance is shifted to, becomes solely liable for the debt.

From the lender's perspective, it's not a problem. He may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after his business. They're not really interested in knowing who ran up the debt, as long as he, their customer, pays up on time each month!

Caution: same restrictions apply as when arranging a BT between your own credit card accounts (ie.you cannot transfer balances between cards underwritten by the same bank.)
This table on the stoozing site (which is sponsored by Money Saving Expert) should
help:

http://www.stoozing.com/cards.htm