Help i need advice on transfering my balance from a store card.

LEANNE87_3

Hi leanne here

i was wondering if anybody could give me some advice ????

I have a comet store card and i tried to get a credit card (hsbc) to transfer the balance but the person i spoke to at the bank told me this could not be done ?!

How do i go about paying off the store card (£1250) and putting it on to a credit card ? As once this initial step is done i will be able to tranfer the balance easily between credit cards for the best 0% deal until it's paid.

Has anybody done this ? And does anyone know a credit card that will allow me to pay off the store card at the lowest cost possible ?

Any advice would be much appreciated

thanks for your time look forward to hearing from you.

Leanne
x

YorkshireBoy

You need a super balanace transfer (SBT) card, one that will pay cash into your current account at 0% (from where you can then settle the store card).

Best at the moment is Virgin Money at 0% for 16 months for a 4% fee.

stephane_2

There is a couple of thing you can do:
1) Apply for a credit card which will allow you to do what they call "super balance transfer" which is basically transferring some cash on your main bank account at the 0% APR so that you can then pay off store card. Only a few CC providers offer that option (Virgin/MBNA, Post Office, Egg).
2) If you have a current CC then pay as much as possible on that card to pay off store card so you can then transfer the total balance of that CC to the new one

CannyJock

stephane wrote: »

There is a couple of thing you can do:
1) Apply for a credit card which will allow you to do what they call "super balance transfer" which is basically transferring some cash on your main bank account at the 0% APR so that you can then pay off store card. Only a few CC providers offer that option (Virgin/MBNA, Post Office, Egg).
2) If you have a current CC then pay as much as possible on that card to pay off store card so you can then transfer the total balance of that CC to the new one

You can't always (ever?) transfer a balance from a storecard to a credit card. The first 4 digits of the 16 digit number on the credit card identifies the type of card and the issuer, storecards are different. Can't remember any exception to this, but there's bound to be one.

Standard advice is to go down the SBT route.

EDIT: Back of storecard statement would show if credit card was a viable payment option?