Help Req From New MS

tight_as_a_ducks

Thanks to this site i,m stoozing to help pay off my mortgage. I,m thinking of a balance transfer to either FD or HSBC, the trouble is that my mortgage is with first direct this is also linked to my current account (where all my stoozing go,s on).  I,am concerned that FD would see this as a conflict of interest. They are offering great credit limits for BT at the moment. ???

Any advice please.

Walletwatch

Sorry, don't quite get your query. Why would FD see giving you a credit card, or you having a balance pass thro' their current account as a 'conflict of interest'?

Reaper

I think they mean they have a FD mortgage/bank account and now want to get a FD credit card.

The FD card is not an SBT card i.e. you have to balance transfer to another credit card, such as Egg, and then move it to your account. As such I don't think you will have a problem. As far as they are concerned the money will arrive from Egg (or whoever you use) not from their own card.

tight_as_a_ducks

Thanks guys.
Let me try and get my head round this.
I currently have a maxed out egg card. The 0% runs out in Feb.
Reaper are you saying that FD could issue me with a credit limit of say £15000, i could then balance transfer that to egg then egg would balance transfer that to my FD offset mortgage account which would effectivley mean FD are giving me money to pay of their mortgage ;D Sounds to good to be true.
Would i only be able to take advantage till feb??
Then what do i do???
Please advise

Reaper

Yes that is exactly what I am saying.

No you are not time limited. Come February I assume you will be paying off your Egg card leaving a £0 balance. You can still use it after that to pass money through. There is the proper way to do it and the naughty way which technically breaks the T&C but in practice works fine.

Let's say you have a new card "X" with 0% on it and you want to use it to put £5000 in your offset account...

THE PROPER WAY: SBT £5000 from Egg to your account, and at the same time BT £5000 from card X to Egg. This leaves you back at £0 balance on Egg. No fees from Egg for doing this although you will have to pay a couple of days interest for the time your Egg card briefly had a debt on it. It is all allowed in the T&C.

THE NAUGHTY WAY: BT £5000 from card X to Egg creating a £5000 positive balance, then SBT this to your offset. No interest or charges because you were never in debt on the Egg card. This is allowed in Eggs T&C but is probably not in card X's because it normally states BTs are for paying off debts.

tight_as_a_ducks

Reaper, I reckon your a top banana
They is no doubt about it the world has gone mad
I,ve just been informed by FD that i can have £25,000
from them
So in february i can pay off EGG and then BT £25,000
To EGG From FD ???
Then BT £25,000 from EGG to FD offset and bob,s your uncle
I,m sorry but i still can,t believe FD will " go for it"
I really i.m greatful for your help
BIG THANKS

Reaper

I'm with FD and they gave me a ludicriously high credit limit too. Naturally I used it on my offset mortgage (although not a FD one). Good init?! ;D

I gather when your 6 months interest free period is up you can ask to transfer to another FD credit card and get 6 months 0% all over again. I'll be trying it myself in a couple of weeks.

I imagine it will be easier to go from Black to Gold than the other way round, and with all these things you normally need to clear the debt before trying it - but one to bear in mind for the future.

Suzz_2

Do you need an active account with FD to get such high limits?

I took out their current account for the free £30; haven't used it since. And they only offered me ~£6K on a CC.

Reaper

Yes. Banks consider your primary account to be the one you pay your salary into. Your primary bank is likely to give you a high credit limit as they have a detailed track record of your finances (providing you managed it well). A dormant account is not going to give them any useful information.

tight_as_a_ducks

Reaper Could you Help Again Please
I,m cannot for the life of me find anywhere on the FD
Web site that tells me i can balance transfer my FD credit limit to EGG.
I,m sorry for going on but i need to 100% sure what i,m doing. i,m sure a experienced stoozer like youself will be able to point me in the right direction (grovel, grovel)
Cheers

mary

Sorry, Reaper to beat you to it.

First of all, on the First Direct site,
Go to "Customer Services" on the left hand side
Click on "Instruct us"
Then click on "Visa balance transfer" in 2nd black column
You can then put in the credit card you want to pay. It seems automatically to pass via the current account you have with First Direct.

Wasn't a problem for me.