Balance Transfer... Can I?

shaun_1985

Im looking to pay off some debts (£2k ish) the money i owe is to my dad, my question is if i get a credit card with 0% balance transfers am i able to pay of this debt to my dad by using the card or are balance transfers only to pay off exsisting credit card debt.

Thanks in advance.

p.s this is my first post so sorry if its in the wrong area

lisyloo

Only some cards allow a transfer to a current account.
This is called a "super balance transfer"
You could just apply for one of these, but note the fees.
http://www.stoozing.com/sbt.php

There is another way, which is to get a "mule" card.
The one that springs to mind is Egg Money.
Then you can get BT from Egg money to your other credit card and then balance transfer from your current account to Egg money.
The second step is free, but note there is a £1 per month fee for Egg money.

Just getting an SBT card might be easiest if you wualify for one of those.

BTW - Does your Dad urgently need the money or do you irgently want to pay him back.
This isn't free so if hes' happy to continue with the loan then why don't you pay him back gradually?

shaun_1985

many thanks for your imformative reply its most helpful, will need to pay back the money by end of march as dad looking to reinvest the monies in an isa of some sort.

NickX

To do this you really need a card with SBT (Super Balance Transfer) capability. This means a card run by MBNA (such as one from the Virgin range, Play, Sony, Ryanair and MBNA themselves), the Post Office or Egg.

Occasionally other providers (such as MINT, Capital One, Barclaycard) issue Credit Card Cheques that can be paid into a bank account at Balance Transfer rates. However, these cannot necessarily be requested, and sometimes actually attract Cash Advance rates - not adviseable unless you have money to burn.

As Lisyloo has described an Egg Money card can be used to extract the funds from a card which does not offer a Super Balance Transfer capability.

Hank_Marvin

If you have the old egg money green car do they charge you for BT's nowadays.

CannyJock

You can still withdraw a positive balance if that's what you mean.

Hank_Marvin

CannyJock is there any fee for that then?? Also is there a fee if you have not got a pos balance and all you want to do is use your credit on the card.

CannyJock

No fee for withdrawing a positive balance.

If it's the old card then there's no fee for using it each month - the new one has a £1 per month fee.

And you'll still get 1% cashback on your purchases.