What's my best option?

ger_ryan22

Hello, I'm sorting out my Wife's CC at the moment. Story is, she has an Irish credit card from years ago that she's been paying off since we moved to England 6 years ago. She wants to transfer the balance to a UK credit card but I know you can't transfer euro balances to a stg credit card so my question is, what choices do I have?

I was thinking, apply for a Barclaycard. I use one of their credit card cheques, pay off her Irish CC with one of them, balance will show up on the barclaycard with handling fee which is not a problem, I then get her some other card, say a post office card perhaps and just do a sterling balance transfer between them?

What do people make of that? Is there an easier option?

Thanks a lot in advance
Ger

CannyJock

Get a Virgin Money card, transfer the funds needed directly to your current account and then just pay the irish card from your bank account? There'll be a 4% fee, but most likely cheaper than 2 balance transfers and a lot simpler.

ger_ryan22

CannyJock wrote: »

Get a Virgin Money card, transfer the funds needed directly to your current account and then just pay the irish card from your bank account? There'll be a 4% fee, but most likely cheaper than 2 balance transfers and a lot simpler.

That's great mate cheers. When you say transfer the funds needed directly to my current account, do you mean I can just withdraw cash from this virgin card for a 4% fee? It seems a lot easier that way alright. Obviously with 2 normal balance transfers you're talking 3% fees on each.

CannyJock

ger_ryan22 wrote: »

That's great mate cheers. When you say transfer the funds needed directly to my current account, do you mean I can just withdraw cash from this virgin card for a 4% fee? It seems a lot easier that way alright. Obviously with 2 normal balance transfers you're talking 3% fees on each.

Nope, don't stick it in an ATM. That's a cash withdrawal.

They'll do a "money transfer" to your current account (designed to clear overdrafts/loans/store cards). You phone them with your sort code and account number and they arrange it from their side.

ger_ryan22

CannyJock wrote: »

Nope, don't stick it in an ATM. That's a cash withdrawal.

They'll do a "money transfer" to your current account (designed to clear overdrafts/loans/store cards). You phone them with your sort code and account number and they arrange it from their side.

Thanks mate, just so I'm clear, this is the normal virgin credit card and NOT the pre-paid mastercard that they do?

YorkshireBoy

Explained here...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA

ger_ryan22

Thanks for link there. I know my Wife will keep using the card for purchases so is this a good idea or is she better off just continuing to pay interest off her Irish card? I know the rule on balance transfer as well, never ever spend on a card you've transferred to!

CannyJock

ger_ryan22 wrote: »

Thanks for link there. I know my Wife will keep using the card for purchases so is this a good idea or is she better off just continuing to pay interest off her Irish card? I know the rule on balance transfer as well, never ever spend on a card you've transferred to!

There's a new Virgin Money card mentioned in this week's email that gives 0% for 12 months on purchases and 0% for 12 months on balance transfer. Is only available through Moneysupermarket.com and only available till 18th March.

http://uk.virginmoney.com/virgin/credit-cards-v14/?source=MSP-RET-51366-61583

Which basically means that there will be a frenzy of applications so may take a while to process.

This is the exception to the rule. Standard rule is never spend on a balance transfer card. Get another card instead.

EDIT: This card is potentially lethal for people who don't have fairly good financial control. Or who only pay the minimum and don't put the rest of the money aside in a savings account.