Think i just messed up

rossyl

I transferred £1500 from my HSBC card to my Nationwide credit card. Leaving my HSBC at £0, and my Nationwide at £1500.

I thought it was interest free on balance transfers on the Nationwide card, but in my haste i mis-read its 0% on Purchases.

At least i will be paying less interest. But As a student I do believe my credit is now fully used up with these two cards. I have a limit of £3500 on my HSBC and £1800 on the Nationwide.

Is there a way i can transfer the balance again to a card offering long time 0% on balance transfers, would I need to reduce my limit on the HSBC card? If so how do i do that?

Thanks

Ross

rossyl

Oh...will i pay a charge for BT'ing to the nationwide card?

The_Boss

Cant answer your second point 100% accurately but I do believe you would pay a fee. Before applying for anything else, call HSBC and see if they can do you on offer - either a 0% for 6 months or a low rate balance transfer for life, and then transfer it back again.

If you have just two cards, I wouldnt cancel one just yet, but wait and see. Do you have a part time job along with your studies?

rossyl

I do have an EGG card. However the credit limit is very low.

If HSBC offers me nothing, should i reduce the credit limit, and try and up the limit on the EGG card?

OR

Should i try and up the credit limit on the EGG card without reducing the limit on the HSBC card.

Thanks

Ross

rossyl

HSBC only offered me 9.9% on balance transfer for 6months

The_Boss

rossyl wrote:

HSBC only offered me 9.9% on balance transfer for 6months

Call them back and ask to be put through to closures. Make sure you speak to someone and see if they can offer you something better. If they cant, say you will go away and think about it.

The_Boss

Think about reducing the limit on your HSBC card by £1500. Then wait 6 weeks, checking your credit report beforehand if possible to check it has been updated, and then apply for a new card.

rossyl

The_Boss wrote:

Call them back and ask to be put through to closures. Make sure you speak to someone and see if they can offer you something better. If they cant, say you will go away and think about it.

Should I wait until the balance has been transferred to the other card or not? Or should i just call now and tell them i've ordered a balance transfer and intend to close the card unless they can offer me something better? Also i don't really want to close the card i'd rather just leave it.

Thanks so much for the help

Ross

The_Boss

rossyl wrote:

Should I wait until the balance has been transferred to the other card or not? Or should i just call now and tell them i've ordered a balance transfer and intend to close the card unless they can offer me something better? Also i don't really want to close the card i'd rather just leave it.

Thanks so much for the help

Ross

Do it now - you are not phoning up with the intention of closing the card - you are just seeing if you can get a better offer by asking to close. If at any stage they offer you something and refuse to budge any further, then say you will think about it. Check your account and make sure the HSBC account has a zero balance before you do this. Play on the fact that you are a good customer and why you feel that as a good customer they should offer something to continue your custom with them.

rossyl

Sorry shall i wait until the balance transfer goes through before phononmg or phone now? Because the card obviously has £1500 on it.

The_Boss

I thought you said in the first post that the transfer has already gone through? If it has, check your HSBC account daily (online if you can) and when you know for sure the money has been transfered to Nationwide then give them a call. It might have already cleared now depending on when you did the transfer.