Can I transfer to my One Account

webmoose

Well, I've made my first mistake with stoozing - Although I have not incurred interest, I have not left enough time to open a new credit card and perform the balance transfer! - Oh well, we all make mistakes but at least its not cost anything:mad:

My question. Once I have opened a new credit card (effectivly as a new stoozer), can I transer the money into my one account. As the One Account is basically a huge overdraft, I would be paying (in part) a balance.

Doe anyone think this is possible or would I need to go the painful route of finding a SBT card?

any advise would be fab:beer:

YorkshireBoy

An SBT card is definitely the easiest way to go. I'd suggest you take a look at the Egg Money card as it offers fee-free SBT's.

What's your current card (the one you've been stoozing with up to now)? Doesn't that offer SBT's?

webmoose

Thanks for your response. The current card was MBNA. As I just transfered this money to my savings I guess it did offer SBT. As the 0% period had finished I had to get it paid off quick. I'm effectively now a new stoozer again!
Thanks for the tip about Egg Money.
I guess now (after your prompt which has made me realise) I can set up another 0% card. Once in place I can SBT from MBNA to my One Account and then BT from the new card at 0% back to MBNA (quickly obviously to avoid interest).
Have I got that right?
Thanks for your quick advise!:D

YorkshireBoy

You could continue with MBNA as your SBT card. However, there are some potential pitfalls...

1. MBNA has, for some time now, a 'Money Transfer' definition in it's T&C's (see section 16). This type of transaction attracts circa 21% interest but, obviously if you BT to another 0% card quickly the effects are minimsed.

2. Because MBNA have a BT fee, unless you can find a fee-free 0% card (and the list is getting shorter) each SBT sequence you perform will cost you the price of two BT fees - typically a total of 4% unless you can get high limits and/or capped fees or fees-free products.

Obviously I know nothing about your circumstances, but how about applying for Egg Money and one other 0% BT card. Use Martin's 'Middle Route' to get the 0% card's credit limit into your one account.

Then give MBNA a ring to see if they have any offers on your account (now that it has a zero balance). They'll probably give you 0%/0.9% for 6 months, and charge you some sort of fee (which can be waived on a good day ). Simply send this repeat offer back to your mortgage account via your current account. If they say they can only waive the fee if you BT from another card, then route it through Egg Money instead!

Finally, don't forget to ask for a credit limit increase on the MBNA card after you've secured the 0% repeat offer - especially if you sort this before your Egg Money/new 0% BT card limits are reported to the CRA's.

inspector-gadget_4

webmoose wrote:

Well, I've made my first mistake with stoozing - Although I have not incurred interest, I have not left enough time to open a new credit card and perform the balance transfer! - Oh well, we all make mistakes but at least its not cost anything:mad:

My question. Once I have opened a new credit card (effectivly as a new stoozer), can I transer the money into my one account. As the One Account is basically a huge overdraft, I would be paying (in part) a balance.

Doe anyone think this is possible or would I need to go the painful route of finding a SBT card?

any advise would be fab:beer:

I've been stoozing money from loads of cards into my One Account for years by giving the credit card companies the Visa (charge card) number that came with the "Virgin" One Account. Not sure if they issue this Visa card now, but it does allow balance transfers into the One Account without requiring an SBT. In fact, I've never used the Virgin One Account Visa card for anything else - couldn't see the point really!

Hope that helps.

Inspector-Gadget

webmoose

inspector-gadget wrote:

I've been stoozing money from loads of cards into my One Account for years by giving the credit card companies the Visa (charge card) number that came with the "Virgin" One Account. Not sure if they issue this Visa card now, but it does allow balance transfers into the One Account without requiring an SBT. In fact, I've never used the Virgin One Account Visa card for anything else - couldn't see the point really!

Hope that helps.

Inspector-Gadget

Hi, They do indeed issue this visa (I cant really see much point in this card either!).
Your reply is exactly what I wanted to hear and will give it a go. Obviously without discounting what everyone has said.
This could make a huge difference to my morgage term!!
many thanks
Stephen

webmoose

Sounds great - I'll have to use the tart alert thing so I don't get caught again (although it didn't cost me anything but there is always a first).
Now I use PC instead of Mac I can also set it up in outlook as a reminder.
I've just applied for the capitalone card (18moths 0% - remembering to spend £100 and pay it off first before transfering) and HSBC (12months 0%) so will try and transfer both of these to my oneaccount visa card

bunking_off

Think I'm doubly confused by some of this thread...

- Has a post been deleted that Al_Mac's complained about?
- webmoose, you're in the comfortable position of having a One Account with associated Visa card, so

a) There's no need to worry about SBT cards...your One Account Visa will do the trick (like A_M, I've had £20-30k stoozed into it before now).

b) Although it may be "good practise" to find another 0% card deal before the old one runs out (or, as the figures work out for the One Account, any deal at a rate below your mortgage interest rate), it's not essential.

Rather than transferring the balance between the old and new 0% cards, simply pay off the old one from your One Account, then do a balance transfer from the new one into the One Account. Worst case situation is that you may have a few days where your mortgage blips up [by the amount you're stoozing], but it removes the need to worry about getting the new card setup exactly on time. May just be me, but I've never actually transferred a balance from one 0% deal (coming to an end) to a new 0% deal...I've always just repaid from my mortgage then taken a new deal out.

webmoose

Loafing about has provided me with great advise - Inadvertantly I have got myself a great stoozing tool while getting a mortgage that is also great for getting myself started on a buy-to-let.
Great Stuff - take my advise - if you give good advise like that you can loaf about as much as you want.

I was confused about the abuse thing but I think Al-Mac has cleared that one up - would love to have known what that was though;-)

webmoose

Al_Mac wrote:

It is a pyramid scheme, you send money to people at the top of the list and add you name to the bottom. Good if you start it and it works. Rubbish if you don't. If you see one, best ignore

Strangly enough I did try that particular one (you know, on the ebay payment system). Luckily it only cost £3. I sent out to loads of people. 3 months later I got £3 back so nothing lost, just not a great scheme. Unless, as you said you are at the top!!