The Best Balance Transfers article discussion area

ktb

Hi Everyone... :wave:

Have been lurking around for a while soaking up all the useful advice!

I had a question I wonder if anyone can help me figure out...

My boyfriend has a couple of student overdrafts but as he graduated over a year ago they are about to start charging him for them. When that happened to me I did a SBT over to Egg with the 0% for 6 months offer but if possible he would like to move it onto a card with a longer 0% offer.

Is there any other way of getting the overdrafts onto one of my existing credit cards and then transferring it onto a card in his name with a longer 0% offer?

Are there things in place to prevent this - can you even transfer money from a credit card into a bank account?! If anyone has any idea they would be much appreciated...

roscoe8888

I am massively in debt on seven cards, up to their limits. How do I go about beginning to tart, since I am unable to get a new 0% balance transfer card - anyone got any suggestions?

Moggles_2

Hi ktb

Welcome to MSE & the credit card board!

Please bear in mind, the person whose card the balance is switched to, becomes soley liable for the debt. If you were to fall out, you couldn't ask the lender to charge your boyfriend for any remaining balance.

From the lender's perspective, it's not a problem. Customer services may ask you for the name on the account, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

~~~~~~~~
You can switch a credit card balance to another credit card. To transfer an overdraft to a credit card is not so straightforward. Only a few rather special cards have this capability. If you cannot use Egg Money, you'll need a card issued by the Royal Bank of Scotland group or MBNA.

Moggles_2

Hi Roscoe & welcome to MSE!

This is not really a best balance transfer question. You may get replies more quickly, if you post on the main credit card board.

juliesokia

Just about to bt to virgin 0% for 12 months from sainsbury's bank. Every time I move cards - should I close the account i moved from? or just keep all those lines of credit open? Does it effect your credit score to have lots of unused credit accounts?

tamtam10000

Just a quick word of warning that I haven't seen elsewhere regarding balance transfer fees (hope I'm posting on the right thread):

I have a Mint card and took up their recent 1.9% balance transfer offer as it saved me having to apply for a new card.

It had a balance transfer fee attached - I was aware of this so no problem.

However, when I got my statement the balance transfer fee is charged as a purchase and so has 16% or whatever interest on it - and of course this will get paid off after the balance transfer itself so will sit there gathering interest for some time.

Okay, so my balance transfer fee is only about £80, but I still think this is mean and I bet Mint arn't the only ones that do it.

tx

Moggles_2

Hi juliesokia

Welcome to MSE!

This is not a best balance transfer question. Please post again on the main credit card board. You'll get lots of replies there.

Moggles_2

Hi tamtam10000

Thanks for your feedback which alerts others.

Egg, Barclaycard and LTSB also leave the BT fee sitting on successive statements attracting interest, since they're classed as purchase transactions, which are paid off last.

Phoenix79_2

HSBC now offering 0% on BT until Jan 08 with their Mastercard.

http://www.hsbc.co.uk/1/2/personal/cards-home

No good for me as i already hold their Visa card :rolleyes:

si1503

Phoenix79 wrote:

Why do you need a balance transfer card if you have no credit card debt? What do you intend to transfer?

Is the idea not to first transfer the money from your credit card into a savings account? (If stoozing that is)