The Best Balance Transfers article discussion area

chun831

Thanks very much for the heads up in the above post - I have just done my N&P BTs and shortly will be trying to pay off the minimum payment every month. If the online banking you tried did work could you let me know please?

Or did anyone else find an easy way to pay off this particular card??

maple41

Hope the info helps. If you don't mind DD, you can set up a DD to take the minimum each month. I personally avoid them as much as I can but in this instance they are probably a good idea - just too late to set up over Christmas to get payment in time. I did get confirmation that if the payment is late they will reverse any charges as I had made a big effort to pay it at the Halifax ( and a big fuss with the manager)

manhattan

i am trying to find out the best option for my wife, so i think you guys are the best to ask as i am not really "in the know" with credit cards.

she has about £1650 on a norwich and peterborough card, and wants to do a balance transfer to as new low rate card or 0% one

whats the best option for her?
either 0% card, or low rate no transfer fee card?

i see there has been a few problems with n&p and transfers above,so what else does she need to look out for?

thanks

Phoenix79_2

M&S &More card. 3.9& LOB no fee

or

HSBC Mastercard. 0% for 15 months but 2% (i think) fee.

seasonal

Hi,

I have a HSBC credit card with a balance of £10,000 and want to transfer to 0% can anybody recommend a credit card??

Thanks:j

Phoenix79_2

Cap One are 0% to April 08 and Virgin are 13 months 0%. Both will incur a transfer fee though.

theclaud

Hello!
I have the M&S&More card with the 3.9% life of balance deal. M&S Financial is a "wholly owned subsidiary" of HSBC. I am not sure exactly what this means in practice, for as an M&S card holder I cannot, for example, use HSBC's online or phone card services. I'd like to apply for the new HSBC 0% deal, but they specify that to be eligible, you must not already hold an HSBC credit card. Does anyone know whether the M&S card would disqualify me? I don't want to waste an application...
Many thanks for any advice!

JJay000

Hi

I was wondering if anyone had experience in transferring personal loans onto credit cards for their low or nil interest as mentioned in the articles. I have consolidated student debt over the years into one loan (£21000), Interest 6.7 %. Having spoken to some of the recommended CC companies, I'm unable to get a fair idea of my balance limit prior to applying. I'm keen not to split this debt over two or more credit cards for simplicity's sake. I'm in the process of getting my Credit rating but think i'm ave to good. Any experience with this out there? Or any suggestions?

Thank you....

mor7s_2

JJay000, my initial thoughts are that you won't be able to simply pay the loan off by transferring to a credit card as generally you can't pay a debt with further credit, e.g. you can't pay your monthly mortgage by credit card.

However, using egg money and stoozing whatever you can (see the stoozing guides and discussions) from one or a series of 0% BT cards you should be able to generate hard cash from the balance transfers and pay off whatever you can of the loan replacing the interest bearing debt with a series of 0% debts. Doubtful if one card would give a high enough limit to clear all £21k bearing in mind many only allow 90% balance trasnfers and in effect you'd need something like a £23.5k limit.

When the 0% periods end you need to switch to further cards, you could come unstuck if you run out of 0% credit before the debts are cleared and have to borrow again with interest to pay the credit cards off.

Another alternative to the 0% cards is as low as possible life of balance xfer card or cards.

Good luck

Phoenix79_2

theclaud wrote:

Hello!
I have the M&S&More card with the 3.9% life of balance deal. M&S Financial is a "wholly owned subsidiary" of HSBC. I am not sure exactly what this means in practice, for as an M&S card holder I cannot, for example, use HSBC's online or phone card services. I'd like to apply for the new HSBC 0% deal, but they specify that to be eligible, you must not already hold an HSBC credit card. Does anyone know whether the M&S card would disqualify me? I don't want to waste an application...
Many thanks for any advice!

It means that HSBC own M&S Money (formerly M&S Financial Services). They purchased it completely from Marks and Spencer Plc. M&S &More is classed as a HSBC card so i wouldn't risk the application on the 'off chance' it slips through the net. I'm sure someone on here has managed to BT from a HSBC card to an M&S card (to take advantage of the 3.9% LOB) but they might have just been very lucky.

I'd have a look at Virgin (13 months 0%) or Capital One (15 months 0% but 3% fee) as your main options.