The Best Balance Transfers article discussion area

Midmac

Hi everyone

Any advice on which cards accept balance transfers to bank accounts ( or more sepcificly a bank current account which is in its overdraft )

Thanks

Moggles_2

Hi Midmac

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.

To understand this, please click on *Super BTs* in the black box at the top of this board.

To help you further, we need to know which cards you currently hold.

Midmac

Moggles wrote:

Hi Midmac

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.

To understand this, please click on *Super BTs* in the black box at the top of this board.

To help you further, we need to know which cards you currently hold.

I will explain better,

I want to get £2000 in cash for a new car. I currently have no debts or cards.

I was looking at the MNBA card and it states that a balance transfer is to a financial company to which you owe money.

Therefore i cannot use this as i do not owe money to anyone. Do you get what i mean ?

I was thinking if i put my bank into an overdraft, i could then transfer money to it as i would be owing money to a financial company.

Chuffy

You can transfer money to a card with no debt, putting the card into credit.You can then request that card to refund the credit. (As a pluspoint, from experience, this has credited me with points/rewards for a debit transaction (was Sonycard pulsebeats and Laura Ashley points)). The refund is usually by cheque and can take several weeks.
Moggles has pointed you to an article by Martin explaining how you can do the same (without the points) straight into a bank account.

leoleo73

Midmac,

Yes, you can do a balance transfer from MBNA into your current account. No, you don't need to have an overdraft. Make sure you phone up and ask for a balance transfer and confirm the terms. Don't use credit card cheques.

Moggles / Chuffy,

The Super BT link is currently broken.

- Leo

Moggles_2

Midmac

I currently have no debts or cards.

If this is your first credit card, you have a limited credit history and you probably need to be more concerned about actually getting a card.

You don't mention your age but presumably you have a bank account and you're registered on the electoral roll.

If this will be your first credit card, I would approach your bank first.

There are no shortcuts to building a credit history. For tips to improve your chances, click on *Credit Rating* in the black box at the top of this board. Also, select Martin's *Check and Improve your credit score* article near the top of the page, to make certain there are no other factors working against you.

Very best
M

rjtyrell

Hi,

Just after some advice, my girlfreind has £1500 on one card and £2500 on another so 4K in total which needs to be transfered, what is the best card to transfer this to, preferably no transfer charge and a 0% for while if poss?

Thanks

Moggles_2

Hi rjtyrell

If only a fee-free 0% balance transfer will do, I would have a look at the Norwich & Peterborough card issued by Halifax, the Stroud & Swindon card supplied by the Co-op bank and the Ulster Bank card operated by Royal Bank of Scotland.

Which of these is best may depend to some extent on which two cards your girlfriend currently holds

mild2004

Have been tarting cards for a while and just hit on a new problem the uncapped fee. Have been with Egg for 6 years not had many problems but this one is bad I got a hefty 2.5% charge and when looked into it they had changed the terms and conditions back in May. My problem is that they made it so easy to transfer the balance on line and at no point did they flag up the fact that I would be charged an extortinate fee - or in fact how much it would be - so that I could agree / disagree to it. The customer relations team also did not answer my complaint either which was that it should be flagged up at the "point of sale" as to how much they are going to charge - they just said that I was unhappy with the charge (err, well yeah!) my point was that it was very sneaky - a stealth charge - banking on the fact that you will have thrown away/not read the changes in MAY for an OCTOBER promotion - (if it had been a phone transaction would they not have had to highlight the fact?) even the girl on the phone to me agreed and she works for them!

Moggles_2

Hi mild2004

Welcome to MSE & the credit card board!

Thanks for your feedback which helps alert others. Was this an anniverary 0% balance transfer?

I've been an Egg customer since 2001 and I've taken advantage of the bank's unique 0% anniversary offers every year until now.

In May, Egg introduced a 2.5% balance transfer fee with no maximum payable. IMO, uncapped balance transfer fees are best avoided unless the 0% period is protracted.

Worse still, the balance transfer fees are treated as purchase transactions which sit on your bill attracting interest until the 0% balance transfer is paid off. I wouldn't touch this year's balance transfer deals with someone else's barge-pole.