Balance transfers for idiots

crayola

Hi all

I have read up on balance transfers a few times but all guides assume more knowledge than I've got.

Crucially, the one thing I can't figure out is can all types of balance be transferred. In my case I am asking because I want to switch from a credit card I opened very recently, and for some reason I can't find any info on whether this will affect what products I'll be offered. Essentially I was talked into opening a card I'm not too happy with and know I could get a better rate - but this was only a month or so ago. Will this be a problem?

Thanks all.

Grant_UK_2

If you're just using a balance transfer from one credit card to pay off another credit card then it doesn't matter how long it is since the initial card was taken on. Neither does it matter what your initial balance comprised of - purchases, cash withdrawal, charges, whatever. They may all be at different rates on your initial card, but once you transfer the debt to a different card, it'll all be at your agreed transfer rate (hopefully 0% plus the fee). It's no different from you paying it off with your own money.

Cheers - Grant

Tixy

You will be able to transfer the balance on your existing card to a new card providing they are not part of the same banking group (eg you couldn't transfer from a virgin card to an MBNA card or from a Marks & Spencers credit card to an HSBC card) - so to find out whether you card is issued by the same as the new card you want to apply for check here - http://www.stoozing.com/cards.php

The thing that could cause an issue is whether a new potential lender will actually accept you for a new credit card account. They will take into account the recent credit search and the newly opened credit card and the limit on that card when assessing your affordability/suitability for their product. That doesn't mean you won't get a new card, just that it might not be as easy as it was to get the last one.

crayola

Great, thanks guys. Basically I was having trouble getting credit because of the same electoral roll logjam that others have reported here, and went for a rubbish one to tide me over.

So I'm guessing that the best time to do this will be as soon as my name shows up on the roll? Other than that, my credit rating is pretty exemplary, so I'm hoping not to have a problem transferring. I did have quite a few credit searches in the past year as I was applying for my first mortgage, but I've only had one in the last 3 months, so fingers crossed.