How to transfer balance?

Audio68

My wife has a Lloyds credit card with a large available credit. Can she balance transfer £14,000 to pay off my credit card?

thanks in advance
Simon

stephane_2

Yes as long as your card is not issued by the same provider....

ironlady2022

She would have to pay a cash advance fee on the amount transferred though as it is not classed as a purchase.

Cash_Flow

mayling03 wrote: »

She would have to pay a cash advance fee on the amount transferred though as it is not classed as a purchase.

Do you mean balance transfer fee?

OP some providers only allow you to transfer balances from cards held under the same name.

ironlady2022

Not a balance transfer fee as there is no balance to transfer as Audio68 says his wife has an 'available credit'.

scottishblondie

I think OP means he has a balance on his card and his wife has available credit (presumably at a better rate), so they want to transfer from his CC account to hers. This would be a balance transfer.

We would need a couple more details to say for sure if you can do a BT. Which provider is your card with - you wouldn't be able to do a BT within the same banking group. What is the available credit to balance ratio - if the balance to be paid is £14k then your wife would need to have about £15.5k free AFAIK, as there is a limit to how much of the available credit can be used for a BT, tho I don't know what Lloyds policy is (that was based on 90%). Also a 3% fee would be applied to the transfer, so £420.

chris91_2

3% fee on all BTs at LTSB, also a £100 minimum spend may apply if its a 0% offer so watch out for that. You must leave 5% of your balance to cover fees etc.

As already stated, no Balance Transfers can be done between LTSB cards however if its HBOS then that is okay I think...