Repaying Halifax Loan with Balance transfer card

manfromdoncaster1

I've just bee accepted for a £9300 limit on the new Barclays Platinum card with a 17 month interest free period.

The reason I applied is because i have a Halifax personal loan at 14.9% with circa £8k outstanding that i want to pay off more effectively. They won't credit a loan account directly as it's classed as a cash advance.

Is there any way that i can do this either by using other cards to repay it indirectly (I have empty Virgin and HSBC credit cards with a £2k and £8k limits respectively), or are there other options for me?

Cheers

YorkshireBoy

manfromdoncaster1 wrote: »

I've just bee accepted for a £9300 limit on the new Barclays Platinum card with a 17 month interest free period.

In hindsight, you'd have been better researching first...and applying for the 'right' card, ie one with super balance transfer capability.

...are there other options for me?

Firstly, the HSBC card is of no use to you here.

Options:

1. See if Virgin will up your credit limit and make the money transfer from here before immediately BTing away to Barclaycard. However, since you need a 500% limit increase this is unlikely to be a viable option.

2. Apply for another MBNA run card. If the limit isn't sufficient, ask them to transfer some/all of the Virgin limit over to it.

3. Apply for an Egg Card (Visa...the one with 13/14 months 0% on 'overdraft/loan' transfers).

4. Apply for an Egg Money card (Mastercard) and 'risk' creating a very large positive balance (which you can then move to your current account) by a ficticious debt transfer to Barclaycard. Warning: although others have been successful here, be sure to check out the risks in condition 11.1 (last two sentences)

5. Make multiple BTs from your current account to the Virgin card...each time repaying almost immediately with a BT to Barclaycard. Be sure to get them all done within 60 days (or whatever) depending on the Barclaycard BT T&Cs. Warning: This may cost you around 6.9% in fees (check your T&Cs to see if Virgin charge a fee outside the intro period if that's where you are now)!