balance transfer to current account (debit card)

h_p

Hi,

I need to make a balance transfer to my current account (debit), which is currently with First Direct.

From what I know only MBNA credit cards currently allow this, and I already have a Virgin Money (MBNA group) card which has 0% until May 2011. I have an outstanding balance on it which I will have paid off by May 2011. I have a Barclaycard which has 0% off until November 2011.

I have spoken to Virgin and I am able to do a balance transfer to my First Direct debit account with a fee of 2.5%, this will then take my Virgin card into debit. My question is can I then make a balance transfer from my Barclaycard at 0% to the Virgin Credit card to clear that balance? I then will pay off my barclay card monthly while it is still 0%.

The guy I spoke to at Virgin said he does not advise this (I am thinking because they want me to do it from the virgin card and pay a fee of 20%APR on the balance until it is paid off).

Or the other option is, I do a balance transfer from my barclay card to my Virgin card, which will take my Virgin card into credit, I then do a balance transfer to my First Direct account - do you know if this will work?

I know there is a mule card option, which means I get an Egg Money credit card and do the same as above using the Egg Money card, but the only problem is, I already opened an Egg Money account last year and then closed it, so they are now saying I have to wait 12 months before re-applying.

Any advice will be appreciated.

Thanks

dantheman2010

Tesco Credit Card allow you to transfer to a bank account, person or bill.

"Money Transfers are treated as cash advances and will be charged at the standard rate for purchases unless otherwise specified."

h_p

Thanks Dan, much appreciated.

I had a look at the Tesco credit card website and they have a 2.9% fee for balance transfers, which is fine. So if I apply for the Tesco credit card and do a balance transfer to my debit card, pay the 2.9% fee on the amount, will I have

• 0% interest for 13 months

Or will I need to pay a monthly interest fee on the outstanding balance?

Thanks

dantheman2010

I am not sure if you can actually do the 0% interest for 13 months balance transfer to a debit card.

I just know that you can under their money transfer section transfer cash to a bank / person etc, but there will be fees associated with it.

Dont think there is a way with Tesco to transfer to a debit card/bank at 0% interest. Sorry.

h_p

I have just spoken to Tesco and if I did a balance transfer to my bank account it will be treated as a cash transfer and will carry a 26% interest fee on the balance until paid off. So that is a no go for me.

So backto my original question, am I able to do a balance transfer from my barclaycard to my virgin credit card so I will then be in credit on my virgin credit card. Then I transfer that 'in credit' amount to my current account' with a 2.5% fee on the amount. Is this possible?

I will then have 0% until November 2011 to pay off my negative balance on my barclaycard.

Thanks

dantheman2010

Sorry, I will step aside and let someone more financially savvy answer this.

Sorry I couldnt help.

h_p

No worries, thanks for your help. I would be grateful if somebody else can answer this question for me.

Thanks

iceage3

So you want to go into credit on a credit card