what can be balance transferred?

Ladyhawk

Hi everyone,

I have been looking around for the answer to a very simple but very daft question.

What can be balance transferred? Is it only credit card balances? or can I transfer my overdraft from my current account?

The reason for the question is that I am buying a "new" car and the retailed has said that they will not accept credit cards for the payment. I was planning on buying with a 0% card that I had arranged especially for this.

Thank you!

Tixy

Most cards you can only balance transfer from 1 card to another.
A few specific cards allow you to transfer money from the card to your current account - these are known as super balance transfer cards or money transfer cards - a list of those cards is here - http://www.stoozing.com/sbt.php

Ladyhawk

Thanks Tixy - I was getting so muddled with all the info I was reading!

Then can I transfer the balance from the Super card to my 0% card?

Tixy

Yes - although it will cost you more in fees (as you'll be paying for 2 BTs), the cards on that link all have a 0% deal anyway (of varying lengths).

gwapenut

Do try asking the dealer if they will accept credit card, if you cover their handling fees. I negotiated my dealer fee down to 1%, and got 1% credit card cashback (MBNA double points for 1 month) and 9 months interest free (MBNA promotion for 2 months) so it was a bargain!

Even if you pay a 2% fee, it's not bad for a year's credit and cheaper than 4% current account transfer fees ...

alexanderalexander

Ladyhawk wrote: »

Thanks Tixy - I was getting so muddled with all the info I was reading!

Then can I transfer the balance from the Super card to my 0% card?

I think you might be getting slightly confused - here are your options:

1. Get an MBNA Platinum card and do a "super balance transfer" to your bank account for a 4% fee. This will give you 18 months at 0%. There is no need to involve your other 0% card. (Tixy's link lists loads of other super balance transfer cards, but the MBNA Platinum offers the longest interest-free period).

2. Slightly more complicatedly, you could get an M&S credit card and use it to buy sterling travellers' cheques at an M&S bureau de change at 1% fee, and pay the travellers' cheques into your bank account (search for this on the stoozing subforum for details of the technique, but I have pretty much covered it). This will then give you 15 months at 0%. Again, no need to involve your other 0% card.

gwapenut

Don't forget to ask the dealer if he would do it on CC if you pay the handling fee.