Halifax One Card - can you 'stooze' with this card?

Grumpy_Old_Duffer

Under the terms and conditions of the Halifax One Card it states....

2. To make a balance transfer
A balance transfer moves an outstanding balance from one credit card or store card to your Halifax One Card. It enables you to switch the balance to make the most of a better interest rate.

How to make a balance transfer

Step 1 Complete tha balance transfer form at the back of this guide or call us on 0845 850 0581. You will need the account numbers of your other credit or store cards.

............... Blah blah blah blah.

There is no mention as to how you can/could make a BT to your own Bank Account!! Indeed they are specific about you needing the account details of "..... other credit or store cards."

Can you actually make a BT to your own Bank Current Account with the Halifax One Card???
Hope there is because they've given me a really nice Credit Limit :j

JasonW_2

I dont think you can. Ive also got this card, and when I did a balance transfer, they simply asked for the 16 digit number of the card I was transferring from. On the card I transferred from, it just shows as 'BACS transfer'. I may be wrong though, and you might be able to get it transferred to your account.

If you ring them, they might try and get you to use a credit card cheque... just be very careful of the APR this will incurr!

JW

zcaprd7

Most cards you can't - that's why Egg gets used as the conduit (or mule) from where it can be sent into a bank account...

Grumpy_Old_Duffer

... so, as I have an Egg card that I have 'stoozed' on, I can ask Halifax to Balance Transfer the Credit Limit from my Egg card or is it the other way around, I ask Egg to Balance Transfer the Credit Limit from the Halifax card to the Egg Card, then transfer that Balance from the Egg Card onto my Bank Account??

zcaprd7

Yep.

There can be a bit of confusion on these boards about transfering the balances or the cash!


I prefer to say transfer the cash from where ever to Egg - then transfer the cash from Egg to your current account.

However, technically you are meant to be paying of an existing balance so when you phone up Halifax just say you want to do a balance transfer and give them your Egg card details.

Again with Egg, you are 'supposed' to be paying off your overdraft, but as its done online its easy.


Just make sure the Egg transfer won't mess up any 0% anniversay deals you have or might need to do in the future

ADAM001

i too have an egg card and halifax-see super balance transfer article for list of cards that offer this facility,halifax wont do it but if you have another one of the cards listed eg egg,mbna, you can use them as a conduit for the debt.

Grumpy_Old_Duffer

zcaprd7 wrote:

However, technically you are meant to be paying of an existing balance so when you phone up Halifax just say you want to do a balance transfer and give them your Egg card details.

How will a Balance Transfer with Halifax (i.e. from Egg to Halifax) get an interest free lump sum to invest elswhere?

zcaprd7 wrote:

I prefer to say transfer the cash from where ever to Egg - then transfer the cash from Egg to your current account.

... so am I phoning Egg or Halifax to ask for a BT FROM Halifax to Egg?

Remember I've already BT'd the Credit Limit that Egg gave me to a High Interest account.

Mark200

Grumpy_Old_Duffer,

I would contact Hailfax and get them to BT to egg. Once it's at Egg SBT it on line to your stooz pot.

Hoping to do the same with a C1 18 month card soon

zcaprd7

Grumpy_Old_Duffer wrote:

How will a Balance Transfer with Halifax (i.e. from Egg to Halifax) get an interest free lump sum to invest elswhere?


... so am I phoning Egg or Halifax to ask for a BT FROM Halifax to Egg?

Remember I've already BT'd the Credit Limit that Egg gave me to a High Interest account.

Your are phoning Halifax to pay Egg. I think Egg would find it difficult to 'take' money from someone else...

You will pay off the Egg bill and anything in credit can be moved - however, if you want to put Egg back into debit again with the transfer make sure you are still in your anniversary/intro window otherwise it will go through at their standard rate.

Grumpy_Old_Duffer

Just looking at the Egg website .... can I do a BT from the Halifax card (say £10K) to my Egg card online, without incurring any charges (from Egg or Halifax) and without having to contact Halifax in anyway. Bearing-in-mind I've already transfered my Egg Credit Limit (say £10k) to a High Interest account, so in effect I've already used my Egg Credit Limit, therefore won't I now owe Egg £20k.

Assuming 2% min. payment per month, will I then owe 2% of £10k to Halifax and 2% of £20K to Egg, although the capital we're talking about is £20K???

zcaprd7

Nope - its Halifax's money - Egg can't touch it.


You have to ring up Halifax and ask them to do a balance transfer - this means they will pay Egg.

This will put your Egg card into credit (pay it all off and some) - you can then transfer the credit free of charge to your bank account BUT if you want to go into debit on your Egg card it will treat it as a new balance transfer - make sure this is at 0%, if not then you will have to find another conduit card.


EDIT(Wealth warning): I am getting concerned now - if you really can't get your head around this I wouldn't do it - we are talking about a lot of money here and the risks of getting it wrong will cost a lot more than the rewards of getting it right.

I don't mean to sound patronising in any way bit I'm worried generally (not specifically you) that lots of people on here are trying to do quite complex things and can hardly string sentences together - I would hate to be responsible for anyone losing money...