Any Ideas

LaNcEr44k

Hi Everyone,

I have just taken out an M&S credit card with £3000 credit limit. This is to take advantage of their lifetime balance transfer rate of 3.9% and no transfer fees.

I currently have a nationwide loan, and I am looking to somehow get the remaining balance (2800) to this loan. Can anyone suggest how I could do this without incurring charges. I also have a BMI credit card with a similar limit, and the only way I can think of doing this is writing a cheque to clear the debt (and paying the 2.5% cheque charge), and then transferring the balance from this. Does anyone have any ideas?

Regards

Craig :rotfl:

Mozette

Have you asked M&S if you can transfer your loan to it? I do know Egg cards will let you transfer money into your current account, I don't know if M&S do the same. No harm in asking, if they say no, you're no worse off. Just a thought.

jenchin66

You can't transfer a loan to M & S, but there is a loophole where you can get Sterling travellers cheques through your card and then pay them into your bank and pay the loan that way, there is a thread here somewhere explaining it.

tom188

No the only way to do this is to get an Egg Money card (fee free) (or MBNA card/Egg Green/your existing BMI card if you want to pay the fees). Transfer balance first to Egg Money, then to M&S.