Balance Transfer Q

rachel_lou

Hi all,

Bit of a novice!

I have £2000 debt on a M&S credit card, the 0% interest free period expires in August. I am looking to transfer the balance to a 0% card such as the new barclaycard offer. Has anyone had any problems doing this?

I have a clear tesco clubcard credit card, would applying for a 3rd be frowned upon?!

Advice much appreciated!

sujman

Just make sure you have applied for and got approval for the new card in time to make the transfer. Apart form that, the should be no issues

rachel_lou

Thanks Sujman. I have just applied for the barclaycard credit card and have been declined . Should I check my credit rating before applying again. I moved house last year, could this be a reason I was turned down?

kahless

i also have a question on credit cards can my wife open a new credit card and transfer the balance from my card on to her new one she is'nt a joint card holder of my existing card?

runninglea

rachel_lou wrote: »

Thanks Sujman. I have just applied for the barclaycard credit card and have been declined . Should I check my credit rating before applying again. I moved house last year, could this be a reason I was turned down?

It could be that you already have two cards with alot of credit. It doesnt always matter that there is nil on one card but the amount of credit you have available.

Once you have all three there would be nothing stopping you maxing all the credit cards - I know you wont but!

sujman

kahless wrote: »

i also have a question on credit cards can my wife open a new credit card and transfer the balance from my card on to her new one she is'nt a joint card holder of my existing card?

I'm pretty sure you can do this, although I have never done it myself. The receiving bank I dont think cares where the money is coming from, as long as they get paid. Only exception I believe is if your wifes new card is with the same bank as yours.

sujman

rachel_lou wrote: »

Thanks Sujman. I have just applied for the barclaycard credit card and have been declined . Should I check my credit rating before applying again. I moved house last year, could this be a reason I was turned down?

Do you have a partner, with whom you share your finances? What you could do is get your partner to get an M&S card also. Then buy sterling travellers cheques (at a cost of 1% commission). Bank these cheques in your regular bank account and then use those funds to pay off your other CC's.

I have just done exactly that by getting my wife to open an M&S CC and doing the above.

Whilst it involves visiting an M&S store and then your bank - its not all done on line - ateast it is a cheap way of effectively doing a "balance transfer". i.e. costs 1% as opposed to the usual 3%.