Balance transfers

ivan_dunne

Hello,

I'm new to all this balance transfer and credit cards.

Anyways, my interest free period is over, so Im looking to do a balance transfer, but I really don't know how to go about it.

Do I just go into, say, the post office and ask for one of there c/card and tell them that I want to do a balance transfer and they transfer it over for me?

What kind of questions should I be asking when trying for a balance transfer?

Say for instance, the new c/card company turns me down for a balance transfer, could I not just go into my bank and pay off all my 99% debt on my new card and get the interest free period on my new card for X months?

Thanks.

thenudeone

You can only do a balance transfer between credit cards. You can't pay of a loan or overdraft. A few cards offer this but it's called "money transfer" of "funds transfer" and is more expensive than a balance transfer.

You give the new card company the card number that the balance is currently on, and ask them to pay the old card company the amount you want. This can be done online, on the phone, or on the application for for the new card. Once it's completed you now owe the new company that money.

But if you are new to credit cards you are very unlikely to have a good enough credit history to get a good 0% deal. These are reserved for people with a track record of managing their money by keeping to the agreed terms on all borrowings. If the card company isn't making money on interest in the first year or so, it wants to make damn sure that the debt will at least be repaid.

See the threads about building a credit history for help.