Homebase Card

Davisimo

I have a homebase card which I tried to pay using a balance transfer card (from Barkley's) but when i enter my card info it rejects it? It was something to do with the amount of numbers on the card. What is my best option as I don't have the funds to pay it off before interest occurs?

Thanks
Tom

Tixy

Its not possible to pay off all store cards by balance transfer. If they don't have a 16digit number then its not possible.

And barclaycard (who I assume you mean?) seem to be more stringent that others with balance transfers (eg for theirs you also have to have a card with an expiry date).

Have you had the barclaycard a while? they occasionally offer money transfer offers to customers, it might be worth seeing if you have one of those available to you.
A money transfer allows you to transfer money from your card into your current account (which you can then use to pay off this debt).

If barclaycard are not offering your a money transfer option then do you have any other credit cards currently? Only certain cards offer money transfers but that could be a solution to your problem.

If you do consider it then you'd need to factor in the cost of the transfer -anything from 3-5% of the balance and consider the APR on your homebase card and how long it will take to pay off the debt, to decide if its cheaper to transfer, or just cheaper to pay off as soon as possible.

Aside from that, what is the balance on the homebase card? do you have any cards offering 0% on purchases? if so maybe you could do your day to day spending by credit card instead of from your bank account, and then have enough in the bank to pay off the homebase debt.

YorkshireBoy

Tixy wrote: »

If you do consider it then you'd need to factor in the cost of the transfer -anything from 3-5% of the balance and consider the APR on your homebase card and how long it will take to pay off the debt, to decide if its cheaper to transfer, or just cheaper to pay off as soon as possible.

I suspect the OP's problem will be the deferred interest about to be charged?...maybe 29.9%+ APR for the last 6/9/12 months.

That'll be a fair lump of money, so even a cash advance on the Barclaycard could work out cheaper...if the debt could be repaid fairly soon.

twinmom04

you need to knock off the first four digits of the number for balance transfers 6***, you can transfer a homebase card just done mine. :beer: I think it comes up as an argos store card though?

Tixy

twinmom04 wrote: »

you need to knock off the first four digits of the number for balance transfers 6***, you can transfer a homebase card just done mine. :beer: I think it comes up as an argos store card though?

When you say you've just done yours - how recently? have you confirmed that the payment has definitely been credited to your homebase account?

newbiemoniesaver

Hi Guys, looking for some help if I may!

I also have a Homebase store card and a New Look store card. I want to clear the debt with a credit card although I am not sure if this counts as a balance transfer or a new purchase if I pay it off using a credit card?

I am going to be applying for a new credit card, I want one with a 0% interest rate for new purchases. Although at the moment I am not sure if I need one with a balance transfer option to clear down the store cards? We are talking maybe £300 across both store cards.

Thanks very much for any advice you can give me!

twinmom04

I did have an issue initially I had to do the transfer over the phone. Yes I have checked and the payment has been made to my card, once the transfer has been done make sure you cancel your DD they will still take the money for your minimim payment.

redpete

newbiemoniesaver wrote: »

I also have a Homebase store card and a New Look store card. I want to clear the debt with a credit card although I am not sure if this counts as a balance transfer or a new purchase if I pay it off using a credit card?

You are transferring a balance from store cards to a CC - sounds like a balance transfer to me.

(but note the issues others have had with transferring to store cards)

newbiemoniesaver

Great, thanks very much!

My last question now goes back to credit cards. I am looking to apply for my first card. As I understand it I get 15 months (for example) interest free on new purchases provided I make the monthly minimum payments.....

However when I rang for further information I was told that I had to clear the balance of the card within 51 days to prevent high interest payments?

What is the point of having a 15 month interest free period if I have to clear the balance in 51 days??

Have I missed something? Can someone please help? I feel like I'm going a bit mad!! Thanks :-)

Ben8282

newbiemoniesaver wrote: »

Great, thanks very much!

My last question now goes back to credit cards. I am looking to apply for my first card. As I understand it I get 15 months (for example) interest free on new purchases provided I make the monthly minimum payments.....

However when I rang for further information I was told that I had to clear the balance of the card within 51 days to prevent high interest payments?

What is the point of having a 15 month interest free period if I have to clear the balance in 51 days??

Have I missed something? Can someone please help? I feel like I'm going a bit mad!! Thanks :-)

Are you quite sure 'you have to clear the balance of the card within 51 days to prevent high interest payments' is exactly what whichever credit card company you rang for further information actually told you?

redpete

You only get that interest free period if the CC company has that offer available - are you sure the CC you applied for has offered the interest free period to you?

Under normal (i.e. non-promotional) circumstances you have to pay off the full amount of the balance showing on each statement to avoid paying interest. This might mean that you get up to 51 days interest free (buy something a day after a statement is prepared, 31 days until it appears on the next statement, maybe 20 days until that balance needs to be paid).