Balance Transfer To Account

MustStopSpending

My boyf has been offered a cc at 0% til April 2008, says I can transfer my balances onto it so I have a year to clear before paying interest.

If wanted to pay off an online E-loan thing I have can I just put my bank account details of transfer form and the money will go into there?

I can only pay off the Nationwide E-loan from my Nationwide bank account so can't put the loan details on the transfer form.

Hope this makes snese to someone who can help!

SunderlandBlackCat

Depends on the card, MBNA backed Cards & Egg cards will balance transfer to loan accounts & bank accounts but most others dont.

MustStopSpending

It's a HSBC card, any idea if they will?

warburtonrichard

HSBC Don't, but Virgin CC is backed by MBNA... You've got 0% with them, but it will expire in 3 months time. How about he clears down your Virgin credit card, then you get a balance transfer from your Virgin card to your bank account?
This does two things
1) extend your deal with Virgin CC for a min of 6 months if not longer (they might not do 0% but they probably will do 1-3%, which is better than purchase rate of 15ish% come June
2) give you a balance transfer into your bank account which MBNA will do.
How's that?
Warby
xx

MustStopSpending

What about if I transfer to my Egg card the amount I owe on the E-Loan, putting my Egg card in credit but I could then transfer that credit to the E-loan, does that work?!

warburtonrichard

Should be, yes, that would work too, if you want to double check, you could call egg. If you put any credit card into credit, the card comapny should be able to refund you to your bank account the credit balance, regardless of whether or not they do balance transfers to your current account.

SunderlandBlackCat

MustStopSpending wrote: »

What about if I transfer to my Egg card the amount I owe on the E-Loan, putting my Egg card in credit but I could then transfer that credit to the E-loan, does that work?!

That would work, I've done it myself.

MustStopSpending

Thanks for all your help guys. Where would I be without you!

xx

warburtonrichard

*snip*
or they will send you a cheque in "7-10 days to your doorstep", as I just found out on a GE Money / BHS Everyone Mastercard.
Warby
x

warburtonrichard

would you be "very slightly further in debt" ?

MustStopSpending

warburtonrichard wrote: »

would you be "very slightly further in debt" ?

All this transferring of debt confuses me! E-loan is at 9.9% APR variable, MBNA 0% runs out June. So if I transfer both of these onto 0% til April 2008 I'll be charged 3% of transfer from Virgin, 3% transfer to Egg and then I guess another 3% for transferring from Egg into bank acocunt.

I thought just getting it all on 0% for a year would be a good thing, now I'm not so sure!