How do I balance transfer?

jonnyk333_2

Good evening,

I have just got a Natwest 22 month 0% card to help move all my credit onto one card to pay off.

How do I actually perform the balance transfer? Do I go onto my existing Barclaycard or do I do it from the Natwest side?

I need to do it today before midnight! Thanks for the help in advance!

DavidDebt

From the natwest side

You'd either phone natwest or arrange via your natwest online banking if they allow that.

jonnyk333_2

Thank you, just one more question.

I've always paid off all my credit cards in full each month. If for one month I don't and only pay the minimum required balance, what is the impact on my credit rating? Will it damage it severely?

AMG762

jonnyk333 wrote: »

Thank you, just one more question.

I've always paid off all my credit cards in full each month. If for one month I don't and only pay the minimum required balance, what is the impact on my credit rating? Will it damage it severely?

Paying the minimum payment for one month will not damage your credit rating.

It may be recorded with a 'minimum payment marker' on your files. To avoid this simply pay £1 above the minimum amount

DavidDebt

Paying the minimum won't have any impact (or little impact) on your credit rating.

Doing so will place a minimum payment marker against the account for that month.

Whether this will be seen negatively by other lenders is complete conjecture.

Paying the minimum is meeting your obligations under your credit agreement so in my opinion it's fine.

DavidDebt

Or as Amg762 suggested pay minimum + £1 will avoid even this marker. :beer:

jonnyk333_2

Thank you so much for the help. Does anyone know if I balance transfer more than the value on my Barclaycard, how does Barclays refund me the difference? By cheque?

DavidDebt

You shouldn't BT more as this will deliberately load your barclaycard with a positive balance which will likely be against the T&C's of your card.