using one to pay another

daisy_doughnut

hi
i have a tsb CC at a 0 balance
my partner has a mbna with about 1700 on it

if i pay his card with mine as its a lower interest rate what will i be charged at
ive read all the gumpf on the back of my statements but it doesnt make sence to me

with it be a classed as a cash transaction
will it be the same interest rate but with a one off cash handling fee

any one help?

CLAPTON

you can't pay a credit card with a credit card unless you are doing a balance transfer.

daisy_doughnut

can u do a transfere if the cards are in diff names?

CLAPTON

usually yes, they normally only ask for the card number

daisy_doughnut

ok well

he also has a store card
so if i transfere both his balences on to my CC it makes sence doesnt it as we will only be payin one interest rate plus we can pay it off at more than the min as we will have freed up money kind off
does that make sence im new to all this an just trying to save a penny or two..lol

lisyloo

If the interest rate is lower then you should make savings.

As you say you should use this saving to repay the debt.

It should be treated as a balance transfer so make sure that's what you request.
There probably will be a one-of "handling fee".

You could try getting a 0% card to save even more.

DJ1UK

Yes you can do this, but any debt that you transfer to your credit card becomes your legal responsibility.

Thats probably ok, but just thought I'd point it out.

Balance transfer fees are usually 3% if the balance.

DJ

smithja

Can you transfer money from one card to another that takes you into credit, then make a purchase that takes you back into debt. I ask this as I have a barclaycard with a £3500 limit but a 29% APR, however, they have a balance transfer offer of 6.9%, so if I could transfer this to my GE Money card which has a lower limit then spend it I would be saving a great deal. I also have a Capital One card with a £200 limit and I asked them what would happen if £2700 was put onto my card as a balance transfer and they were not having it.

DJ1UK

smithja wrote: »

so if I could transfer this to my GE Money card which has a lower limit then spend it I would be saving a great deal.

If I understand you correctly, no this wouldn't be possible! Transfer work the other way round - you transfer an existing debt from once card to the Barclaycard.

You would need make purchases on your GE card, then transfer the outstanding balance from GE to Barclaycard, where the rate would change to 6.9%.

There would also probably be a transfer fee and any balance outstanding on the barclaycard before the transfer would remain at the higher rate and take longer to pay off (as payments would go towards the lower rate first).

Hope that is clear.

smithja

Cheers. I see what you mean. I was really trying to make a withdrawal on my Barclaycard at 6.9% rather than the 29% and then spend it. Problem is my GE Card does not have as high a limit.

daisy_doughnut

this has turned into a really interesting thread

if i transfer the 1800 and the 350 on to my card which is at 0 balance an then try to change cards all together i could have most of it paid off before any interest is added...OMG i feel like im finaly on the way to clearing some card debts up
thats assuming of course that i can get another CC

im going to call the bank now an see what i can do

thanks all xxx