Balance transfer query

eastofeden

I have a Santander credit card which expires in Dec 15, but which has not got enough of a credit limit to last till then. In a previous post I asked for help and YorkshireBoy advised balance transferring to a Tesco 12 month card. I now have that card with a £12000 limit, much better! Thanks YorkshireBoy.

Should I transfer my current balance immediately, or wait till I reach the limit? I presume I can do two balance transfers from my Santander if necessary?

(I private messaged YorkshireBoy, but his mail box is full and needs clearing before my message can be accessed.)

Any replies gratefully received!

eastofeden

Re read my original thread and I believe Vortigern answered the above question. No limit on when you can use card in 12 month period or how many times.

Martyn14

Firstly, if the card expires, that doesn't really effect anything, you will just be issued with a new card, your account and it's details will remain the same.

Presumably your paying interest on your balance with your current card?

Check to see if there is a balance transfer offer on the Tesco card (which there usually is for new customers)
Providing there is an offer, it may be worth getting whatever balance is on there straight over, so you stop paying the (potentially extortionate) interest on your current card as fast as possible, for a good number of months at least!

And yes, you can do more than one balance transfer, normally you will only be eligible for the long period of interest free if you complete the balance transfers within the first few months of the account opening, so be sure to check that out as well.


Hope this helps

Please note: I am not a financial advisor.

YorkshireBoy

Martyn14 wrote: »

Hope this helps

Sadly not.

The OP's story starts here...

https://forums.moneysavingexpert.com/discussion/5090364=

Martyn14

Well it looks like you have your answer then, apologies for not reading the older thread.

Presumably your 0% on purchases offer with Santander expires in December.

As you are getting Cashback on the Santander card, ideally you would ask them for a credit limit increase allowing you to spend more on there, thus giving you more cashback.

Have the Tesco account setup prior to the offer expiring, so when it does expire, you can shift the balance onto the Tesco 0% balance transfer card, job's a gooden, if you still have a large balance once that 12 months is up, you can always shift it again.

eastofeden

Thanks, I have the means to repay at any point, just trying to make a bit of money saving alongside paying off minimum repayments on cc.

Vortigern

eastofeden wrote: »

Re read my original thread and I believe Vortigern answered the above question. No limit on when you can use card in 12 month period or how many times.

I've now done 3 BTs to Tesco. No fees charged yet.

Martyn14 wrote: »

Presumably your 0% on purchases offer with Santander expires in December.

Unwise presumption. The OP's card expires in December. The 0% offer expiry date has not been mentioned but if it's Santander's 123 18month offer it could run well in to next year.

YorkshireBoy

Vortigern wrote: »

Unwise presumption. The OP's card expires in December. The 0% offer expiry date has not been mentioned but if it's Santander's 123 18month offer it could run well in to next year.

The card, which was taken out in May this year, has 0% on purchases until December 2015*, is how I read both this and the other thread.


* That would be 19 months though, so OP has one of the dates wrong.

Vortigern

YorkshireBoy wrote: »

The card, which was taken out in May this year, has 0% on purchases until December 2015*, is how I read both this and the other thread.

Oops. I stand corrected.

eastofeden

Yes the Santander card was taken out in May 14 with 18 mths 0%, so until end of Nov 15. We both stand corrected! Anyway, helpful advice as I have shifted £4000 onto my Tesco card (0% for 12 months), with the intention of paying everything back within their respective time frames.

The Santander card itself does not expire in Dec 15, and with the cashback it offers, will continue to be useful, although will need to be repaid monthly from Dec 15 unless I find other offers etc.

Thanks one and all!!