Help confused about Balance Transfers

skyeandeviesmummy

Hi, I hope that I have put this into the right forum. I have been reading about Balance Transfers and I have two store card debts one from Mothercare and the other from Next. I have decided to get the longest 0% deal as we can pay this debt off in a year if we dont keep getting interest added but the problem is I have my Mothercare card number to enter on the application for a balance transfer but I dont have a Next Card just an account and the account number isnt excepted I rang Next and they have said this is the only number I have for my account so what do I do? Can I pay the balance with the new credit card as it says its also 0% on new purchases or does this not count as a new purchase. Any help gratefully received as I am really confused. Thanks!

YorkshireBoy

Forget 0% on purchases. What you're proposing is a 0% balance transfer.

Not all storecard debt can be balance transferred to credit cards (primarily because the storecards don't have the requisite 16 digit number).

Perhaps your best option would be to apply for an Egg Card (Visa) or other 'super balance transfer' card such as those run by MBNA. These allow the transfer of a (ficticious ) overdraft to the card and in doing so pay money into your current account at 0% for x months. Once the cash is in your current account simply settle the storecards from there - and then cut them up!

Whilst the amount to be repaid will be less due to the removal of interest, don't forget that (at 2-3% per month) the minimum payments may well be more than you're paying at the moment.