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Mastercard/Amex question
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smerch1468
Posts: 167 Forumite
in Credit cards
I have a 3k balance on a M&S Mastercard, and a zero balance on my Amex card which has a 11k credit limit.
M&S have offered me a 2 year balance transfer at 0%. Is there anyway of shifting my balance on the Mastercard to the Amex card and back?
As an alternative would using pre paid cards such as pay.com/3v potentially work?
M&S have offered me a 2 year balance transfer at 0%. Is there anyway of shifting my balance on the Mastercard to the Amex card and back?
As an alternative would using pre paid cards such as pay.com/3v potentially work?
0
Comments
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Have you tried being cheeky and asking them to do you a deal on your existing balance? If you use the Amex web portal to manage your account it should tell you there about any options for balance transfer, alternatively give them a call to see if they will do it for you, it may depend on the account you have with them.
The other problem you could then have is that a lot of people seem to have problems transferring a balance from Amex cards so you could transfer the balance to Amex only to find that it ends up stuck with them and that you can't transfer it back.0 -
By doing it this way you'd have two transfer fees to pay. Is there a reason to do it this way rather than get a new card to do the BT onto with a 0% promo so that there is only one fee?0
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i would guess that will be your best option.. taking a third card. Barclaycard and MBNA would, ime, be most likely to provide a good limit to complete the transfer.0
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The reason I am asking this is that at present I am in the process of winding down a business. I am caring for my mother, and therefore on a low/non existent salary.
I am also taking some professional qualifications with a view to start working next year, but want to do something about this 3k balance which will be subject to M&S full rate from September.
Guess I should just pay the balance off, but would prefer to spread payments over a period of time.0 -
with you. yes, getting a new card that you can move it to, and make minimum payments which off the capital, with the remainder at 0%, makes sense. you could wait for a few weeks though, to maximise the benefit of your existing 0% deal.0
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