Mastercard/Amex question

smerch1468

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?

MisterBaxter

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.

InsideInsurance

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?

planteria

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.

smerch1468

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.

planteria

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.