We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mastercard/Amex question

Options
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?

Comments

  • MisterBaxter
    MisterBaxter Posts: 666 Forumite
    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
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    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
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    smerch1468 Posts: 167 Forumite
    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
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.