Balance transfer help...n understanding

moneysavinggirl40

If i do a balance transfer of £2100 onto nationwide Select credit card from santander cc within the first 3months, am I right I won't get charged to transfer? Then can I set up for minimum dd payments for 11 months then in the 12th month (as it is 0% for 12 months) pay it off in a lump sum?
With this card i can also make purchases for 12months at 0% how will the statement look? are new purchases and the balance transfer amount considered as one? can I also pay minimum amount on purchases and then pay off in lump sum on month 12?

I understand the minimum payments are going to be £25 or 1% whichever is greater of the outstanding amount.
Quidco have £25cashback and there is a carrot of £25 if i do a balance transfer over £25 from nationwide.
Cashback is paid in Dec, so next year when this card will be up for paying off in a lump sum, how to i make sure i get that cashback, can i draw it out if I do not want the card any longer?

moneysavinggirl40

Yes the commission free foreign spending is a great feature. Though I have Halifax clarity card.

Read T&C 16 on Select CC which says "will be credited to your account when you close the account", but how do you access that credit, do you just spend on the card? will the credited money go directly towards paying the card off?

Do balance transfers hit ones credit history?I am looking to remortgage in July so want a good chance to be accepted by banks.

If I want to I can pay off with lump sum before 0% purchase ends on my current CC, but was considering a balance transfer as this card looks good. It means cash will be in my current account for longer rather than to the current CC company. So I'll have money in my current account to pay car dealer for my car at the end of March as there is an automatic DD set up. It'll be tight if I don't do balance transfer, but i have cash ISA savings to dip into if needed.

grumbler

moneysavinggirl40 wrote: »

do you just spend on the card? will the credited money go directly towards paying the card off?

Yes x2

Do balance transfers hit ones credit history?

No, but an extra credit card can, especially if you don't close the old one.

moneysavinggirl40

shouldn't be a problem to close the old santander cc. once the balance transfer is done which leaves me with one clarity cc, one halifax all in one cc and then the new nationwide select cc. Clarity is just use for holidays, i guess it's not necessary now if i am accepted for the nationwide select CC. Is it better looking on credit history, if I just have 1 cc rather than 3?

grumbler

No, it isn't.
3 is better than 1, unless the total credit available becomes too big compared to your income.

moneysavinggirl40

I'll keep 3 then, but use the nationwide select as primary credit card