Balance Transfer More Than I Owe?

blueuph

hi, new to the balance transfer business - just need a couple of bits of advice.

my situation...

hsbc cc: £500 limit (£500 balance)
egg cc: £2500 limit (£0 balance)

i've got a 0% deal (on balance transfers) with egg until august 08. 0% on purchases for 3 months.

i'm just moving home so i've got a couple of big purchases to make (sofa and fireplace!).

my plan...

balance transfer £1500 to hsbc cc from egg cc. this will leave me £1000 in credit on my hsbc cc (??? can you even do this ???) to make my purchases with.

is this possible?

if not, then is it possible to transfer a balance from the same credit card more than once? i.e. balance transfer the £500 i owe, then buy the sofas on the hsbc cc and balance transfer this amount and so on for the fireplace

thanks in advance!

Tirian

It is against the t&c of many credit cards to hold a credit balance on the card, and you may find it causes difficulties (e.g. blocking of your card). Check this very carefully before you try.

Why are you so determined to buy these things on the HSBC card? Why not just buy them on the Egg card straight off? You'll almost certainly get charged a 2-3% BT fee for transferring, so what do you gain by transferring more than you have to?

jay78

If you haven't already moved, is it not possible to apply for a new card? Halifax have a card that has an offer of 12months 0% on purchase. (But remember to only use it for purchases).

blueuph

the 0% interest is only for balance transfers - it's only 3 months for purchases. that's why i was thinking of buying them with the hsbc cc and then transfering the balance.

wanted to make sure i could do it more than once with same card though.

blueuph

jay78 wrote: »

If you haven't already moved, is it not possible to apply for a new card? Halifax have a card that has an offer of 12months 0% on purchase. (But remember to only use it for purchases).

that probably would have made more sense!

have only just applied for the egg card though so probably best not to apply for the halifax one now?

YorkshireBoy

blueuph wrote: »

the 0% interest is only for balance transfers

...and transfers of overdrafts (including ficticious ones ).

Transferring the money for your purchases (and to settle the HSBC card) from your Egg Card to your current account will cost 3% of the amount transferred, but will be given at 0% interest for (up to) 12 months.

See section 9 of the Egg Card's T&C's.

blueuph

oh yeah!!! genius.

thanks!