Cannot Balance transfer from AA to Halifax 2 June 2016 at 11:59AM in Stoozing: free cash from credit cards 11 replies 4.2K views

thedaveyboy

Hi all

Advice needed! I have just had a major problem with my AA card. I've had it for a few months and had transferred a balance on to it. I then decided to move the balance to another card as the minimum payment on AA is 2.5% (rather than the normal 1% ish). I got a Halifax card but when I came to transfer Halifax would not do it as they said they could not accept balance transfers from Bank of Ireland.

Any one else had this problem with these card or with others? Seems really strange to me and very annoying. I can appy for another card but I don't want to have the problem again and be stuck with the AA. :mad:

zx81

There seems to be an issue with the AA card. I'd advise getting a new card with money transfer promo, and do it that way.

thedaveyboy

So i'd have to get a money transfer card (MBNA every day plus?), transfer the amount I owe on AA to my bank account, pay off AA, then transfer the balance on the transfer card to the halifax.

Is that what you are thinking?

Candyapple

Money transfer cards here:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Let's assume you owe £1k on the AA card and then apply for and receive the Virgin card with 0% on money transfers for 32 months with 1.69% fee.

You would pay £16.90 fee to transfer the funds from Virgin card to your bank account.

You would then use the funds in your bank account to make either a debit card payment to your AA card, or using their bank details, do an online bank transfer. Your AA card is now clear, close it.

You now owe £1,016.90 to Virgin which you have 32 months to clear. Virgin has a 1% repayment.

You can either leave it at that and pay off the Virgin card until it is clear, or you can move the balance to your new Halifax card. Personally I wouldn't bother as you will end up having to pay another balance transfer fee at Halifax's end and also their longest 0% BT card is for 39 months, only 7 months longer than Virgin. Assuming that is the card you even applied for/received that is. You may have got the 32 months, or 24 months.

thedaveyboy

Thanks Candy apple

I don't want to pay any fees though, that's why i was looking at the mbna card as it is has no fee. but once I have the dept on there i would have to BT it of straight away to advoid paying the 7.5% interest. do you think that is do-able?

Candyapple

Ah I see. I didn't realise about the new MBNA Everyday Plus card and that it had no fees for transfers, thanks for the heads up!

Yes your plan will work. Once the debt is showing on the MBNA card you could definitely use your Halifax card to transfer the balance over to avoid paying the 7.5% interest.

I sense a stoozing opportunity

thedaveyboy

MBNA card is on it's way.....

faddy

Candyapple wrote: »

Once the debt is showing on the MBNA card

Aren't MBNA noted for not minding accounts being put in credit?

Westie983

AA is owned by Lloyds Banking Group, and therefore they wont allow balance transfers from accounts in their own range.

It had nothing to do with bank of Ireland.

Looks like you have sorted it with transferring to MBNA.

YorkshireBoy

Westie983 wrote: »

AA is owned by Lloyds Banking Group

It had nothing to do with bank of Ireland.

I'm not sure if the AA cards were ever issued by LBG. I seem to remember Halifax were once involved (and maybe even MBNA?) years ago, but wasn't that before the financial crisis and Lloyds taking over BoS?

OP has only had their card a very short time so, just like my recently acquired AA card, it's issued by BOI.

noh

Westie983 wrote: »

AA is owned by Lloyds Banking Group, and therefore they wont allow balance transfers from accounts in their own range.

It had nothing to do with bank of Ireland.

Looks like you have sorted it with transferring to MBNA.

https://www.theaa.com/credit-card/index.jsp

"AA Financial Services Limited (AAFS) acts as a credit intermediary and introduces customers to Bank of Ireland (UK) plc only as its exclusive credit card issuer."