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Money Transfer Cards
jackmillo
Posts: 2 Newbie
in Credit cards
Hi there,
I am wondering if anyone might be able to offer some advice on a credit card conundrum.
I was recently accepted for (and have now received) a Sainsbury's Bank long 0% purchases credit card. I had however wrongly assumed that I could use the card to transfer money into my current account to pay an individual. I now realise that, if I don't want to be stung on interest and fees, I need a Money Transfer card to do this, but I now have this new credit card from Sainsbury's Bank.
Would I be best to immediately close the new credit card and then apply for a new Money Transfer card? Or will this affect my credit score?
Any advice would be gratefully accepted.
Thanks,
Jack
I am wondering if anyone might be able to offer some advice on a credit card conundrum.
I was recently accepted for (and have now received) a Sainsbury's Bank long 0% purchases credit card. I had however wrongly assumed that I could use the card to transfer money into my current account to pay an individual. I now realise that, if I don't want to be stung on interest and fees, I need a Money Transfer card to do this, but I now have this new credit card from Sainsbury's Bank.
Would I be best to immediately close the new credit card and then apply for a new Money Transfer card? Or will this affect my credit score?
Any advice would be gratefully accepted.
Thanks,
Jack
0
Comments
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If you have only very recently applied for the Sainsbury's card it might not yet be on your credit report so you might be able to sneak a quick MT application inI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Thanks MallyGirl! I was accepted for an MBNA MT card!0
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