Transferring store finance

LeatherFace

Hi all. I recently got a credit card to consolidate my debts and stop paying interest (trying to get debt free). My question is, is it possible to transfer a balance from a store finance creditor? The balance transfer page on the hsbc website asks for the 16 digit credit card number but it doesn't say anything about store finance accounts and store cards with less than 16 digits. Anyone have any experience in this before I spend an hour on the phone trying to get through to hsbc?
Thanks in advance

[Deleted User]

Generally no. You'll need a money transfer option, but it depends what you have.

Next accounts can be paid with a card, making use of a purchases offer.

LeatherFace

Thing is whilst they gave me 38 months on balance transfers they only gave me 3 months interest free on purchases.

[Deleted User]

You need to figure out which debts you're trying to transfer and then identify the best way to do it.

LeatherFace

Yeah that's why I posted on here. I figured someone else must have been through the same thing. One idea I had was to use the old card to pay off the finance and then transfer the balance again to the new card. That would incur an additional fee though for paying with a credit rather than debit card.

Oakdene

How big is your store card balance? One thing you could look to do would be to get a money transfer card which allows money to be sent to your account for 0%, but with a small charge of 2% or so, then once it goes through transfer the balance of the money transfer card to your existing card.

The only thing you'd have to do is ensure that you transfer the balance within the deadline of your existing card to ensure you qualify for the 0% offer.

[Deleted User]

LeatherFace wrote: »

Yeah that's why I posted on here. I figured someone else must have been through the same thing.

They will have, but we'll never know until you reveal who your current debts are with.

LeatherFace

It's with a company called V12 finance. Around £800.

MallyGirl

LeatherFace wrote: »

Yeah that's why I posted on here. I figured someone else must have been through the same thing. One idea I had was to use the old card to pay off the finance and then transfer the balance again to the new card.

That would work - and the fee to pay by credit card plus the balance transfer fee are still likely to be less than your finance interest. If they aren't then don't do it.
A money transfer card would have been simpler - it also has a transfer fee (usually a bit higher than a balance transfer fee and the 0% term is often shorter) but once you have the money in your account you can use it to pay any sort of finance off.