Balance transfers

coburnm

Evening , I got a new credit card from Sainsbury’s and was looking to do a balance transfer between my wife’s next account but they said it has to be me in my name , doh. I should of read them small print, I hav3 cancelled the card as on,y had it two weeks. Will this show up or effect my cr3dit score? Can I order a new one and do companies let me transfer my wife’s next balance to my card ? Many thanks

sparkey1

You had a card, so yes it will appear on your credit report, and affect your credit score and this is why.

1 You have closed a card - Impact positive.

2 You have reduced your overall credit availability - Impact negative.

3 Your average life of a credit account has been reduced. - Impact negative.

[Deleted User]

No since you don!!!8217;t have a credit score to be affected. It may harm your credit history though when lenders view it for future applications.

Also you cannot balance transfer from store cards

coburnm

Thanks, so you think I should wait before I apply for another one ? Is there another way of transferring a store card to a 0% interest card ?

[Deleted User]

No

You would need to get a money transfer card, transfer the money to a current account then pay the store card from your current account.

coburnm

Thanks Gary, do they do 0% money transfers ?

sparkey1

Define storecard in your wifes case? Ie What card is it.

[Deleted User]

Yes you can get ones that offer 0%.

But they do charge a transfer fee

https://www.moneysavingexpert.com/credit-cards/money-transfers/

coburnm

Thanks Gary, I’ve just cancelled my Sainsbury’s card, do you think they will let me cancel my cancellation and do a money transfer Gary ?

Is a next store card Sparky

[Deleted User]

Not if it!!!8217;s been processed no.

You would need to apply for one specifically designed for money transfers

sparkey1

I dont have a next card. Is it this one? Or am I looking at the wrong next product?

http://help.next.co.uk/Section.aspx?ItemId=10589

As that says you can pay it by credit card.... however I suspect the card has to be in the name of the card holder.

MBNA and Natwest offer cards that will do money transfers. You transfer to a bank in the same name as the cardholder, then pay the Next card from there. Just check that the specific card does that as providers have a range of cards with different features.