Help with some balance transfers please

Gemmzie

Current cards:
HSBC £2400.95
Egg £0 (limit £3k)
MBNA £2294.73

HSBC's 3.9% ends this month, MBNA is on 3.9% and ends in March.

Both HSBC and MBNA have offered us 3.9% on balance transfers until May, so can I transfer the balances to Egg and swap them over (changing the amounts a little)?

I can't get my head around the steps to do this. Could some lovely person explain it to me please

Mupeteer

I might be wrong but here's what I think you need to do:

Transfer your HSBC debt to Egg first then transfer it back across to HSBC.

Once that's done transfer MBNA to Egg and back again.

Remember that there might be charges for transferring though. What's your interest rate on Egg? Any chance of an offer there as I know they sometime do 0% for a while even on bts.

southernscouser

I take it applying for a low life of balance card is out the question hun? You can still get them without paying a BT fee! :think:

sammiboo

it might be worth speaking to egg and see what they can offer you, thats what i did.

I wanted to transfer money onto barclay card but needed to get the balance off that onto the egg card and move the whole lot back across.

I told egg this is what i wanted to do and they offered me a better deal as they didnt want to lose me as a customer - so now i have a low rate for the life of the balance - its worth a try

Gemmzie

southernscouser wrote: »

I take it applying for a low life of balance card is out the question hun? You can still get them without paying a BT fee! :think:

Nah, mother's too financially associated with father. Can't get anything new

Egg won't have a BT offer until February when it's the anniversary date

sammiboo

Gemmzie wrote: »

Egg won't have a BT offer until February when it's the anniversary date

Phone them - they didnt give me a deal because of an offer, they would rather me pay some interest than lose me and give them nothing

Try them, the worse they can say is no

Gemmzie

Thanks, have tried and they said it's too close to my anniversary date and to hold fire. Bum.

Have moved MBNA to Egg, so will wait for that to clear first.

sammiboo

ah poohsticks

It was worth a try anyway

Gemmzie

3.9% for six months is better than a kick in the teeth though!

Gemmzie

Lovely MBNA have phoned today and offered 0% for nine months :T Very handy. I believe they only ask for £5 a month while you're at 0% - is that right still?

Should help a lot :j

meyore

Yeah thats right-thats what I pay on mine each month, until my 0% period is up, then got to make sure its all paid off quick!