confusion re bal tfrs - existing cards

pdm99

My M&S&more credit card 0% rate due to expire, have phoned all my other existing cards to see what rates they can/will do for bal tfrs, lowest is 11.9% :-(. But then M&S (where my outstanding balance is) have offered me 0% if I transfer another balance by Friday. I don't owe on any other card. How can I tfr my outstanding bal from M&S and transfer it back by Friday? They won't do a super bal tfr into my current account. Can u transfer a similar amount from another credit card (which has nothing owing on it) to M&S, which will create a CREDIT balance on the other card, and then use this to pay off the actual M&S existing balance, leaving me the same amount outstanding on M&S but at 0% for another 6 months?
Sorry it sounds complicated, I'm now even more confused!

Milarky

"Can u transfer a similar amount from another credit card (which has nothing owing on it) to M&S, which will create a CREDIT balance on the other card, and then use this to pay off the actual M&S existing balance, leaving me the same amount outstanding on M&S but at 0% for another 6 months?"

No, you've got it the wrong way around. You would take a different card with nil balance, but a sufficient credit limit to clear the balance on M&S. You would transfer from there [today] and hope that this hits the M&S and is treated as cleared by them before Friday at the latest. Then with a nil balance on your M&S again you would ask them to balance transfer back to card X. You will not have a 'credit' balance on either card at any stage, and would expect to pay interest on the non M&S card for the time between the 'outward' balance transfer [to M&S] and the M&S balance transfer 'to' it.

The terminology just is confusing [not your fault]:

A balance transfer TO a credit card is really just a cash payment FROM it - either to another credit card or [in some cases] straight to a bank account [when it is described as a 'super balance transfer' - or 'SBT' for short]. Thus a cash payment/transfer to a second credit card from a first credit card [what you are aiming for] is described by all credit card issuers as a balance transfer 'to' the first card from the 'second' card.

donsaini

My M&S&more credit card 0% rate due to expire, have phoned all my other existing cards to see what rates they can/will do for bal tfrs, lowest is 11.9% :-(. But then M&S (where my outstanding balance is) have offered me 0% if I transfer another balance by Friday.


i'd be wary of this as i was once stung by mbna by this.

they BT another for you, then tell you it's only till your promo rate expires, so you could be stuck with this BT on M&S, at 0% for couple of weeks before back to normal APR.

i'd check i was you