Store Card v Credit Card 13 May 2022 at 9:59AM in Credit cards 8 replies 172 views

DE_612183

ok, so I have a Next Directory Account which over the years has accumulated about £3k of debt, I've also had a couple of Credit Cards, but now have all of those on 0% and am paying those down.

Question I have is - can i transfer the balance from Next to a CC, or would I have to do it via a Money Transfer? And if it's a money transfer would that be viewed differently in credit terms than the store card?

Ebe_Scrooge

You can't usually do a BT from a store card to a credit card (worth checking the T&C's I guess, there may be exceptions).  Money Transfer is the usual way of doing it.  What do you mean by being viewed differently?  It makes little difference to your credit history, if that's what you mean - lenders are mainly interested in the amount of debt, not the type of card it's on.

DE_612183

Ebe_Scrooge said:

You can't usually do a BT from a store card to a credit card (worth checking the T&C's I guess, there may be exceptions).  Money Transfer is the usual way of doing it.  What do you mean by being viewed differently?  It makes little difference to your credit history, if that's what you mean - lenders are mainly interested in the amount of debt, not the type of card it's on.

That ES - yes I meant whether type of debt was scored differently - I can't see there being any difference - but you never know!

martinbainbridge1975

dont think you can balance transfer store card to credit card, so money transfer is the likely option

if you do a money transfer on a card it will show up as a credit card balance, there is a separate tab that records if you have used a credit card to draw cash from a machine - cash withdrawals from an ATM are expensive and you get charged a fee so they are not a particularly wise idea

Ebe_Scrooge

Dave46049 said:

Ebe_Scrooge said:

You can't usually do a BT from a store card to a credit card (worth checking the T&C's I guess, there may be exceptions).  Money Transfer is the usual way of doing it.  What do you mean by being viewed differently?  It makes little difference to your credit history, if that's what you mean - lenders are mainly interested in the amount of debt, not the type of card it's on.

That ES - yes I meant whether type of debt was scored differently - I can't see there being any difference - but you never know!

Be careful about using the word "score" - you'll get shot down in flames!  (Seriously, the "score" you see on Experian or whatever is meaningless, and is not used nor even seen by any lender).

But no, in terms of how a lender views you, it matters not one jot whether your debt is on a store card or an "ordinary" credit card.  Probably the only two things that do start to ring alarm bells are payday loans or constant use of an overdraft.

Ebe_Scrooge

martinbainbridge1975 said:

if you do a money transfer on a card it will show up as a credit card balance, there is a separate tab that records if you have used a credit card to draw cash from a machine - cash withdrawals from an ATM are expensive and you get charged a fee so they are not a particularly wise idea

Just to be clear, a Money Transfer is completely different from withdrawing cash on a credit card :-)

martinbainbridge1975

Ebe_Scrooge said:

martinbainbridge1975 said:

if you do a money transfer on a card it will show up as a credit card balance, there is a separate tab that records if you have used a credit card to draw cash from a machine - cash withdrawals from an ATM are expensive and you get charged a fee so they are not a particularly wise idea

Just to be clear, a Money Transfer is completely different from withdrawing cash on a credit card :-)

yeah fully aware on that point its much cheaper than cash machine option as well - I noticed its recorded different when I went digging deeper into my credit file couple months ago about a dispute

WillPS

Last time I checked, you could pay your Next Directory bill using gift cards - so as long as you had space on a credit card you could buy Next gift cards at a supermarket, use them to pay off your account, then balance transfer from the credit card.

Do check with Next that they will accept gift cards for account payments though.

Sncjw

I've paid my next account with credit card so maybe get a 0 percent purchase card and go in and pay your balance off with that.