Credit Card Balance Transfer query

Seagull1980

Unfortunately our combi boiler has packed in today (it's been struggling along for some months now).
We don't have the spare funds to pay for it upfront & currently don't have a 0% purchase credit card.  We have people coming tomorrow to quote for the replacement, but I'm trying to work out finances.
I've got a credit card that I opened a few months ago to transfer a previous credit card account at 0%.  Obviously this credit card isn't 0% for purchases.  My question is if I pay for a new boiler with this card & then open a 2nd 0% transfer card, can I transfer just value of the boiler purchase (i.e. leaving the current balance on the 1st card)?  My thinking is that doing this would reduce any balance transfer fees, considering I'm not paying any interest on it currently.

Thanks in advance

Brie

Yes you could transfer as long as the card is from a different set of banks.  i.e. Lloyds to Barclays fine, Natwest to RBS not fine.

Are you likely to get a 2nd card?  And will the balance be high enough and will the 0% period give you sufficient time to clear it?

Seagull1980

Thank you, just wasn't sure if the balance transfers had to be the full balance of the other credit card.

It looks likely I'd get a second card from eligibility checks so far.  Not an issue to pay back the 2nd one, just not ideal after a couple of months where everything seems to be breaking down!  I just don't have the luxury of waiting until I have the funds available in order to replace the boiler  

Brie

Yeah - stuff happens!!!  I know this from personal experience!!!  And while many will say you need an emergency fund (which would be great!!) sometimes all you can hope for is credit.  

fyi - there's normally a minimum amount to transfer - might be £100 but you normally get to choose the exact amount so if the boiler is going to be £1500 and you've got another £280 of purchases on the card you'll be able to choose anywhere from £100 to £1780 as long as that doesn't exceed the credit limit on the card.

Don't forget to have a minimum amount DD set up for the card as if you miss a payment or are late you'll lose the 0% deal.  

Good luck with the boiler.  Ours has stopped working properly and I just haven't got round to dealing with it yet!!!

grumbler

Seagull1980 said:

 currently don't have a 0% purchase credit card. 

Seagull1980 said:

It looks likely I'd get a second card from eligibility checks so far.

 Have you checked your eligibility for a 0% purchases card?

Ebe_Scrooge

Seagull1980 said:

We have people coming tomorrow to quote for the replacement

First off, will they accept payment by credit card?  Most large companies will, very often a smaller independent tradesman won't.  If it's a large company you're dealing with, make sure you're being quoted a decent price, do some comparisons.

Seagull1980 said:

I've got a credit card that I opened a few months ago to transfer a previous credit card account at 0%.  Obviously this credit card isn't 0% for purchases.  My question is if I pay for a new boiler with this card & then open a 2nd 0% transfer card, can I transfer just value of the boiler purchase (i.e. leaving the current balance on the 1st card)? 

In theory yes.  This assumes you'd be accepted for a new card.  But make sure to check the T&Cs of your existing card carefully.  Whilst any payment you make will be allocated to the portion of the balance with the highest interest rate, check carefully how they process a combination of BT and purchases.  It can sometimes get very confusing.

Rather than applying for a new BT card, it would be simpler to apply for a new 0% purchase card if you're eligible.

SwanJon

Remember a balance transfer is like a payment - it will apply in the order first cards specifies - usually to statemented balances before new spend. So if you buy the boiler on Card1, then BT an equivalent amount to Card2 it is likely to clear the 0% balance, not the new balance.
Once the boiler cost is on a statement the transfer will pay of that first (as it carries interest), but you'll probably get a small amount of  interest in the following months for the time the Boiler cost was on Card1