Money transfer cards

Sncjw

Hi 

I have been getting letters and promos about money transfer and we are thinking about using it. 

We are looking to get our driveway done and would need it asap so that we can benefit from the cheaper charging rate for an electric car. 

I want to ask about getting a money transfer to fund it. Would it harm my credit file..

I have had ethier one with a fer or transfer and at 0% and there one with free transfer or 3.5 percent apr.

We are looking at around 5k. 

I have debt of 4 k on credit card and i just opened an hsbc card with 8k limit only had 30 quid on.  The other cards with the transfer offers have 0 on the card at the moment. 

Thank you 

Brie

You might be treated with some caution for a short while if you decided to apply for other credit but if you have the credit available already and then use it and always pay promptly there shouldn't be a problem.  Do ensure you have set your DD to minimum monthly payment and don't use the card for anything else whatsoever as then you will be charged huge amounts of interest.  

Sncjw

Yeah j am not sure if it will leave anythinf bad on the credit file 

MorningcoffeeIV

It will simply show as a debt.

Brie

I've never seen anything on a credit history that shows how the balance was acquired.  So purchase?  Balance transfer?  Cash advance??  Nothing to show any of those and that would apply to a money transfer as well. 

What a credit history will show is that you have a card with a zero balance (essential to get the 0% advantage) and then you put £4985.00 on it (or whatever).  And then you are paying at least the minimum off each month without fail.  This will show as a green light on your credit history so there's no worries.  And the balance nicely ticks down each month. Sweet.

If you were applying for more credit then they will look at your credit history and perhaps the balance and what's being paid each month and clock that you're paying 2% - so minimum payment.  And maybe they will conclude that it's a 0% deal.  But that takes a bit of examining and I doubt that a bank will do so unless you are applying for a mortgage.  This is one of the reasons that I will put a set amount for my DD on the account.  So if your minimum payment is 2% and your balance is £4985 then your minimum DD will be £99.70.  So if you set your monthly DD as £100 you will always be paying more than the minimum and might look like a slightly safer bet.  

Sncjw

So we would need money transfer for the driveway but I assume the council would take credit cards so we would be pay less fee for it. 

I think i would need 4k not sure if that's what you would pay in the market right now but had a couple quotes so far. 

One could get it done by next week which would be great. 

I need work out which is the best deal 

Sncjw

So with llpyds 

I have 6.5% apr with 0 money transfer fee or I could have 0% interest for 4.5 % fee

Barclaycard 

0 percent interest for 3.5% fee but we were going to use this card to go abroad with. 

Halifax wouldn't have enough money on it..

Hsbc not sure from top of head as I can't log into my mobile bank atm

DJSINGH

Sncjw said:

So with llpyds 

I have 6.5% apr with 0 money transfer fee or I could have 0% interest for 4.5 % fee

Barclaycard 

0 percent interest for 3.5% fee but we were going to use this card to go abroad with. 

Halifax wouldn't have enough money on it..

Hsbc not sure from top of head as I can't log into my mobile bank atm

May I ask which lloyds card you have? 

martinbainbridge1975

MBNA, Tesco, Lloyds are 3 cards I have had in the past where money transfer offers are usually readily available

Nasqueron

DJSINGH said:

Sncjw said:

So with llpyds 

I have 6.5% apr with 0 money transfer fee or I could have 0% interest for 4.5 % fee

Barclaycard 

0 percent interest for 3.5% fee but we were going to use this card to go abroad with. 

Halifax wouldn't have enough money on it..

Hsbc not sure from top of head as I can't log into my mobile bank atm

May I ask which lloyds card you have? 

My Lloyds (and Halifax) cashback cards give me these offers