Paying off a NEXT account- which type of credit card?

Hispanist123

Hi! 

I want to clear my NEXT account; on their website under “ Balance Transfer “ they have a section which says that you can do a balance transfer by paying into their NatWest bank account. 

However , do I need a balance transfer or a purchase card to directly put money into an account? I’m thinking purchase? Scared to make a mistake and get the wrong one. 

Any help would be much appreciated!

Mark_d

You need a balance transfer card.

A purchase card is when you make card transactions.

Gandalf644

Hispanist123 said:

Hi! 

I want to clear my NEXT account; on their website under “ Balance Transfer “ they have a section which says that you can do a balance transfer by paying into their NatWest bank account. 

However , do I need a balance transfer or a purchase card to directly put money into an account? I’m thinking purchase? Scared to make a mistake and get the wrong one. 

Any help would be much appreciated!

If you are wanting to pay into Next's bank account (at Natwest), then it will be a Money Transfer card you will need. You transfer the money from your Money Transfer card to your current account, then pay off the Next account from your current account. 

A Balance Transfer card is only to pay off another credit card. A purchase card is only for purchases.

DullGreyGuy

How many digits is the customer number? Unless it's a credit card number in disguise then your only option is a money transfer card where you can put the cash into your bank then transfer it to theirs. 

Were to use a purchase card and pay Next direct with it its likely to be treated as a cash transaction as you arent making a purchase but paying off a loan. Look on here, many threads from people paying off loans hoping to get a 0% but instead a cash advance fee plus instant full interest.

Gandalf644

Next do not explain it very well by referring to making paymernt to your Next account via their Natwest Account as a 'Balance Transfer':

https://zendesk.next.co.uk/hc/en-gb/articles/4408921074065-Making-a-payment-towards-your-Credit-Account

Doing it this way is not a 'Balance Transfer' normally referred to in Credit Card parlance.

You would need a Money Transfer card to do the above. You transfer the money from your Money Transfer card to your current account, then pay off the Next account from your current account.

CliveOfIndia

Out of curiosity I've just had a look at the Next website, sure enough it does say:

Balance Transfer

How can I complete a Balance Transfer with Next?

Should you wish to transfer the balance of your nextpay account to another lender then you will need to make a payment to our Natwest bank account.  You will need to quote your customer account number in order to ensure that the payment is applied to your account correctly.  Please DO NOT use the 16 digit number found on your nextpay storecard.

The Natwest bank account details are as follows:

• Account Name: NEXT PLC
• Bank Account Number: 48917958
• Sort Code: 60-00-01
• Reference: Your customer number

Looks a bit odd to me - as others have already pointed out, you normally need a standard 16-digit credit card number to do a balance transfer, whereas the above is clearly a standard-format bank account number.

The wording on their website does indeed suggest that a standard balance-transfer card is what you'd need.  

However, I'm wondering if they are in fact meaning a money-transfer card (which would make a lot more sense, and is as suggested by DullGreyGuy above).  If so, the wording on their website could probably do with clarifying somewhat

born_again

CliveOfIndia said:

Out of curiosity I've just had a look at the Next website, sure enough it does say:

Balance Transfer

How can I complete a Balance Transfer with Next?

Should you wish to transfer the balance of your nextpay account to another lender then you will need to make a payment to our Natwest bank account.  You will need to quote your customer account number in order to ensure that the payment is applied to your account correctly.  Please DO NOT use the 16 digit number found on your nextpay storecard.

The Natwest bank account details are as follows:

• Account Name: NEXT PLC
• Bank Account Number: 48917958
• Sort Code: 60-00-01
• Reference: Your customer number

Looks a bit odd to me - as others have already pointed out, you normally need a standard 16-digit credit card number to do a balance transfer, whereas the above is clearly a standard-format bank account number.

The wording on their website does indeed suggest that a standard balance-transfer card is what you'd need.  

However, I'm wondering if they are in fact meaning a money-transfer card (which would make a lot more sense, and is as suggested by DullGreyGuy above).  If so, the wording on their website could probably do with clarifying somewhat

That is not a balance transfer... Which is for Credit Card to Credit Card. Not other forms of credit.

Op would need a Money Transfer card to make a payment that way.

Brie

Just as an additional warning...should you do a transfer from your credit card to the Next bank account it will be viewed as a cash advance and have higher than normal interest from the date of the transfer.  Next should definitely be wording things better.

retiredbanker1

To be fair to Next here (I'm not an account holder) you cannot make a transfer using their Nat West details with a credit card.
You have to make a faster payment with funds coming from a bank account.

Hispanist123

Thanks everyone, the consensus seems to be a money transfer card , so I’m off to investigate that now ! I appreciate your advice. 

WillPS

Mark_d said:

You need a balance transfer card.

A purchase card is when you make card transactions.

This is incorrect.

You typically cannot balance transfer from a store credit product.

Hispanist123 said:

Thanks everyone, the consensus seems to be a money transfer card , so I’m off to investigate that now ! I appreciate your advice. 

You should be able to use a Purchase Card. 

If you're in any doubt, use your Purchase Credit Card to purchase Next gift cards from a retail location. Start with a small one to check it still works.

Do a small transaction either way first of all to check this all works.