Best Balance Transfers Discussion Area

Moggles_2

thethinman wrote: »

Is it possible to transfer a balance from someone else's card (my partner) to a new card in my name (hopefully with a 0%).

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge her for any remaining balance.

From the lender's perspective, it's not a problem. Customer services may ask for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Caution: same restrictions apply as when arranging a BT between your own credit card accounts (ie. you cannot transfer balances between cards underwritten by the same bank.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

EvilMonkey

I currently have an outstanding balance on a Abbey Zero which will be coming to the end of its good rate around mid august.

I'm off on my hols at the beginning of august and so am looking for cheap cards for abroad (the abbey zero tops that list).

Is it a.) worth it and b.) allowed to transfer the balance elsewhere (not too sure where yet) and keep on using the card? I wouldn't get hit with a load of back payments anywhere would I?

Any thoughts on this?

E.M.

CurlyGirl22

I have just been sent an Abbey 0% card, and would like to transfer some of a personal loan I have onto it for the next 15 months (hopefully by then if it's not paid off i'll have a pay rise or a bonus to clear the little that's remaining).

However I don't have a mule card, but I do have a lloyds tsb duo card for purchases (which i clear each month)

Could i transfer a "non existing" balance from the lloyds card to abbey, essentially leaving the lloyds card with money on it - then get this positive balance transferred to a current account, so I can pay off a chunk of my loan? My loan rate is 7.9% and i am not charged for overpayments

Moggles_2

EvilMonkey wrote: »

I currently have an outstanding balance on an Abbey Zero which will be coming to the end of its good rate around mid August ... Is it a.) worth it and b.) allowed to transfer the balance elsewhere (not too sure where yet) and keep on using the card?

Yes, absolutely

Moggles_2

CurlyGirl22 wrote: »

I have just been sent an Abbey 0% card and would like to transfer some of a personal loan onto it for the next 15 months. I don't have a mule card, but I do have a Lloyds Tsb card for purchases. Could I transfer a non-existing balance from the Lloyds card to Abbey, leaving the Lloyds card with money on it, then get this positive balance transferred to a current account, so I can pay off a chunk of my loan?

Personally, I wouldn't risk putting a credit card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance.

Small amounts that arise temporarily (due to a refund, for instance) are okay, but the Ts & Cs of some cards (eg. HBOS, HSBC) specifically prohibit payments that deliberately place the account in credit

CurlyGirl22

Ok, is there any other way around this? I've just got the abbey card and don't really want to apply for any more

Moggles_2

CurlyGirl22 wrote: »

Ok, is there any other way around this? (I've just got the Abbey card and don't really want to apply for any more)

Unfortunately, not.

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. You then have funds in your current account with which to pay off a loan. You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

Librarylottie

Hi

I've just made a huge mistake and have purchased on my Virgin 0% card which I had transferred a £1800.00 balance in December last year. This means I have to transfer to another 0% quickly to avoid paying interest on it. I was looking at Abbey Zero following Martin's advice on last weeks email link, but was a bit worried when I read this thread- especially as my husband had experience apalling service when he had a current account with Abbey.

I have now found online details of a Santander Zero Credit card - shown as an alternative to Abbey Zero and offering 15mths o% on BTs.

Should I try to apply for this in an Abbey Branch or phone ? ( It's the same number for both credit cards )

code-a-holic

I posted recently about transfering a balance from a natwest credit card to a mint. It was brought up here that as they are both underwritten by RBS it shouldnt work.
Its all gone through without a hitch......might be useful for someone!

Moggles_2

code-a-holic wrote: »

I posted recently about transferring a balance from a Natwest credit card to Mint. It was brought up here that as they are both underwritten by RBS, it shouldnt work. It's all gone through without a hitch......might be useful for someone

Nice one, thanks for your feedback.
:beer:

Please note: this is a one-off fluke, unfortunately. You cannot transfer balances between cards underwritten by the same bank. (You would be paying them off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should help with future BT plans:

http://www.stoozing.com/cards.htm