Best Balance Transfers Discussion Area

Moggles_2

Northstar24 wrote: »

I would like to pay off my son's credit card debt. In order to do this over a period of time, I wondered if I can get a new 0% credit card and balance transfer his credit card debt to it. Is it possible to balance transfer from another person's credit card?

Yes, you can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card his 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 him for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked 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 issued 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

bryn.murphy

Hi, I'm wondering whether when you get a balance transfer card, you cand transfer your currect cc debt to it, then spend a bit more on your normal credit card and transfer that as well?
The reason I ask is that I want to clear the debt I have now as well as buy a flight home to Aus but don't have enough space on my current credit card to do so.
Anyone know if this is possible?
cheers.

Moggles_2

bryn.murphy wrote: »

I'm wondering whether when you get a balance transfer card, you can transfer your currect cc debt to it, then spend a bit more on your normal credit card and transfer that as well?
The reason I ask is that I want to clear the debt I have now, as well as buy a flight home to Aus, but don't have enough space on my current credit card to do so. Anyone know if this is possible?

Yes, this is possible.

Caution: some balance transfer cards restrict special rates to X days from account opening so, as always, check the Ts & Cs before you apply. Any time limits are normally stated in the summary box

NickX

bryn.murphy wrote: »

Hi, I'm wondering whether when you get a balance transfer card, you cand transfer your currect cc debt to it, then spend a bit more on your normal credit card and transfer that as well?
The reason I ask is that I want to clear the debt I have now as well as buy a flight home to Aus but don't have enough space on my current credit card to do so.
Anyone know if this is possible?
cheers.

This is certainly possible, but you need to check the Terms and Conditions of the Balance Transfer card as some say that all transfers must be made within 60 days (for example) to benefit from a promotional rate.

However, I have successfully done this kind of thing on many cards over the years.

Moggles_2

fabbman wrote: »

As there now appears to be fees on balance transfers, how do you make any money from stoozing? Typically the banks/ISAs are paying less than the 2.75-3.00% balance transfer fee!

If you're looking for totally free BTs, Virgin has launched an interest-free balance transfer credit card with no BT fee

The 0% interest period on the Virgin credit card lasts for nine months.

Note: BTs are fee-free but, as always, there's a 4% handling charge for money transfers.

Discussion thread here:
http://forums.moneysavingexpert.com/showthread.html?t=1871589

svlpacker

I wanted to apply for this as per Martin's email, but can't find the link on moneysupermarket. Has it been pulled already ?

johnandjaq

I was wondering the same thing has it been pulled already

Moggles_2

svlpacker wrote: »

I wanted to apply for this as per Martin's email, but can't find the link on Moneysupermarket. Has it been pulled already?

It's still available at:

http://uk.virginmoney.com/virgin/cre...SP-54141-60572

johnandjaq

thanks i'm on it now :T

Herewegoagain

When you use this facility, does it have to be for debt and if so how do you make money from it, or can you get it sent to your bank account and would they know weather it was debt or not? IYKWIM

HWGA xx